Kingston Wharves’ Profits Coming In By The Boatload

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Kingston Wharves

What started out as a small company utilizing the advantages of sea transportation in Downtown Kingston in 1945, Kingston Wharves Limited [JSE: KW] has transformed into a group of companies offering services that include inventory management, warehousing, warehousing rental arrangements, product repackaging, inventory control and distribution for international clients, with labelling and assembling.

In the last 12 years, Kingston Wharves has been named the Caribbean’s leading multipurpose port six (6) times. Considered one of the largest, state of the art ports in the English-speaking Caribbean, this multi-purpose port is now well on its way to earning yet another title by utilising the increasing popularity of technology to become paperless.

KW in collaborating with the Government of Jamaica (GOJ) announced plans to build a 300,000 sq. ft. warehouse in the Special Economic Zone. The Special Economic Zone (SEZ) is an area designated for businesses that will receive subsidies/ incentives from the government. In addition to tax holidays, companies within the SEZ adhere to policies that include increases in investing, trading, job creation and effective administration along with labour and customs regulations.

Chief Operating Officer, Mark Williams, “(KW) has made considerable investments in its infrastructure including the opening of its state-of-the-art US$30million total logistic facility which offers a more efficient retrieval and delivery process.”

Trading as low as J$30.05 earlier this year, Kingston Wharves price has increased by 146%!

In Quarter 2 of this year, KW net profits increased by 14%. Terminal Operations recorded $855 million in profit, 18% or $128million more than 2017’s. Kingston Wharves’ Logistics & Services Department was not left out of the race with an increase of 22%  in revenues and a 3% increase to $197million in profits.

Not limited to just the Caribbean, KW currently partners with over 40 shipping ports worldwide and several local businesses such as Automotive Logistics, the evolution of their clientele since launching the 2 logistics hubs in December of last year.

The development of the Global Auto Logistics Centre (GALC) at the end of 2017 aids local automotive dealers, such as JetCon and ATL Automotive, to increase revenue by putting in place a channel to increase the volume of vehicles being brought into the company  and capitalizing on lower pre-inspection rates and storage facilities that fall under the SEZ.

Shareholders are eager to witness the future profitability of Kingston Wharves Limited. “I believe that the synergies at KW will allow for a window to better serve customers and grow our presence in the Jamaican market.” – William Brown, Chairman of Pas Cargo Jamaica.

Contributing writer: Abigail Coke

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