CARGO Handlers Limited (CHL) saw an increase in both profits and revenues for the three-month period ending December 31, 2022.
In its recently published first-quarter financial statements the company reported revenues totalling $132.69 million, a 13.4 per cent increase from $116.98 million the previous year.
Profits of associates was $18.95 million, contributing a 13 per cent increase in net profit before tax to 94.17 million. It reported $83.3 million in 2021.
Cargo Handlers credits the improved performance to the continued increase in Montego Bay's domestic container throughput and home-porting activity.
The company had previously struggled with an inactive baggage handling period due to the global lockdown directly impacting cruise vessels' seasonal home-porting activities in Montego Bay.
Cargo Handlers provides stevedoring and baggage handling, trailer leasing, and management services in Jamaica. Stevedoring contributes over 84 per cent of the company's revenues.
Despite continued global events that pose a threat to Jamaica and its trading partners, Cargo Handlers is remaining optimistic.
In the meantime, the company saw an increase in share profits for its latest investment in Buying House Cement limited, in which it acquired 30 per cent stake in December 2020.
Shares of its profit amounted to over $210 million, up from nearly $140 million the previous year.