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Port company Cargo Handlers Limited cemented higher profits in the year, despite the fallout from the cruise shipping sector which utilises its wharfing operations.
The company made $160 million in net profit, up 48 per cent from $108 million a year earlier, partly due to its investment in cement distribution. Earnings rose on the back of higher revenues, which climbed from $283.5 million to $337 million.
“There was increase in the net profit results at year end due in part to the company’s investment in Buying House Cement Limited,” Cargo Handlers said in a statement published with its audited results.
Its share of earnings from cement contributed $28.6 million to annual profit. Both Cargo Handlers and the Jamaica operations of Buying House are based in Montego Bay.
Cargo Handlers traditionally operates three business segments, including stevedoring, which involves the loading and unloading of cargo; leasing activities, in particular the leasing of trailers; and management services. Its major customers are Seaboard Freight & Shipping Jamaica Limited, Lannaman & Morris (Shipping) Limited, Bulk Liquid Carriers Petroleum Transport Limited, and CMA CGM Jamaica Limited.