Trans-shipment and logistics company Kingston Wharves Limited (KWL) is now in expansion mode.

Chairman of KWL Jeffrey Hall shared plans for the expansion of the company’s dockyard, which will begin this year and run into 2025, during the company’s annual report for financial year 2023.

He explained that the increase in yard space follows the demolition of older dock buildings and will foster more cargo handling and storage.

Moreover, Hall said that the expansion will redound to improved productivity, efficiency and overall cargo-handling capacity, and also drive business expansion.

“The business opportunities for KWL will in the future be further enhanced by strategic investments in specialised infrastructure to support the growth of motor vehicle handling and bulk cargo that will also, in turn, benefit from our expanded berthing capacity,” the chairman said.

Last year, KWL commissioned the redevelopment and modernisation of Berth 7, at a cost of US$30 million, to allow for the simultaneous docking of large cargo vessels. By doing so, the company has improved its general operating efficiency, throughput, and trans-shipment services.

When combining Berth 7 with Berths 8 and 9, the trans-shipment entity has a quay spanning over 540 metres, which will allow for the servicing of multiple vessels, including the Panamax-sized ships, simultaneously.

Additionally, KWL began the construction of a near-port cold storage facility and warehousing property that covers 130,000 square feet.

“This project will be commissioned during 2024 and will facilitate the continued growth of our Logistics services increasing our warehousing capacity to over 60,000 square feet. We are committed to ensuring that freight consolidators and owners of cargo that use our terminal benefit from this investment,” Hall told shareholders.

In the annual report’s management discussion and analysis, the company also outlined that it is now nearing the completion of an integrated logistics complex at Ashenheim Road.

“With the expansion of our logistics capacity and SEZ designation, KWL is now better positioned to achieve greater integration into the global supply chain and strengthen our value proposition. We have already secured a high level of occupancy for both the cold and dry warehouse our goal in 2024 is to have full occupancy of the facility,” it stated further.  

At the same time, the KWL chairman said the company will continue to invest in employee training, welfare, safety and career progression, as well as the systems and tools to facilitate productivity.

For the year 2023, KWL improved net profit before tax by 20 per cent, up from J$3.2 billion in 2022 to J$3.8 billion. This was from revenues of J$9.7 billion, which saw a 2.5 per increase year-over-year.

Earnings per stock rose from $1.89 to $2.20.

A J$13 billion uptick in the value of property, plant and equipment pushed the amount for total assets to J$59 billion.