KW Records Strong Earnings in FY2025

  • Kingston Wharves Limited (KWL) reported a 32.6% increase in its shareholder profit to $3.46Bn for the year ended December 2025. This improvement was anchored by robust expansion in revenues and fair value gains.
  • Revenue increased by 18.3% to $12.67Bn, driven primarily by improvements from both divisions, Terminal and Logistics Services.
  • The Terminal Operations Division, its larger segment, contributed $8.40Bn in revenues (+24.0%) and $3.1Bn in Operating profit (+45.0%). This performance was driven by strong growth in the company’s global auto-transshipment business and increased volume in bulk and break-bulk cargo.
  • Meanwhile, the Logistics Services Division saw more moderate topline growth, up 7.8% to $4.2Bn, however, operating profit declined by 17.9% to $1.13Bn. This performance primarily reflects a combination of lower levels of activity, reduced rates and higher operating costs.
  • KWL successfully protected its assets from the ravages of Hurricane Melissa and maintained uninterrupted operations through proactive preparedness. As Jamaica continues its recovery, KWL’s operations will be integral in facilitating the movement of relief supplies and supporting the wider national restoration efforts. This strategic positioning presents a significant growth opportunity for the Company and could deliver sustained value for shareholders.
  • Of note, management has indicated that it will continue to closely monitor market conditions while supporting recovery efforts in tourism and broader national infrastructure. In the near term, the Company is focused on advancing efficiency and cost management initiatives, alongside enhancements to its overall port security architecture to strengthen operational performance. KWL expects that these measures will support revenue and earnings growth over time by enabling the port to service a more diverse customer base and handle a wider range of speciality cargo.
  • KW’s stock price has increased by 4.9% since the start of the year to close at $36.14 on Monday, March 9, 2026. At this price, the stock trades at a price-to-book (P/E) ratio of 14.6x, below the Main Market Energy, Industrials and Materials Sector average of 19.7x.

 (Sources: JSE & NCBCM Research)