Thu | Jun 20, 2024

Kingston Wharves goes west

Published:Tuesday | June 11, 2024 | 12:06 AM
CEO of Kingston Wharves Mark Williams addresses the company’s 2024 annual general meeting at the AC Hotel.
CEO of Kingston Wharves Mark Williams addresses the company’s 2024 annual general meeting at the AC Hotel.
Kingston Wharves CEO Mark Williams (left) addresses shareholders at the company’s annual general meeting held at the AC Hotel. He is supported by Group Chief Financial Officer Clover Moodie and legal counsel Stephan Morrison.
Kingston Wharves CEO Mark Williams (left) addresses shareholders at the company’s annual general meeting held at the AC Hotel. He is supported by Group Chief Financial Officer Clover Moodie and legal counsel Stephan Morrison.
Shareholders and other partners attending the Kingston Wharves’ annual general meeting at the AC Hotel on Wednesday, June 5.
Shareholders and other partners attending the Kingston Wharves’ annual general meeting at the AC Hotel on Wednesday, June 5.
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KINGSTON WHARVES Limited (KWL) CEO Mark Williams announced US$100 million in investments, including plans for an integrated logistics facility in western Jamaica to serve customers located there and the wider Caribbean, on Wednesday, June 5.

Williams was addressing the company’s annual general meeting (AGM) held at the AC Hotel in Kingston. The CEO disclosed that the facility will serve personal shippers and commercial customers by providing warehousing services, including freight handling, deconsolidation, as well as inventory management and other third-party logistics, among a range of other offerings.

“We have heard the cry of our partners in the west for customised logistics services, and with this new development, we are ready to add greater convenience for personal shippers and businesses in that region.

“Additionally, Jamaica’s tourism industry is booming and Kingston Wharves is keen to position itself to deliver value-added services to this vital sector,” the CEO said.

Outlining other developments, Williams announced plans for the construction of a multi-level car park within the port boundary on the port of Kingston, redevelop Berth 6 and implement phase two of the Ashenheim Road development. Phase one of the Ashenheim Road Integrated Logistics Complex will be completed this year, and the facility is fully subscribed by blue-chip companies, he announced.

“COVID-19 has taught us that nearshoring is a growing demand for businesses seeking to diversify their supply chain sources. With KWL’s special economic zone designation and strategic location, the company is uniquely positioned to provide regional and global manufacturers and distributors with these customised solutions and connections to international markets.”

Kingston Wharves has established a thriving auto transshipment and logistics business segment through partnership with elite auto liners that facilitate connections to global shipping destinations. Williams noted that the multi-level car park will allow the company to further strengthen its capacity to enhance service delivery and maximise returns from this vital sector.

The CEO reminded shareholders that the Berth 7 Redevelopment Project, which was announced in 2022 as part of a US$60-million slate of projects, has been successfully completed on time and within budget. “Promise made, promise kept,” he told shareholders.

The company earned J$9.7 billion in revenues, an increase of two per cent, and $3.9 billion in operating profit in 2023, a 22 per cent increase over the previous year. Total assets for the company stood at $59.1 billion, an increase of 38 per cent over the previous year. Shareholders’ equity stood at $46.1 billion in 2023, a 29 per cent increase over the previous year.

Revenue for the first quarter of 2024 increased by two per cent over 2023, standing at $2.5 billion, while profit before tax was $838 million, an increase of five per cent over the corresponding period.

Additionally, over the last five years, there has been growth in shareholders’ interests, with shareholders’ equity up by 73 per cent, dividends declared up 26 per cent, and earnings per share up by 21 per cent.