Kingston Wharves saw net profit attributable to shareholders growing by $56 million to $333 million in the quarter ending in March for a 20 percent over the comparable period in 2016. Profit before taxation grew 24 percent from $325 million in 2016 to $402 million in 2017. Earnings per stock unit ended the quarter at to 23.25 cents up from 19.34 cents in 2016. The 2017 performance was achieved from a combination of rising revenues and lower cost but higher taxation.
Group revenues amounted to $1.4 billion, 16 percent higher than or $1.2 billion in the corresponding period in 2016. Gross profit climbed 19.4 percent from $557 million to $662 million. Administrative expenses rose 7 percent from $236 million to $252 million, finance cost fell from $40 million to $31 million.
Terminal Operations| Operating revenue of the Terminal Operations Division amounted to $1.1 billion, a 14 percent increase over last year. Divisional profits increased by 21 percent from $274 million to $331 million. “The main driver behind this growth was the container handling operations which advanced by 8 percent over the corresponding period of the prior year,” chairman stated in the chairman’s report to shareholders.
Logistics & Ancillary| Logistics and Ancillary Services segment revenues grew 18 percent to $327 million, over the similar period in 2016. “This was achieved primarily through an expanding customer base as a result of deliberate marketing and business development efforts as well as the deployment of new technology to improve our integrated logistics services and allow for improved security and more efficient systems for the warehousing, delivery and timely receipt of cargo. The Logistics Services division earned operating profits of $98 million, an increase of 33 percent over the prior year,” Hall stated.
“We have invested considerably in our physical and technological infrastructure, embarking on significant terminal rehabilitation as well as the construction of a near-port domestic automotive centre to the benefit of both our terminal operations and our integrated logistics efforts. Our Total Logistics Facility, a purpose-built, state-of-the-art logistics complex will open our doors later this year, creating further opportunity to improve on our product offering and to execute planned vertical integration,” Hall further stated.
Shareholders’ Equity stands at $19 billion with borrowings at $2.2 billion and cash and short term investments of $2.7 billion.
The Company is listed on the Jamaica Stock Exchange and last traded at $30 for a PE of 26 based on estimated earnings of $1.15 for 2017.
Profit rises 20% at Kingston Wharves
May 13, 2017 by
