August 18, 2025
Kingston Wharves Limited (KW)
Unaudited financials for the six months ended June 30, 2025:
Kingston Wharves Limited (KW) for the six months ended June 30, 2025, reported a 17% increase in revenue totaling $6.00 billion compared to $5.11 billion in the corresponding period last year. Revenue for the second quarter increased by 25% to $3.18 billion compared to $2.54 billion for the comparable quarter of 2024.
Cost of sales amounted to $3.28 billion (2024: $2.87 billion), representing an increase of 14% year over year. Consequently, gross profit increased by 21% to $2.71 billion compared to $2.24 billion for the six months ended June 30, 2024. The company reported gross profit of $1.49 billion for the second quarter versus $1.09 billion for the comparable quarter of 2024.
Other operating income increased by 23% to $448.41 million (2024: $364.20 million), while administrative expenses increased by 20% from $885.98 million in 2024 to $1.06 billion in the period under review. As a result, operating profit for the six months ended June 30, 2025, amounted to $2.10 billion, a 22% increase relative to $1.72 billion reported in 2024.
Finance costs totaled $154.44 million, a 71% increase from the corresponding period last year (2024: $90.23 million). Consequently, profit before taxation for the six months ended June 30, 2025, amounted to $1.94 billion, a 19% increase relative to $1.63 billion reported in 2024. Profit before taxation for the second quarter amounted to $1.06 billion (2024: $789.02 million).
The taxation charge for the six months ended June 30, 2025, amounted to $222.20 million, a 5% increase relative to $210.88 million reported in 2024. The taxation charge for the second quarter amounted to $134.15 million (2024: $119.04 million).
Net profit for the six months ended June 30, 2025, increased by 21% to $1.72 billion (2024: $1.42 billion). Net profit attributable to shareholders for the six months amounted to $1.66 billion, a 23% increase from the $1.35 billion reported in 2024. For the second quarter, net profit attributable to shareholders was $899.25 million (2024: $636.87 million).
KW’s management team stated: “The strong year-to-date results demonstrate KWL’s competitiveness for shipping lines and cargo owners that seek to move cargo throughout the region. KWL will continue to invest in this business line to expand the capacity of our multi-purpose terminal and to drive long-term improvement in operating efficiency.”
Consequently, earnings per share based on net profit attributable to shareholders for the six months amounted to $1.16 (2024: $0.95). Earnings per share for the quarter totaled $0.63 (2024: $0.45). The twelve-month trailing EPS was $2.04, and the number of shares used in these calculations was 1,430,199,578.
Notably, KW’s stock price closed the trading period on August 15, 2025, at $31.05 with a corresponding P/E ratio of 15.23x.
Balance Sheet Highlights:
The company’s assets totaled $61.14 billion, a 1% increase from $60.26 billion in 2024. This increase was attributable to property, plant and equipment, which amounted to $43.84 billion (2024: $43.28 billion).
Shareholders’ equity was $48.72 billion (2024: $47.06 billion), representing a book value per share of $34.07 (2024: $32.91).
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.
