May 15, 2026
Kingston Wharves Limited (KW)
Unaudited financials for the first quarter ended March 31, 2026:
Kingston Wharves Limited (KW) for the first quarter ended March 31, 2026, reported an 18% increase in Revenue totalling $3.33 billion compared to $2.82 billion in the corresponding period last year. Management noted that the increase was supported by higher cargo volumes in Terminal Operations and stronger Logistics Services activity.
Cost of Sales amounted to $1.98 billion (2025: $1.59 billion), representing a 24% increase year over year. Consequently, Gross Profit increased by 10% to $1.35 billion compared to $1.23 billion for the first quarter ended March 31, 2025.
Other Operating Income decreased by 80% to close at $46.70 million (2025: $237.34 million), while Administrative Expenses increased by 4% from $500.43 million in 2025 to $520.76 million for the three months.
Operating Profit for the first quarter ended March 31, 2026, amounted to $873.04 million, a 9% decrease relative to $962.81 million reported in 2025. Finance Costs totalled $110.44 million, representing a 41% increase from the corresponding period last year (2025: $78.27 million). The company also reported Share of Results of Associate of $15.02 million, compared to nil in the prior year.
Profit Before Tax for the first quarter ended March 31, 2026, amounted to $777.62 million, a 12% decrease relative to $884.54 million reported in 2025.
Taxation expense for the quarter amounted to $170.07 million, a 93% increase relative to $88.05 million reported in 2025. Net Profit for the period amounted to $607.55 million, a 24% decrease from $796.49 million reported in 2025. Net Profit attributable to shareholders amounted to $590.85 million, a 22% decrease from the $760.17 million reported in the prior year.
Total Comprehensive Income for the first quarter amounted to $468.72 million, a 41% decrease compared to $796.49 million in the corresponding period last year. Total Comprehensive Income attributable to shareholders amounted to $452.02 million, compared to $760.17 million in 2025.
Consequently, Earnings per share for the first quarter amounted to $0.42 (2025: EPS: $0.55). The twelve-month trailing EPS was $2.30, and the number of shares used in these calculations was 1,430,199,578.
Notably, KW’s stock price closed the trading period on May 14, 2026, at a price of $37.42 with a corresponding P/E ratio of 16.26x.
Balance Sheet Highlights:
The company’s assets totalled $65.87 billion, representing a 9% increase from $60.32 billion booked in 2025. This increase was mainly attributable to Property, Plant and Equipment, which rose to $46.57 billion from $43.82 billion, as well as the recognition of Investment in Associate of $1.00 billion following KWL’s acquisition of a 27% interest in Cargo Handlers Limited. Short-term investments also increased to $11.15 billion from $10.08 billion.
Shareholders’ equity was $52.36 billion (2025: $48.19 billion), representing a book value per share of $36.61 (2025: $33.70).
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