3 weeks ago
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Cargo Handlers Limited (CHL), which provides dockside services at the Montego Bay Freeport, reported higher revenue and profit for its financial year ended September 2025, reflecting increased economic activity prior to Hurricane Melissa.
Management noted it is still assessing the “impact” of the hurricane, which struck in October after the close of the financial year. “The financial effect of Hurricane Melissa cannot be reasonably estimated at this time; however, management does not expect this event to affect the company’s ability to continue as a going concern,” the audited financials stated.
At its core, CHL conducts stevedoring – the loading and unloading of vessels – along with equipment leasing. It also benefits from its 30 per cent stake in Buying House Cement Limited (BHC). The company said upcoming quarters will serve as a gauge for the recovery of economic activity in Montego Bay.
Revenue for the year edged up to $481.3 million from $473.5 million in 2024, reflecting steady demand for core services, while direct costs remained contained. The BHC associate delivered $156.9 million in profit share, up from $92.3 million in 2024 – a more than two-thirds increase. Net profit stood at $324 million, up 18 per cent from $274 million in 2024. Earnings per stock unit rose to $0.86 from $0.73.
The stronger results were also reflected in equity, which climbed to $1.4 billion from $1.17 billion a year earlier. Cash and cash equivalents rose to $183.2 million from $161.2 million, supported by net cash provided by operating activities of $206.8 million.
CHL was co-founded by the late businessman Tony Hart, whose family remains in control of the business. Executive Chairman Mark Hart directly holds 26.4 per cent of the shares, while the largest stake, amounting to 27.2 per cent, is held through North Star Investment Limited. In 2025, Kingston Wharves Limited acquired the second-largest individual holding at 27.1 per cent.
Management added that the company continues to benefit from its long-standing position in the Montego Bay Freeport, which is 82 per cent owned by the Urban Development Corporation, a government agency. The remaining shares are held by legacy shareholders of Montego Bay Freeport, which was listed in 1969 but delisted in 2012.
English (US) ·