Kingston Wharves Records Strong Performance In 2017 And First Quarter Of 2018
Jamaican port terminal and logistics provider Kingston Wharves Ltd (KWL) has revealed that the KWL Group has increased net profit by 25% to J$1.6 Billion in 2017, in comparison to J$ 1.2 billion in 2016. The company’s Chairman Jeffrey Hall made the disclosure yesterday, June 21, 2018 at KWL’s Annual General Meeting held at the Jamaica Pegasus in Kingston.
The increase is one of several in the 2017 indicators measuring the Group’s success; the company also had an increase in overall revenue by 18% (J$ 6.4 billion), an increase of 33% in motor units moved, and a surge of generation of revenues in KWL’s Logistics and Ancillary services division, amounting to J$1.5 billion.
Shareholders at the meeting were advised that there has been a growth of 436% in the value of KWL’s share price between 2013 -2017, signifying steady progress for the company. These achievements are a reflection of Kingston Wharves activities last year, which included the handling of 225,272 containers and 1.6 million tonnes of goods.
The positive results are confirmation of KWL’s progress in 2017, as the organization had key developments to boost its operations. CEO of Kingston Wharves, Grantley Stephenson, said the Group’s overall performance featured multiple wins, including an increase in terminal capacity with the addition of Tinson Pen as a location of operation, the resurfacing of Berth 8 at the Kingston Wharves Terminal, and the addition of equipment to improve efficiency.
There was also a strong emphasis on the training of staff, including the achievement of Taylor Master Certification by KWL team members, and the implementation of certification programs through the port development agreement with HEART/NTA and partnership with the Caribbean Maritime Institute. The completion of the Total Logistics Facility in 2017 successfully ended the busy year for KWL.
Kingston Wharves intends to extend this strong performance, as the company’s Chairman announced that unaudited figures for the first quarter ending March 31, 2018 indicate that the entity has already achieved revenues of J$1.6 billion, an 18% increase over the corresponding period in 2017.
Regarding terminal operations and logistics services, revenue has increased in comparison to the corresponding period by 24% and 22% respectively. With the planned expansion of KWL’s near port logistics operations including a new Modular Warehousing Complex on Ashenheim Road and motor vehicle pre-delivery inspection centres at Tinson Pen, Mr. Hall and CEO Mr. Stephenson shared optimism for the company’s future and the overall development of Jamaica’s Logistics sector.
In his statement to attendees, Mr. Hall said he was thankful to the staff of management of KWL, and he was positive about the company’s outlook for the future. He said, “The first quarter of growth brought with it both challenges and successes, but KWL continues to pursue growth and development by deepening its service offerings to facilitate trade across the region and its major global trading partners. In the year ahead, KWL will continue to undertake initiatives to increase our efficiency and to improve the experience of users of the terminal and our logistics facilities.”
About Kingston Wharves
Kingston Wharves, the leading multi-purpose port operator in the region, has been undergoing a modernization programme and expansion in the field of shipping logistics. The Company operates in addition to its port facilities the Total Logistics Facility for the deconsolidation of cargo and retail shipping and the Global Auto Logistics Centre. The company maintains nine deep water berths which facilitate various cargo types including automobiles, container, general break bulk and bulk cargoes.