This ranking based on 2018 financial results shows a familiar company at the top

This year marks the ninth anniversary of Hawaii Business Magazine’s Most Profitable Companies list, and First Hawaiian Bank is at the top for the eighth time. FHB also had this year’s highest profit margin at just over 32% of its gross annual sales during 2018.

Last year’s biggest profit producer, Hawaiian Airlines, came in second and earned a net profit of $233.2 million during 2018, more than $30 million behind FHB’s profit of $264.4 million.

Hawaiian Telcom lost more than $100 million in 2017 but was back on track with $7 million in profit last year. Kaiser Permanente Hawaii also reported a sizable deficit on our previous list (around $25 million) but ended its last fiscal year with almost $30 million in net revenue.

Every year, Hawaii Business Magazine asks participants in our Top 250 survey (August issue) to self-report net profits or losses using the generally accepted accounting principles for their industries. Because nonprofit entities do not earn money in the same way as private businesses, we define their “profit” figures as the surplus of revenue over yearly expenses.

Some organizations do not submit this information, so Hawaii Business Magazine researchers review publicly available records like annual financial reports and federal regulatory filings to provide a more complete picture of the state of business in Hawai‘i. The companies we investigated are denoted with two asterisks in the list below.

Profit Rank 2019 Profit Rank 2018 Top 250 Rank 2019 Company Name Gross Annual Sales (2018) Net Profit/Loss (2018) Profit as a Percentage of Revenue 1 5 13 First Hawaiian Bank 825,044,000 264,394,000 32.05% 2 1 3 Hawaiian Airlines 2,837,411,000 233,200,000 8.22% 3 4 14 Bank of Hawaii Corp. 719,096,000 219,602,000 30.54% 4 6 2 Hawaiian Electric Industries Inc. 2,860,849,000 201,774,000 7.05% 5 7 11 Hawai‘i Pacific Health * 1,351,833,645 111,214,696** 8.23% 6 2 5 Matson Inc. 2,222,800,000 109,000,000 4.90% 7 N/A 34 American Savings Bank 298,628,000 82,509,000 27.63% 8 10 1 Hawaii Medical Service Association (HMSA) * 3,803,542,986 68,895,000** 1.81% 9 11 47 Central Pacific Financial Corp. 211,802,000 59,486,000 28.09% 10 12 6 University of Hawai‘i * 1,858,823,000 51,946,000** 2.79% 11 9 44 Honolulu Board of Water Supply * 232,377,848 46,232,576** 19.90% 12 53 9 Kaiser Permanente Hawaii * 1,675,235,883 29,169,342 1.74% 13 13 30 UHA Health Insurance (University Health Alliance) 327,882,159 28,684,463** 8.75% 14 N/A 37 Island Palm Communities LLC 264,660,000 27,390,000 10.35% 15 N/A 38 First Insurance Company of Hawaii Ltd. 255,400,000 21,200,000 8.30% 16 15 102 Territorial Savings Bank 76,465,000 19,212,000 25.13% 17 21 25 JTB Hawaii Inc. 444,657,000 12,016,000 2.70% 18 N/A 105 Hawaii State Federal Credit Union * 74,077,148 9,838,264 13.28% 19 19 115 HawaiiUSA Federal Credit Union * 62,452,285 9,716,921** 15.56% 20 22 56 Kaua‘i Island Utility Cooperative * 162,659,638 8,432,528 5.18% 21 54 29 Hawaiian Telcom 351,398,000 7,791,000 2.22% 22 N/A 154 Aloha Pacific Federal Credit Union * 35,193,180 5,643,919 16.04% 23 25 41 Tony Group 237,800,000 5,223,000 2.20% 24 N/A 111 Hawaii Employers’ Mutual Insurance Co. Inc. 67,237,063 4,324,447 6.43% 25 N/A 202 Pearl Hawaii Federal Credit Union * 16,205,305 4,265,238 26.32% 26 32 181 Finance Factors Ltd. 22,065,000 4,137,000 18.75% 27 N/A 138 Honolulu Builders LLC 47,200,000 3,400,000 7.20% 28 38 188 Pohai Nani Retirement Community * 20,259,011 3,267,356 16.13% 29 23 218 Maui County Federal Credit Union * 10,777,869 3,244,337** 30.10% 30 27 172 Aqua Engineers Inc. 27,000,000 3,000,000 11.11% 31 31 104 Pflueger Group 75,243,385 2,503,303 3.33% 32 N/A 28 AlohaCare * 372,746,000 2,412,496 0.65% 33 N/A 176 Atlas Insurance Agency Inc. 25,060,000 2,077,000 8.29% 34 N/A 169 Catholic Charities Hawai‘i 27,375,954 1,952,342 7.13% 35 35 185 Hickam Federal Credit Union * 21,072,268 1,768,830 8.39% 36 N/A 225 Express Employment Professionals 8,728,144 1,463,516 16.77% 37 20 163 YMCA of Honolulu * 31,571,000 1,458,000 4.62% 38 N/A 109 RAM Corporation 68,205,000 1,415,000 2.07% 39 N/A 237 House of Finance Inc. 4,700,000 1,100,000 23.40% 40 N/A 213 Anthology Marketing Group Inc. 13,340,000 970,000 7.27% 41 N/A 162 Pacxa 31,800,000 952,000 2.99% 42 N/A 165 Child & Family Service 30,540,000 940,000 3.08% 43 28 48 Hawaii Medical Assurance Association (HMAA) 207,000,000 735,000 0.36% 44 49 168 Kama‘āina Kids * 27,937,912 665,336 2.38% 45 18 216 Maui Land & Pineapple Co. Inc. * 11,037,000 498,000** 4.51% 46 44 219 Hawaii Central Federal Credit Union * 10,645,341 411,485 3.87% 47 N/A 247 Sachi Hawaii Pacific Century Properties LLC 2,910,460 397,240 13.65% 48 N/A 228 Maui Plumbing Inc. 8,043,369 321,574 4.00% 49 43 211 Employers Options 14,140,366 306,164 2.17% 50 50 245 T&T Tinting Specialists Inc. 3,738,000 98,401 2.63% 51 N/A 239 Staffing Solutions of Hawaii Inc. 4,601,370 95,200 2.07% 52 N/A 229 Bishop & Company Inc. 7,307,042 15,279 0.21% 53 3 18 Alexander & Baldwin Inc.* 644,400,000 -69,800,000** -10.83%

*Nonprofits, not for profits, public or government agencies | **Company data attained through research, other companies submitted data to Hawaii Business