Key points:

• Kingston Wharves has set a 2030 target of $20 billion in revenue and $5 billion in net profit, driven by expansion of its vehicle trans-shipment business, digital transformation and acquisitions.

• The company says it could double the more than 180,000 vehicles it handles annually but needs an additional 50 acres at Tinson Pen, where it believes it could create up to 200 jobs.

• Kingston Wharves is also looking beyond Kingston, using its stake in Cargo Handlers and other opportunities to expand its presence and logistics operations in western Jamaica.

KINGSTON Wharves Limited (KWL) has set out a 2030 goal to achieve $20 billion in revenue and $5 billion in consolidated net profit through the expansion of its trans-shipment business and push into western Jamaica.

“We’re of the view that if this business is going to grow — not just incrementally but exponentially — we needed to expand our borders,” said KWL Chief Executive Officer Mark Williams at the company’s annual general meeting (AGM) held last Tuesday at the Courtyard by Marriott hotel.

The 80-year-old company grew its consolidated revenue by 18 per cent to $12.67 billion, and delivered $3.57 billion in consolidated net profit. The 2030 target implies revenue rising by 58 per cent and net profit going up 40 per cent. The new earnings targets come against the backdrop of KWL’s 2030 initiative called STEER.

The logistics and terminal management company has spent over US$55 million ($8.70 billion) in the last four years on capital expenditure in the form of redeveloping and extending berth 7, and opening the new 130,000 square feet (sq ft) integrated, dry-cold, logistics facility at Ashenheim Road. The company also acquired a new mobile harbour crane in 2025 and opened a commercial stripping centre to unload shipping containers.

KWL told shareholders in June 2024 that it had intended to spend US$100 million ($15.44 billion) over the next five years on several capital projects to support its growth. One such avenue for growth is expanding its motor trans-shipment business which handles more than 3,000 vehicles a week and over 180,000 vehicles annually. This business involves the receipt or storage of imported vehicles and moving them to another vessel before they reach their final destination.

“As I’ve said, we moved in excess of 180,000 cars. We’re of the view that this can be doubled in another two or three years. We’re in need of space and we’re mindful and fully supportive of the Government’s position of what will be happening at Tinson Pen. We’ve already said to the Government that we’ll take 50 acres,” the KWL CEO stated on the opportunity to grow this segment.

The Jamaican Government has already announced plans to relocate the Tinson Pen Aerodrome to re-zone the surrounding 100 acres of land. This would be done to facilitate the realignment of the road and ease traffic congestion but will also support the logistics and port affairs on Marcus Garvey Drive. The Airports Authority of Jamaica (AAJ) is the main government agency overseeing the relocation of the aerodrome facilities.

Williams told shareholders that the company could easily employ an additional 150 to 200 individuals for driving, mechanic, and other logistics roles if it was to get access to 50 acres of the Tinson Pen lands.

He pointed out that the company welcomed the Höegh Aurora, a carrier that can hold more than 9,000 cars, for its maiden voyage in 2025. He even pointed to other Höegh vessels making Kingston Wharves their first destination since the company has at least three berths that can accommodate the size of the massive ships.

“Last year we had to refuse a number of car vessels because we just don’t have the physical space,” Williams added.

While the company waits on new land opportunities to become available, it relocated some older buildings off the dock to facilitate the handling of higher-margin cargo. Although he had indicated that the company was looking to develop the multi-level car park to store vehicles, the KWL CEO noted that management is looking at alternative plans after the project shot US$10 million above their original US$15-million budget.

“We’re looking at an alternative solution that we think will adequately house the number of cars that we’re talking about, but we feel if we’re going to move our car business to really become not just the hub in the Caribbean, but a global hub, we need 50 acres,” Williams noted.

Outside of growing its trans-shipment business, KWL is looking to place greater emphasis on five strategic initiatives to shape its next chapter. The company is currently focusing on digital transformation as it now handles 51 per cent of its payments online. It is currently working with consultants to develop better digital dashboards and solutions to support its scaling initiatives.

KWL is also focusing on diversifying its revenue streams and placing greater focus on mergers and acquisitions. KWL acquired 27.126 per cent of Cargo Handlers Limited in July 2025 through a $330.80-million cash payment and $638.96-million deferred consideration due over the next two years. KWL also has a call option to acquire another 55 million CHL shares or 13.24 per cent of the company from Chairman Anthony Mark Hart at US$0.053 per share.

KWL benefited from a $169-million fair value gain on that call option in 2025, along with a $36.79-million share of profit on CHL in 2025.

“There are opportunities down there and we intend to help to offer solutions in Montego Bay,” Williams said on opportunities in western Jamaica.

KWL’s first quarter saw consolidated revenue rise 18 per cent to $3.33 billion, due to higher cargo volumes, but a 24 per cent dip in consolidated net profit from $796.49 million to $607.55 million. The decline in the bottom line was attributed to the appreciation of the Jamaican dollar (JMD) against the United States dollar (USD) which resulted in the company having a net foreign exchange loss of $67.27 million compared to a net foreign exchange gain of $117.45 million in Q1 2025.

KWL’s consolidated asset base dipped in the quarter to $65.87 billion, with $51.08 billion in non-current assets and $12 billion in combined cash and short-term investments. Total liabilities decreased to $12.87 billion due to a reduction in payables. Consolidated equity closed at $53 billion, with $52.36 billion attributable to shareholders.

KWL’s stock price closed Monday at $37.47, which leaves it up nine per cent in 2026 with a market capitalisation of $53.59 billion. KWL will pay a $0.26 dividend, totalling $371.86 million, on August 14 to shareholders on record as of July 16.

“The plan is to continue in infrastructure development and buildout to be consistent with the growth in our business,” Williams closed.