Kingston Wharves Limited (KWL) is reporting solid financial returns for the third quarter ended September 30, 2021. For the period, the port terminal and logistics service company recorded revenues of $6 billion, a $1 billion or 20% increase over the corresponding period for 2020. KWL also achieved net profits of $2 billion, a 28% increase over the prior year. The results were submitted to the Jamaica Stock Exchange this week.
The Terminal Operations Division generated revenues of $4.8 billion, an increase of 19%, and achieved profit of $1.8 billion, a 16% year-on-year growth. The Terminal Operations Division accounted for 70% or organisational revenues. Meanwhile, the Logistics Services Division earned $2 billion in revenues, a 27% increase, and profits of $764 million, a 41% increase over 2020.
CEO Mark Williams noted that the results reflected the hard work of the KWL team, thanking the employees as well as customers for their loyal support and patronage. “Kingston Wharves has been consistent in maintaining focus on its strategic imperatives of people, process and plant as key elements in achieving customer service excellence and profitability,” he said.
Kingston Wharves is a multi-purpose port terminal that handles bulk, breakbulk and containerised cargo, and is the regional motor vehicle transhipment hub for leading autoliners.
“We have positioned ourselves for growth through investment in people, technology and innovation and infrastructure readiness, in particular berth reconstruction and upgrading, as well as expanding our equipment fleet,” Mr. Williams noted, adding, “Our latest purchase is an eco-efficient Model 8 mobile harbour crane that will further boost our cargo handling capability.”
As it relates to processes, he pointed to the implementation of KWL’s terminal operating system that enables efficient communication with shipping partners at sea, and the company’s expansive CCTV network that is enhancing its security apparatus and safeguarding cargo integrity. Mr. Williams further cited the introduction of e-commerce solutions such as the Click N Collect contactless cargo clearance service and an online appointment service for personal shippers. The investment in technology and innovation has been globally recognised, with KWL copping the American Association of Port Authorities and the Organisation of American States’ 2021 Port Industry Award of Excellence in the category of Technology and Innovation, he observed.
“The financial results also signal that our response to a landscape dominated by supply chain difficulties, lockdown days and limited operational hours has steadied the ship and prepared us to capitalise on emerging opportunities,” the CEO noted. He added: “We are pleased with our third quarter results, and are working to maintain the momentum into the fourth quarter and the coming year.”