Aznar Shipping recorded a 155% increase in profit for the first half of the year, according to politiko.com.ph. The Cebu-based company's earnings growth comes as it prepares to list on the stock exchange.
The firm is pursuing a P737-million initial public offering, a figure cited by both GMA Network and Manila Bulletin in their coverage. According to GMA Network, Aznar Shipping plans to direct the proceeds toward expanding its fleet and developing a shipyard.
Rappler reports that the company's decision to go public is tied to both growth ambitions and an effort to avoid what it described as a third-generation curse — a reference to the challenges family-owned businesses often face when leadership passes to later generations.
