Context: How Jamaica Stock Exchange works, and what it makes issuers disclose · Jamaica on the LatAm Power Map
A small wharf company in Montego Bay runs one of Jamaica’s most profitable little businesses — keeping almost 67 cents of profit from every dollar it earns — by sitting at the gateway to the island’s booming second city and quietly collecting a share of cement profits too.
| Full name | Cargo Handlers Limited |
| Ticker / exchange | CHL — Jamaica Stock Exchange (Main Market) |
| Headquarters | 14 Montego Freeport Shopping Centre, Montego Bay, Jamaica |
| Sector | Marine Ports & Transportation Services |
| Employees | Not disclosed in available sources |
| Market value (market cap) | JMD 4.15 billion (~USD 26.5 million) (our calculation) |
| Yearly sales (revenue) | JMD 481.3 million (~USD 3.1 million) — FY ended Sep 2025 |
| Net profit | JMD 324 million (~USD 2.1 million) — FY ended Sep 2025 |
| Net margin | 67.3% (our calculation) — includes JMD 156.9m (US$1 mn) associate profit share |
| Return on equity | ~23.1% (our calculation) |
| Price-to-earnings | ~22.7x (trailing) |
| Dividend yield | ~1.28–1.80% (semi-annual payments) |
| Website | Not publicly listed; JSE profile: jamstockex.com |
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What it is
At its core, CHL conducts stevedoring — the loading and unloading of vessels — along with equipment leasing, operating at the Montego Bay Freeport, western Jamaica’s main commercial port.
The company operates through three segments: Stevedoring, Leasing, and Management services, with stevedoring — moving cargo on and off ships — generating the lion’s share of direct revenue. It also benefits from its 30 per cent stake in Buying House Cement Limited (BHC), a cement importer that in the latest year delivered more profit to CHL than stevedoring itself.
Who owns it
CHL was co-founded by the late businessman Tony Hart, whose family remains in control; Executive Chairman Mark Hart directly holds 26.4 per cent of the shares, while the largest stake — 27.2 per cent — is held through North Star Investment Limited.
Kingston Wharves now owns 27 per cent of CHL, which it acquired from co-founder and director Jane Fray, with a deal that allows the Kingston-based port operator to acquire an additional 13 per cent, which would grow its stake to 40 per cent. Kingston Wharves said it neither intends to acquire a majority stake in CHL nor seek to take control of it.
Who runs it
Mark Hart serves as Executive Chairman; he also holds the same title at Caribbean Producers Jamaica (CPJ) and is the family’s public face at CHL, commenting directly on the company’s growth outlook.
Jeffrey Hall — chairman of Kingston Wharves and vice-chairman and CEO of Pan Jamaica Group — joined CHL’s board following Kingston Wharves’ share acquisition. A CFO and full board list are not separately disclosed in available sources.
The money, in plain words
Revenue for the year ended September 2025 edged up to JMD 481.3 million (~USD 3.1m) from JMD 473.5 million (US$3 mn) the prior year, and net profit rose 18 per cent to JMD 324 million (~USD 2.1m). The company keeps about 67 cents of profit from every dollar of revenue — a net margin of 67.3% (our calculation) — an extraordinary figure, though it is powered partly by the BHC cement stake rather than the wharf business alone.
Equity climbed to JMD 1.4 billion (~USD 9.0m) from JMD 1.17 billion (US$7 mn) a year earlier, while cash from operations ran at JMD 206.8 million (US$1 mn). For every dollar owners have put in, the business earned about 23 cents back last year — a return on equity of 23.1% (our calculation), strong by any regional standard.
The debt-to-equity ratio is essentially zero, meaning the company owes almost nothing to lenders and finances itself entirely from its own earnings.
The BHC cement associate delivered JMD 156.9 million (US$1 mn) in profit share, up more than two-thirds from JMD 92.3 million (US$590 k) the prior year — a reminder that CHL’s financial story is as much about cement as it is about ships.
What it is doing now
The Kingston Wharves deal aligns with CHL’s planned succession, under which founding shareholders agreed that on retirement they would identify partners and successors with the capacity to continue developing the enterprise.
CHL reported its FY2025 results reflecting increased economic activity in Montego Bay prior to Hurricane Melissa, which struck in October after the close of the financial year, with management still assessing its impact. The company said upcoming quarters will serve as a gauge for the recovery of economic activity in Montego Bay.
What to watch
- Hurricane Melissa damage: Management stated “the financial effect of Hurricane Melissa cannot be reasonably estimated at this time,” though it does not expect the event to affect the company’s ability to continue as a going concern.
- Kingston Wharves option: Kingston Wharves holds a contractual option to grow its CHL stake from 27 per cent to 40 per cent — if exercised, it would become the single largest shareholder, potentially reshaping the board and strategy.
- Cement quota: The company expects cement sales at BHC to remain capped due to a government-imposed import quota; any relaxation would directly lift the profit share that now drives CHL’s bottom line.
- Montego Bay construction boom: Mark Hart points to projects including the Hard Rock Casino (budgeted at US$800 million) and the Pinnacle residential towers (US$350 million) as sources of sustained cargo demand for the port.
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Sources
- Jamaica Gleaner — “Cargo Handlers annual profit grows 18 per cent” (31 December 2025) — primary source for FY2025 financials, ownership structure and hurricane disclosure.
- Jamaica Gleaner — “Kingston Wharves acquires large stake in Cargo Handlers” (16 July 2025) — primary source for the Kingston Wharves transaction, board changes, and succession plan.
- Jamaica Gleaner — “City boom to boost Cargo Handlers in 2024” (31 January 2024) — primary source for Mark Hart commentary and Montego Bay project pipeline.
- Jamaica Stock Exchange announcement — CHL Board announcement: BHC investment (December 2020).
- Stock Analysis — JMSE:CHL Statistics & Valuation Metrics — shares outstanding, P/E, dividend yield, ROE, net cash.
- Investing.com — Cargo Handlers Ltd share data — market cap and dividend yield cross-check.
- Market data: sourced from primary press and exchange filings as cited; no EODHD data available for this company.
This is news, not investment advice.
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