November 17, 2025
Kingston Wharves Limited (KW)
Unaudited Financials for the Nine Months Ended September 30, 2025
Kingston Wharves Limited (KW) for the nine months ended September 30, 2025, reported a 20% increase in Revenue, totaling $9.41 billion compared to $7.84 billion in the corresponding period last year. Revenue for the third quarter increased by 25%, closing at $3.41 billion compared to $2.73 billion for the comparable quarter of 2024.
Cost of Sales amounted to $5.12 billion (2024: $4.42 billion), representing a 16% year-over-year increase. Consequently, Gross Profit rose by 25% to $4.28 billion compared to $3.43 billion for the nine months ended September 30, 2024. The company recorded Gross Profit of $1.57 billion for the third quarter versus $1.19 billion reported for the similar quarter of 2024.
Other Operating Income decreased by 4% to $591.21 million (2024: $613.16 million), while Administrative Expenses increased by 17%, moving from $1.37 billion in 2024 to $1.60 billion in the period under review. As a result, Operating Profit for the nine months ended September 30, 2025, amounted to $3.27 billion, a 23% increase relative to $2.67 billion reported in 2024.
Profit Before Tax for the nine months ended September 30, 2025, amounted to $3.03 billion, a 21% increase relative to $2.52 billion reported in 2024. Profit Before Tax for the third quarter amounted to $1.09 billion (2024: $891.12 million). Finance Costs totaled $264.41 million, a 72% increase from $153.61 million reported in the corresponding period last year.
The Taxation charge for the nine months ended September 30, 2025, amounted to $457.41 million, a 34% increase relative to $341.09 million reported in 2024. The Taxation charge for the third quarter totaled $235.20 million (2024: $130.21 million).
Net Profit for the nine months ended September 30, 2025, increased by 18% to $2.58 billion (2024: $2.18 billion). Net Profit for the quarter amounted to $858.89 million (2024: $760.91 million).
Net Profit attributable to shareholders for the nine months amounted to $2.50 billion, a 20% increase from the $2.09 billion reported in 2024. For the third quarter, Net Profit attributable to shareholders was $817.60 million (2024: $732.64 million).
Consequently, Earnings per Share for the nine months amounted to $1.75 (2024: $1.46), while Earnings per Share for the quarter totaled $0.57 (2024: $0.51). The twelve-month trailing EPS was $2.11, based on 1,430,199,578 shares. These EPS figures were calculated using Net Profit Attributable to Shareholders. The twelve-month trailing EPS was $2.11, and the number of shares used in these calculations was 1,430,199,578.
Notably, KW’s stock price closed the trading period on November 14, 2025, at $29.00, with a corresponding P/E ratio of 13.71x.
Balance Sheet Highlights
The company’s assets totaled $62.31 billion, a 3% increase from $60.56 billion booked in 2024. This increase was attributable to Investment in Associate, which amounted to $987.18 million.
Shareholders’ Equity was $49.57 billion (2024: $47.79 billion), representing a Book Value per Share of $34.66 (2024: $33.42).
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