The Montego Bay, St James-based logistics and stevedoring company, Cargo Handlers Limited, has seen its profits rising in 2021 even though its stevedoring business was forced to close operations.

Net profit for the year ended September 30, 2021, increased to $159.60 million, up from $107.64 million in 2020. For the September quarter alone, net profit increased to $41.90 million relative to $15.20 million in the previous corresponding quarter.

At the same time, the company posted revenues of $337.31 million up 19% from the $283.46 million booked in 2020.

The company said it made no money from stevedoring activities during the recently concluded financial year. “With the disappearance of cruise ships to Jamaica, there was no revenue or cost during the year from stevedoring activities specifically relating to cruise ships. Additionally, the company agreed with its related party, Bulk Liquid Carriers Petroleum Transport Limited, to suspend providing management services until Bulk's operations resume to an acceptable level,” the management wrote in notes accompanying the financials.

In addition, there was an increase in the net profit results at year-end due in part to the company's investment in Buying House Cement Limited.