Key infrastructure projects expand capacity at Kingston Wharves

 

 

Kingston Wharves Limited for the twelve months ended December 31, 2024, recorded revenues of $10.7 billion, an increase of 10 per cent over the corresponding period in 2023.

Profit before taxation, however, decreased from $3.8 billion in 2023 to $3.2 billion in 2024, representing a decline of 16 per cent. Net profits attributable to shareholders also reflected a decrease of 16 per cent or $506 million, moving from $3.1 billion at the end of 2023 to $2.6 billion at the end of 2024.

Earnings per stock unit decreased to $1.86 from $2.20 in 2023. KWL declared dividends totaling $973 million during 2024, maintaining a dividend per stock unit of $0.68 similar to 2023.

KWL’s Terminal operations division generated annual revenue of $6.8 billion, an 8 per cent increase relative to the prior year with performance driven by the growth in transshipment containers and bulk and break‐bulk cargo. 

The division earned operating profit of $2.1 billion in 2024, a decrease of $489 million or 19 per cent relative to 2023. 

Chairman Jeffery Hall said that the decline in operating profits was mainly due to higher depreciation charges and expenses associated with the commissioning of key strategic infrastructure projects. These projects are aimed at enhancing the terminal's capacity for increased throughput and ensuring long‐term resilience. 
 Terminal Operations contribute approximately 63 per cent of total revenues and profits.

 With a diverse mix of domestic and transshipment cargo, as well a range of services and cargo types managed at the multipurpose terminal which is a 24/7 port services operation.

The Logistics Services segment experienced significant growth, with revenues increasing by 15 per cent to $3.9 billion from $3.4 billion in 2023. Operating profit increased marginally to $1.4 billion in 2024, relative to the prior year despite a 47 per cent increase in depreciation due to capital improvements and asset revaluation. 

Expenses incurred during 2022 to reorganise and restructure the warehouses and logistics assets for improved efficiency delivered positive returns in 2023 and 2024. The Logistics Services segment now accounts for 37 per cent of total revenue and is a market leader in the region.

Management stated, "Despite global challenges facing the shipping industry, KWL has maintained targeted investments to drive revenue growth, optimize operational performance, and expand its services. The recent completion of a US$30 million renovation of Berth 7 has significantly increased capacity, enabling accommodation of larger vessels and enhancing transshipment capabilities.  
These initiatives include reorganizing terminal space and relocating on‐dock warehouses to more convenient off‐dock locations. "

Photo: Jeffrey Hall, Chairman, Kingston Wharves Limited by jamsports.com

Caribbean Money Daily.

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