November 15, 2024
Kingston Wharves Limited (KW)
Unaudited financials for the nine months ended September 30, 2024:
Kingston Wharves Limited (KW) for the nine months ended September 30, 2024, reported a 11% increase in Revenue totalling $7.84 billion compared to $7.05 billion in the corresponding period last year. Revenue for the third quarter had a 4% increase to close at $2.73 billion compared to $2.62 billion for the comparable quarter of 2023.
The cost of sales amounted to $4.42 billion (2023: $3.71 billion), this represents an increase of 19% year over year. Consequently, gross profit increased by 3% to $3.43 billion compared to $3.34 billion for the nine months ended September 30, 2023. The company booked gross profit of $1.19 billion for the third quarter versus $1.38 billion reported for the similar quarter of 2023.
Other operating income decreased by 5% to close at $613.16 million (2023: $645.14 million), while administrative expenses increased by 10% from $1.25 billion in 2023 to $1.37 billion in the period under review. As a result, operating profit for the nine months ended September 30, 2024, amounted to $2.67 billion, a 2% decrease relative to $2.74 billion reported in 2023.
Profit Before Tax for the nine months ended September 30, 2024, amounted to $2.52 billion, a 5% decrease relative to $2.66 billion reported in 2023. Profit Before Tax for the third quarter amounted to $891.12 million (2023: $1.11 billion). Finance costs totalled $153.61 million, a 103% increase from the corresponding period last year. (2023: $75.76 million).
Taxation for the nine months ended September 30, 2024, amounted to $341.09 million, an 11% decrease relative to $385.09 million reported in 2023. Taxation for the third quarter amounted to $130.21 million (2023: $139.40 million).
Net Profit for the nine months ended September 30, 2024, had a 4% decrease to reach $2.18 billion (2023: $2.28 billion). Net profit attributable to shareholders for the nine months amounted to $2.09 billion, a 6% decrease from the $2.22 billion reported in 2023. For the third quarter, Net profit attributable to shareholders was $732.64 million (2023: $927.20 million).
Consequently, Earnings per share for the nine months amounted to $1.46 (2023: EPS: $1.55), while Earnings per share for the quarter totaled $0.51 (2023: EPS: $0.65). The twelve-month trailing EPS was $2.08, 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 15, 2024, at a price of $30.00 with a corresponding P/E ratio of 14.40x.
Balance Sheet Highlights:
The company’s assets totalled $60.56 billion; a 24% increase from the $48.66 billion booked in 2023. This increase was attributable to ‘Property, Plant and Equipment’, which amounted to $43.40 billion (2023: $33.61 billion).
Shareholders’ equity was $47.79 billion (2023: $37.41 billion), representing a book value per share of $33.42 (2023: $26.16).
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