Date: June 20, 2019
Kingston Wharves Limited (KW) held its annual general meeting today at the AC Hotel. Opening remarks were made by Mr. Jeffrey Hall, KW’s Chairman, where he commended the Company for delivering once again, robust results for FY2018.
Chief Executive Officer, Mr. Grantley Stephenson, highlighted the overall performance for the Group for the financial year ended 2018. He indicated that over the last 15 years, the Group has delivered extraordinary growth, with all major performance indicators trending in the right direction. He highlighted this “winning strategy” is underpinned by “an unrelenting emphasis and purposeful investment in improving people, product and processes as key elements in attaining global standards, generating revenues and maximising profits”.
Mr Stephenson outlined that the Group’s strategic steps are to include:
- Optimizing operational efficiency through plant upgrading and expansion
- Capital injection into state-of-the-art equipment and technological innovation
- Human capital development
- Focused customer engagement
- Strategic partnerships forged across multiple sectors and spanning multi-national boundaries
The Group returned revenues of $7.25 billion for FY2108, an increase of $884 million or 13% above the $6.4 billion booked in FY2017. Of this, the Group’s Terminal Operations delivered revenues of $5.3 billion, accounting for 74% of the Groups revenues while the Logistics Services delivered revenues of $1.9 billion, accounting for 26% of the Group’s revenues.
Profit divers for the Terminal Operations included:
- Motor unit moves increasing 12% to 100,000 (2017: 90,000)
- Container TEUs Handled totalling 220,000 (2017: 230,000)
- Bulk cargo advancing 45% to 100,000
- Break bulk cargo increasing 20% to 150,000
Profit divers for the Logistics Services included:
- Expansion of logistics services to local retailers and manufactures
- Expansion of logistics facilities to NVOCCs
- 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”. Here, TCL facilitated creditable performance in both FCL and LCL Cargo handled and underpinned a re-packaged Logistics Suite facilities service
In 2018, Mr. Stephenson indicated the Group also commissioned:
- Additional Taylor Stackers
- New Terminal Tractors
- Container Chassis
In an attempt to continue on their growth trajectory, KW also outlined the following objectives for the near future:
- “Strengthen position as the premier terminal operator and provider of logistics services in the region. This will be realised through refinement and capacity building”
- “Implement an Accelerated Management Trainee programme aimed at fast tracking comprehensive talent improvement within the Company and a Terminal Trainee initiative geared toward upskilling the team in specialised areas”
- “Undertake increased investment in digitalisation and the use of data analytics to underpin and accelerate the decision making process while ensuring more targeted deployment of resources and 360-degree customer accessibility”
- “Extend physical footprint through the establishment of near port logistics facilities and services while reorganising and upgrading the aesthetics and functionality of the terminal and immediate industrial community. At the forefront are plans to break ground for the construction of our 300,000 sq. ft. modular warehouse complex at Ashenheim Road in Kingston, which will serve as a logistics centre for local and global manufacturers and distributors looking to use Kingston as a hub for their regional trade activities.” Expected to be completed by Q42019.
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