Kingston Wharves declares $2.6 billion profit for 2019

Kingston Wharves declares $2.6 billion profit for 2019

Wednesday, March 04, 2020

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Multipurpose port terminal operator, Kingston Wharves Limited (KWL), on Friday last reported an after-tax surplus of $2.6 billion for the financial year ended December 31, 2019. This represented a 34 per cent or $655 million increase when compared with the previous corresponding period.

The KWL Group recorded revenues of $7.9 billion for the period under review, an increase of $645 million over the corresponding period in 2018.

KWL's logistics services contributed $2.23 billion or 28 per cent of revenue for the 2019 financial year, while operating profit of $670 million was up 20 per cent when compared with the previous corresponding period.

The annual operating revenue for KWL's terminal operations division amounted to $6.36 billion, an increase of $601 million or 10 per cent over the prior comparative period, while operating profit for the division was $2.43 billion, an increase of 29 per cent.

According to KWL's Chairman Jeffrey Hall, the improved performance in the division was attributable to increased motor vehicle shipments and handling services for local and regional markets as well as strong growth in bulk and break bulk cargo serviced at the port.

He added that Kingston Wharves' diversified portfolio of terminal operations and logistics services has operated as a buffer against the slowdown in global shipping in 2019, which negatively impacted the profitability of the ports and shipping industries globally.

The group declared dividends during the 2019 financial year of $772 million. The dividend per stock unit for the period under review was $0.54, compared with a dividend per stock unit of $0.45 recorded in the prior comparative period.

During the 2019 financial year, Grantley Stephenson indicated his decision to retire from the position of chief executive officer of KML with effect from January 6, 2020. He now serves the group in the capacity of deputy chairman.

His successor Mark Williams served as chief operating officer for eight years and is now responsible for the day-to-day stewardship of the organisation.

KWL currently operates over 340,000 square feet of warehouse space and services a wide range of commercial and industrial customers as well as personal effects shipments.

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