March 06, 2025
Kingston Wharves Limited (KW)
Audited Financials for the Twelve Months Ended December 31, 2024:
Kingston Wharves Limited (KW) reported a 10% increase in revenue, totaling $10.71 billion for the twelve months ended December 31, 2024, compared to $9.71 billion in the corresponding period last year. Revenue for the fourth quarter increased by 8%, closing at $2.87 billion compared to $2.66 billion for the comparable quarter of 2023.
The cost of sales amounted to $6.10 billion (2023: $4.91 billion), representing a 24% year-over-year increase. Consequently, gross profit decreased by 4% to $4.62 billion compared to $4.80 billion for the twelve months ended December 31, 2023. The company booked a gross profit of $1.19 billion for the fourth quarter versus $1.47 billion reported for the similar quarter of 2023.
Other operating income decreased by 17%, closing at $648.57 million (2023: $785.33 million), while administrative expenses increased by 8% from $1.62 billion in 2023 to $1.75 billion in the period under review. As a result, operating profit for the twelve months ended December 31, 2024, amounted to $3.51 billion, a 12% decrease relative to $3.97 billion reported in 2023.
Profit before tax for the twelve months ended December 31, 2024, amounted to $3.19 billion, a 16% decrease relative to $3.78 billion reported in 2023. Profit before tax for the fourth quarter amounted to $667.53 million (2023: $1.12 billion). Finance costs totaled $326.78 million, a 72% increase from the corresponding period last year (2023: $189.77 million).
Taxation for the twelve months ended December 31, 2024, amounted to $457.40 million, a 23% decrease relative to $591.60 million reported in 2023. Taxation for the fourth quarter amounted to $116.31 million (2023: $206.52 million).
Net profit for the twelve months ended December 31, 2024, decreased by 15% to reach $2.73 billion (2023: $3.19 billion). Net profit attributable to shareholders for the twelve months amounted to $2.61 billion, a 16% decrease from the $3.12 billion reported in 2023. For the fourth quarter, net profit attributable to shareholders was $524.36 million (2023: $894.34 million).
Consequently, earnings per share for the twelve months amounted to $1.86 (2023: EPS: $2.20), while earnings per share for the quarter totaled $0.37 (2023: EPS: $0.63). The number of shares used in these calculations was 1,430,199,578.
Notably, KW’s stock price closed the trading period on March 4, 2025, at $29.72, with a corresponding P/E ratio of 16.29x.
Balance Sheet Highlights:
The company’s assets totaled $60.63 billion, a 3% increase from $59.08 billion booked in 2023. This increase in total assets was attributable to cash and bank deposits, which amounted to $1.28 billion (2023: $923.48 million).
Shareholders’ equity was $47.43 billion (2023: $46.08 billion), representing a book value per share of $33.17 (2023: $32.22).
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