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Business Trends , Success Stories , Up & Coming – September 5, 2018

Hawaii’s Most Profitable Companies: Hawaiian Airlines is No.1

Illustration: Thinkstock

Hawaiian Airlines is the most profitable company in Hawaii after two straight years as No. 2 on our annual ranking. Its profit in 2017 was $364 million.

Matson takes over second place this year on the Most Profitable Companies list and last year’s leader, Hawaiian Electric Industries, fell to sixth.

For the first time in the eight years that Hawaii Business has tracked the state’s Most Profitable Companies, Bank of Hawaii was more profitable than its longtime rival, First Hawaiian Bank. The ranking is based on 2017 financial results.

Among big companies, Alexander & Baldwin led in return on revenue: Its profit of $230.5 million was 54 percent of revenue.

Every year Hawaii Business surveys companies for the Top 250 list (August issue) and asks them to also provide net profit figures – the money left after operating expenses, taxes, interest and dividends are paid. Not all companies report this data to us.

Hawaii Business researchers also review investor reports, filings with the federal Securities and Exchange Commission and federal tax Forms 990 for many of Hawaii’s largest organizations, to obtain net profit figures that were not reported directly to us. The companies we researched are denoted with shading in the list below. Nonprofits, not-for-profits and public/government agencies have been denoted with an asterisk.

Businesses that self-reported to Hawaii Business were asked to use generally accepted accounting principles for their industries in calculating net profits or losses for 2017. If questions about GAAP arose, we relied on the expertise of the local accounting firm Accuity LLP. 

PROFIT RANK 2018

PROFIT RANK 2017

TOP 250 RANK 2018

COMPANY NAME

GROSS ANNUAL SALES (2017)

NET PROFIT/LOSS (2017)

PROFIT AS A PERCENT OF REVENUE

1

2

2

Hawaiian Airlines

2,695,628,000

364,041,000**

14%

2

N/A

4

Matson, Inc.

2,046,900,000

232,000,000

11%

3

5

24

Alexander & Baldwin, Inc.

425,500,000

230,500,000**

54%

4

4

14

Bank of Hawaii

689,211,000

184,672,000

27%

5

3

12

First Hawaiian Bank

776,373,000

183,682,000**

24%

6

1

3

Hawaiian Electric Industries, Inc.

2,555,625,000

165,297,000**

6%

7

N/A

10

*Hawai’i Pacific Health

1,290,006,937

97,194,933**

8%

8

59

15

*Hawaii Health Systems Corp.

679,169,889

89,000,840**

13%

9

6

39

*Honolulu Board of Water Supply

231,445,280

60,371,436**

26%

10

N/A

1

*Hawaii Medical Service Association (HMSA)

3,639,867,945

58,004,883**

2%

11

7

47

Central Pacific Financial Corp.

204,199,000

41,204,000

20%

12

N/A

6

*University of Hawai‘i

1,773,156,000

33,076,000**

2%

13

20

32

UHA Health Insurance (University Health Alliance)

289,193,858

18,607,311

6%

14

N/A

73

Wyndham Vacation Ownership

109,218,708

16,839,229

15%

15

9

107

Territorial Savings Bank

72,179,000

14,962,000

21%

16

N/A

26

*AlohaCare

377,680,000

12,362,972**

3%

17

N/A

19

Wellcare Health Insurance of AZ Inc.

569,503,776

12,031,160**

2%

18

8

178

Maui Land & Pineapple Co. Inc.

24,380,000

10,900,000**

45%

19

11

111

*HawaiiUSA Federal Credit Union

67,774,000

10,656,867

16%

20

N/A

143

*YMCA of Honolulu

39,409,000

10,043,000

25%

21

N/A

23

JTB Hawaii Inc.

486,300,000

9,919,000

2%

22

15

58

*Kaua’i Island Utility Cooperative

147,849,788

8,983,910

6%

23

33

225

*Maui County Federal Credit Union

10,149,420

8,126,158

80%

24

N/A

184

Wells Fargo Advisors

22,849,153

6,624,344

29%

25

N/A

38

Tony Group

236,080,000

5,370,000

2%

26

N/A

148

Na Alii Consulting & Sales, LLC

34,567,330

4,678,297

14%

27

16

166

Aqua Engineers Inc.

29,300,000

4,500,000

15%

28

37

49

Hawaii Medical Assurance Association (HMAA)

196,000,000

3,800,000

2%

29

24

175

Native Hawaiian Veterans LLC

25,606,761

3,075,808

12%

30

N/A

170

*Kahala Nui

27,217,742

3,029,026

11%

31

22

98

Pflueger Group

80,542,505

2,979,561

4%

32

23

191

Finance Factors Ltd.

21,298,749

2,450,297

12%

33

21

212

*USS Missouri Memorial Association

14,695,500

2,317,700

16%

34

56

220

Barnwell Industries, Inc.

13,030,000

2,314,000**

18%

35

38

200

*Hickam Federal Credit Union

19,013,637

2,066,715

11%

36

30

176

Honolulu Builders, LLC

24,815,021

1,574,778

6%

37

N/A

164

Bargreen Ellingson

29,500,000

1,500,000

5%

38

31

206

*Pohai Nani Retirement Community

17,827,918

1,382,656

8%

39

54

157

*Hawaii Foodbank Inc.

31,922,759

1,238,853

4%

40

N/A

156

Royal Hawaiian Orchards, L.P.

32,195,000

1,187,000**

4%

41

N/A

234

Hawaii Medical College

6,776,130

1,145,232

17%

42

N/A

235

Hawaiian Eye Center

6,173,943

1,038,406

17%

43

47

217

Employers Options

13,371,394

1,015,767

8%

44

18

226

*Hawaii Central Federal Credit Union

10,057,869

962,742

10%

45

35

214

Hawaiian Islands Freight Association

13,841,358

859,046

6%

46

12

195

The Hawaii Group, Inc.

20,724,155

837,838

4%

47

N/A

248

Bella Pietra Design

3,100,000

500,000

16%

48

41

152

Haleakala Solar Inc.

32,600,000

260,000

1%

49

40

171

*Kama’aina Kids

26,795,609

91,860

0%

50

N/A

242

T&T Tinting Specialists, Inc.

4,747,395

31,534

1%

51

N/A

216

*Aloha United Way

13,378,028

-50,108

0%

52

N/A

154

American Electric Co. LLC

32,328,481

-963,257

-3%

53

13

8

*Kaiser Permanente Hawaii

1,550,576,591

-25,211,626

-2%

54

N/A

27

Hawaiian Telcom

368,400,000

-107,200,000**

-29%

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