May 17, 2024
Kingston Wharves Limited (KW)
Unaudited financials for the first quarter ended March 31, 2024:
Kingston Wharves Limited (KW) for the first quarter ended March 31, 2024, reported a 12% increase in revenue totalling $2.57 billion compared to $2.29 billion in the corresponding quarter last year.
The cost of Sales amounted to $1.42 billion (2023: $1.19 billion), an increase of 19% year over year. Consequently, gross profit increased by 5% to $1.15 billion compared to $1.10 billion for the first quarter ended March 31, 2023.
Other operating income decreased by 2% to close at $144.51 million (2023: $146.86 million), while Administrative expenses increased by 4% from $410.07 million in 2023 to $424.48 million for the quarter. As a result, Operating Profit for the first quarter amounted to $872.83 million, a 5% increase relative to $834.13 million reported in 2023.
Profit Before Income Tax for the quarter amounted to $838.06 million, a 4% increase relative to $807.28 million reported in 2023. Finance Cost totalled $34.76 million, a 29% decrease from the corresponding period last year (2023: $26.85 million). Taxation for the first quarter ended March 31, 2024, amounted to $91.84 million, a 21% decrease relative to $116.20 million reported in 2023.
Net Profit for the quarter had a 8% increase to reach $746.23 million (2023: $691.08 million) . Net profit attributable to shareholders for the quarter amounted to $716.01 million, a 5% increase from the $683.54 million reported in 2023.
Consequently, Earnings per share for the quarter amounted to $0.50 (2023: EPS: $0.48). The twelve-month trailing EPS was $2.20, 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 17, 2024, at a price of $26.00 with a corresponding P/E ratio of 11.81x.
Balance Sheet Highlights:
The company’s assets totalled $58.72 billion; a 36% increase from $43.14 billion booked in 2023. The increase in asset is attributed to a 39% YoY increase in Property, plant and equipment, ending the quarter at $42.83 billion (2023: $30.73 billion), Short term investments increased 17% YoY, ending the quarter at $9.73 billion (2023: $8.30 billion) and Trade & Other receivables increased 37% YoY to end the quarter at $1.54 billion (2023: $1.13 billion).
Shareholder’s equity was $46.80 billion (2023: $36.51 billion), representing a book value per share of $32.72 (2023: $25.53). This 28% YoY increase is a result of an increase in Capital reserve ending the period at $26.79 billion (2023: $18.95 billion) and a 19% YoY increase in retained earnings, closing the quarter at $18.30 billion (2023: $15.36 billion).
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.
