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Business Trends – August 18, 2020

Hawai‘i’s Most Profitable Companies

A brief look back at the good old days of 2019

This report on profits provides a glimpse back to 2019, the year that capped a decade of economic growth in Hawai‘i. This sample of performance from companies in 13 different industries shows that last year was indeed a good time for many.

Of the 46 companies on this list, 41 reported profits in 2019. Those profits totaled over $1.2 billion. The median profit as a percent of revenue was 6.7%.

Five companies on this list reported losses, for a total of $2.4 million. The average loss as a percentage of revenue for these companies was 53.5%.

Holding down the top spot again is First Hawaiian Bank. Bank of Hawaii climbed to No. 2, bumping Hawaiian Airlines down a rank. Hawaiian Electric Industries held tight at No. 4, aided by subsidiary American Savings Bank, which reported a profit of $89 million in 2019. Rounding out the top five is Matson.

The profit sum of the top five companies was $1.04 billion.

 

Methodology

Every year Hawaii Business Magazine surveys nearly 1,000 companies statewide for the Top 250 list published in the August issue. In addition to gross sales figures we ask them to provide net profit figures – the money left after operating expenses, taxes, interest and dividends are paid. Not all companies share this information.

From there Hawaii Business researchers dig into investor reports, filings with the U.S. Securities and Exchange Commission, the Federal Deposit Insurance Corp. and other sources to obtain available profit figures not reported directly to us. Companies we researched are indicated by asterisks and footnotes at the end of the list.

Businesses that self-reported to Hawaii Business were asked to use generally accepted accounting principles for their industry in calculating net profits or losses for 2019. When questions arose, we relied on the expertise of Cory Kubota, CPA and partner at accounting firm Accuity LLP.

 

Profit Rank 2020 Profit Rank 2019 Top 250 Rank 2020 Company Name Gross Annual Sales (2019) Net Profit/Loss (2019) Profit/loss as % of revenue
1 1 11 *First Hawaiian Bank $871,225,000.00 $284,392,000.00 32.60%
2 3 12 Bank of Hawaii Corp. $770,735,000.00 $225,913,000.00 29.30%
3 2 4 *Hawaiian Airlines $2,832,228,000.00 $223,984,000.00 7.90%
4 4 3 *Hawaiian Electric Industries $2,870,000,000.00 $219,772,000.00 7.70%
5 6 5 *Matson $2,203,100,000.00 $82,700,000.00 3.80%
6 9 46 Central Pacific Financial Corp. $225,875,000.00 $58,322,000.00 25.80%
7 8 1 Hawaii Medical Service Association (HMSA) $3,902,693,136.00 $57,428,788.00 1.50%
8 16 94 Territorial Savings Bank $83,400,000.00 $21,995,000.00 26.40%
9 17 21 JTB Hawaii Inc. $435,600,000.00 $14,600,000.00 3.40%
10 15 37 First Insurance Company of Hawaii Ltd. $260,900,000.00 $5,446,000.00 2.10%
11 26 186 Finance Factors Ltd. $20,980,588.00 $4,796,006.00 22.90%
12 N/A 214 Bays Lung Rose & Holma $11,290,000.00 $4,789,000.00 42.40%
13 35 180 Hickam Federal Credit Union $23,582,488.00 $3,112,836.00 13.20%
14 33 173 Atlas Insurance Agency Inc. $26,840,000.00 $2,700,000.00 10.10%
15 N/A 53 Kuakini Health System $169,236,000.00 $2,673,000.00 1.60%
16 N/A 117 Kuhio Auto Group $60,080,361.00 $2,036,205.00 3.40%
17 N/A 235 Maui Solar Project $5,267,372.78 $1,843,580.47 35%
18 N/A 225 **Ohana Pacific Bank $7,579,000.00 $1,546,000.00 20.40%
19 39 240 House of Finance Inc. $4,905,700.00 $1,336,300.00 27.20%
20 46 213 Hawaii Central Federal Credit Union $11,520,000.00 $1,220,000.00 10.60%
21 N/A 167 **Hawaii National Bank $28,510,000.00 $1,142,000.00 4%
22 N/A 215 John Mullen & Co., Inc. $10,667,792.00 $1,133,978.00 10.60%
23 41 158 Pacxa $32,600,000.00 $1,100,000.00 3.40%
24 N/A 198 Video Warehouse, Inc. $16,040,753.00 $1,069,316.00 6.70%
25 N/A 211 Austin Tsutsumi & Associates Inc. $12,150,000.00 $950,000.00 7.80%
26 N/A 229 Environmental Science International $6,250,000.00 $920,000.00 14.70%
27 43 47 Hawaii Medical Assurance Association (HMAA) $216,000,000.00 $763,000.00 0.40%
28 N/A 204 Hawaiian Islands Freight Association $13,700,695.41 $740,866.43 5.40%
29 48 231 Maui Plumbing Inc. $6,133,975.76 $520,710.26 8.50%
30 N/A 255 Offline Sharks LLC $1,117,294.00 $425,439.00 38.10%
31 36 220 Express Employment Professionals $9,133,233.86 $405,090.06 4.40%
32 40 206 Anthology Marketing Group $13,030,000.00 $381,900.00 2.90%
33 N/A 193 Blood Bank of Hawaii $17,262,139.00 $278,885.00 1.60%
34 50 241 T&T Tinting Specialists Inc. $4,461,021.00 $231,569.00 5.20%
35 N/A 174 AHL $26,470,000.00 $140,000.00 0.50%
36 N/A 249 Control Freaks Hawaii Inc. $3,100,000.00 $138,000.00 4.50%
37 52 232 Bishop & Company Inc. $6,101,423.00 $123,174.00 2%
38 N/A 237 Visual Internet Solutions Inc. dba AlohaOutlet $5,157,572.80 $85,420.09 1.70%
39 N/A 245 PRTech LLC $4,107,157.00 $75,445.62 1.80%
40 N/A 256 Stars Above Hawaii $94,513.00 $60,030.00 63.50%
41 N/A 253 Mobile Fleet Hawaii LLC $1,600,000.00 $40,000.00 2.50%
42 N/A 251 PacRim Marketing Group Inc. $2,804,274.40 ($44,707.00) 1.60%
43 N/A 164 *Cyanotech $30,202,000.00 ($3,596,000.00) 11.90%
44 45 218 *Maui Land and Pineapple $10,045,000.00 ($10,366,000.00) 103.20%
45 N/A 212 Barnwell Industries Inc. $12,075,000.00 ($12,414,000.00) 102.80%
46 53 22 Alexander & Baldwin Inc. $435,200,000.00 ($209,200,000.00) 48.10%

*Net Income from Form 10-K in annual report | **Net income attributable to bank and noncontrolling interests from FDIC report

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