KW reports 22% increase in three months net profit attributable to shareholders

May 13, 2022

Kingston Wharves Limited (KW) for the three ended March 31, 2022 reported total revenue of $2.25 billion, a 21% increase relative to the $1.85 billion recorded for the corresponding period in 2021.

Cost of sales for the period grew by 18% to a total of 1.15 billion compared to the $$975.10 million for the same quarter last year.

Gross profit closed the period at $1.10 billion, a 25% increase from the $875.62 million recorded a year ago.

Other operating income for the period totaled $80.08 million relative to the $119.96 million booked in the prior corresponding quarter.

Administrative Expenses for the period climbed 21%, amounting to $380.76 million from the $314.85 million recorded for the same quarter last year.

As such, Operating Profit closed the three months period at $796.42 million, a 17% increase relative to the $680.72 million recorded for the comparable period in 2021.

KW’s Finance Costs for the period declined 24% to total $27.05 million relative $35.76 million recorded for the same quarter in 2021.

Profit before taxation closed the period at $769.37 million, 19% more than the $644.97 million reported a year prior.

Taxation charges amounted to $90.51 million for the period, a 7% appreciation relative to the charges of $84.71 million incurred for same period last year.

Notwithstanding, Net Profit for the period rose by 21% to total $678.86 million relative to $560.25 million recorded for the corresponding period in 2021.

Net Profit attributable to shareholders rose by 22% to total $670.65 million relative to $547.77 million recorded for the corresponding period in 2021.

Total comprehensive income for the quarter amounted to $678.86 million (2021: $668.92 million).

Consequently, Earnings per share for the year ended March 31, 2022 amounted to $0.47 (2021: $0. 38). The twelve-month trailing earnings per share is $2.32. The total number of shares used in the calculations amounted to 1,430,199,578 units. Notably, KW’s stock price closed the trading period on May 13, 2022 at a price of $$39.40 with a corresponding P/E of 16.98 times.

Balance Sheet Highlights:

As at March 31, 2022, the company’s assets totaled $41.30 billion relative to $38.97 billion a year ago, a 6% increase. The growth in assets was driven mainly by increases in both ‘Trade Receivables’ and ‘Short term Deposit’ which closed at $1.04 billion (2021: $937.87 million) and $8.99 billion (2021: $6.45 billion) respectively.

Shareholders’ Equity amounted to $35.64 billion compared to equity of $33.24 billion reported in 2021.  KW posted book value per share of $23.24 (2021: $18.92).


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