Kingston Wharves Limited (KWL) will shortly begin construction of its US$15 million best in class multi-level car park to support the expansion of its auto transshipment business. CEO Mark Williams made the announcement while addressing shareholders at the company’s recent annual general meeting held at the Jamaica Pegasus Hotel in Kingston.
Mr. Williams disclosed that a Memorandum of Understanding had been signed with the contracting company, adding that KWL was in the process of making the deposit for work to begin on the facility.
The car park will be an initial three storeys on five-acres of land, but will be constructed to accommodate two additional storeys at a later date, the CEO explained. He added that KWL was also expanding its near port footprint to support the growing cadres of new and used auto dealers seeking access to the domestic and regional marketplace.
Kingston Wharves has built a solid reputation as an auto transhipment hub, moving some 170,000 motor units in 2024, and currently provides auto transshipment services to some 45 destinations, including Australia and New Zealand. “We recently forged a deal with our major autloliner partners to move cars from India to Jamaica,” Mr. Williams disclosed.
The company’s plan for the multi-level car park comes on the back of a US$70 million investment made in the last five years to improve and equip its plant, the CEO said. This included the US$30 million redevelopment of Berth 7 and construction of the KWL logistics Park at Ashenheim Road. “Just a few months after completing Berth 7, we were able to host the Höegh Aurora, the largest eco-friendly autoliner in the world. This foresight has equipped us to capitalise on these new opportunities,” the CEO said, also outlining KWL’s plans to expand to western Jamaica and in the wider Caribbean region.
He also disclosed KWL’s effort to re-emphasise customer service and operational excellence, delivering shareholder value and digital transformation. “Our goal is to build a robust customer value proposition that sees consistency in service delivery, build customer loyalty, fosters continuous improvements and measures success,” he said.
Regarding the creation of shareholder value, the Mr. Williams said, “We are focused on delivering sustainable, long-term value through disciplined financial management and strategic execution. “Specifically, we will continue to maintain strong capital discipline in all investments and acquisition decisions, optimise the capital structure and return strategy, and facilitate continuous monitoring of key performance indicators to align shareholder expectations with market performance,” he stated.
Turning to the company’s financial performance for 2024, the CEO highlighted a record revenue haul of $10.7 billion and operating profit of $2.6 billion.
Mr. Williams observed that operating profit, which was a reduction over the previous year, reflected re-investment in the business, short term cost pressures and market volatility, but was not an indication of a reversal of the company’s strong financial position.
“Despite the increasing costs, Kingston Wharves maintained a strong balance sheet and healthy cash flow….As the short term pressures subside and the benefits of our strategic initiatives materialise, we expect to return a to more consistent upward earning trajectory,” Mr. Williams said.
The positive trajectory of the company’s financial and operational performance indicators over the last five years was also a further signal of its health, the CEO stated. He pointed out that revenue and profits were up 50 and 23 per cent respectively, over the last five years, while shareholders’ equity increased by 46 per cent, dividends declared improved by 34 per cent, and earnings per share by 18 per cent. That financial growth was fuelled by operational successes with all major cargo types increasing over the five year period— bulk cargo increased by 64 per cent, containers by 34 per cent, motor moves 46 and break bulk up 32 per cent.
The first quarter of 2025 has also yielded positive returns, with KWL recording a 10 per cent increase in revenue and six per cent increase in operating profit, Mr. Williams reported.
Kingston Wharves Chairman Jeffrey Hall (second left) and CEO Marks Williams (right) the Kingston Wharves leadership team take time to peruse the 2024 Annual Report at the Company’s Annual General Meeting held at the Jamaica Pegasus Hotel recently. Others (l-r) are Stephan Morrison, Company Secretary and Legal Counsel and Clover Moodie, Group Chief Financial Officer.
