Thu | Feb 22, 2018

Cargo Handlers closes year with bigger profits

Published:Friday | November 11, 2016 | 12:00 AM

Cargo Handlers Limited made $154 million or 13 per cent higher net profit for its full financial year ending September in what manage-ment described as fairly strong performance.

The port company, which provides stevedoring and petroleum haulage services, made $307 million in annual revenue, a rise of 29 per cent.

"Our core business remains buoyant, and the projection for the ensuing year is encouraging as a consequence of increased projections in both the cruise and cargo vessel calls," said the company in a statement accompanying its financial report.

Cargo Handlers was founded by and is tightly held by the Hart family. CEO Mark Hart and Chairman Antony Hart together hold 60 per cent of the company.

In September, Cargo Handlers shareholders approved a tenfold increase of the company's ordinary shares via a stock split, growing its listed shares to 416.25 million units. Its authorised capital also expanded tenfold from 46.62 million to 466.2 million ordinary shares effective October 21.

Signs of Cargo Handler's buoyant year were evident from the third quarter when the Montego Bay-based business reported that the ongoing liquefied natural gas project at Bogue resulted in increased business activity at the ports.

Power utility, Jamaica Public Service Company has upgraded its Bogue plant to operate on LNG, while American company New Fortress Energy has developed supply infrastructure at the port to pipe gas to the plant.