Date: June 21, 2018
Kingston Wharves Limited (KW) held its annual general meeting today at the Pegasus Hotel.
Opening remarks were made by Mr. Jeffrey Hall, KW’s Chairman, where he expressed his gratitude towards the Management team and Staff for their tremendous effort in delivering once again, robust results for FY2017.
For the financial year ended 2017, Chief Executive Officer Grantley Stephenson, highlighted the overall performance of the Group. He acknowledged the Group returned net profits of $1.6 billion, a 25% increase over 2016 and an 18% increase in revenue representing a $1 billion increase over the prior year. This tremendous performance was partially attributable from the launch of KWL’s new logistics for warehousing of general cargo (the “Total Logistics Facility’), the housing of automotive cargo (the “Global Auto Logistics Centre”) and the storage of bulk cargo (the “Grain Terminal”) for the domestic and transhipment markets.
The completion of the Total Logistics Facility, “a game-changing 160,000 square foot intelligently designed warehouse housing facility, positions Kingston Wharves in the entry of supply chain management, light manufacturing, order fulfilment and other new value-added services”. Mr. Stephenson further noted that “this one-stop logistics and warehousing solution is intended to be a 24-hour operation in the near future and is expected to increase revenue drives and ultimately drive up profits.”
Going forward, on delivering their strategic theme for 2018 ‘Cementing Global Standards that Drive Growth & profitability’, KW intends on implanting the following:
- Pre-delivery Inspection Centres (implemented before FY2018)
- Special Economic Zone Benefits
- Reducing the time and cost of importation.
- Investment Value
- Job Creation
- Value-Added Logistics Facility
- Expand service to both Regional Players and clients
- Warehouse Expansion- Construction on a Modular Warehousing Complex
- Two times the size of the 160,000 square foot Total Logistics Centre
- Provide further value added services for automobile trade. Notably potential clients are lined up and partners have been identified for the construction for this warehouse.
In an attempt to also continue on their growth trajectory, KW also outlined the following objectives for the near future:
- Enter Panama’s $15 billion logistics market
- Security Systems, Global Standards and Self-Monitoring
- Integrated electronic security management platform
- Internal and external certification programs through the port development agreement with HEART/NTA and partnership with CMU
- Specialist safety management consultancy.
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