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).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.