November 17, 2025
Kingston Wharves Limited (KW)
Unaudited Financials for the Nine Months Ended September 30, 2025
Kingston Wharves Limited (KW) for the nine months ended September 30, 2025, reported a 20% increase in Revenue, totaling $9.41 billion compared to $7.84 billion in the corresponding period last year. Revenue for the third quarter increased by 25%, closing at $3.41 billion compared to $2.73 billion for the comparable quarter of 2024.
Cost of Sales amounted to $5.12 billion (2024: $4.42 billion), representing a 16% year-over-year increase. Consequently, Gross Profit rose by 25% to $4.28 billion compared to $3.43 billion for the nine months ended September 30, 2024. The company recorded Gross Profit of $1.57 billion for the third quarter versus $1.19 billion reported for the similar quarter of 2024.
Other Operating Income decreased by 4% to $591.21 million (2024: $613.16 million), while Administrative Expenses increased by 17%, moving from $1.37 billion in 2024 to $1.60 billion in the period under review. As a result, Operating Profit for the nine months ended September 30, 2025, amounted to $3.27 billion, a 23% increase relative to $2.67 billion reported in 2024.
Profit Before Tax for the nine months ended September 30, 2025, amounted to $3.03 billion, a 21% increase relative to $2.52 billion reported in 2024. Profit Before Tax for the third quarter amounted to $1.09 billion (2024: $891.12 million). Finance Costs totaled $264.41 million, a 72% increase from $153.61 million reported in the corresponding period last year.
The Taxation charge for the nine months ended September 30, 2025, amounted to $457.41 million, a 34% increase relative to $341.09 million reported in 2024. The Taxation charge for the third quarter totaled $235.20 million (2024: $130.21 million).
Net Profit for the nine months ended September 30, 2025, increased by 18% to $2.58 billion (2024: $2.18 billion). Net Profit for the quarter amounted to $858.89 million (2024: $760.91 million).
Net Profit attributable to shareholders for the nine months amounted to $2.50 billion, a 20% increase from the $2.09 billion reported in 2024. For the third quarter, Net Profit attributable to shareholders was $817.60 million (2024: $732.64 million).
Consequently, Earnings per Share for the nine months amounted to $1.75 (2024: $1.46), while Earnings per Share for the quarter totaled $0.57 (2024: $0.51). The twelve-month trailing EPS was $2.11, based on 1,430,199,578 shares. These EPS figures were calculated using Net Profit Attributable to Shareholders. The twelve-month trailing EPS was $2.11, and the number of shares used in these calculations was 1,430,199,578.
Notably, KW’s stock price closed the trading period on November 14, 2025, at $29.00, with a corresponding P/E ratio of 13.71x.
Balance Sheet Highlights
The company’s assets totaled $62.31 billion, a 3% increase from $60.56 billion booked in 2024. This increase was attributable to Investment in Associate, which amounted to $987.18 million.
Shareholders’ Equity was $49.57 billion (2024: $47.79 billion), representing a Book Value per Share of $34.66 (2024: $33.42).
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.
