July 31, 2023
Knutsford Express Services Limited for the year ended May 31, 2023, reported total revenue of $1.65 billion, a 48% increase when compared with the $1.11 billion reported for the same period in 2022. For the fourth quarter, revenues amounted to $367.25 million, a 96% increase relative to the $339.16 million booked for the corresponding period in 2022. According to KEX, “the increase was their visitors find a convenient, reliable and safe mode of transportation in the Knutsford express service to travel across and around the island upon arrival. In addition, residents are increasingly finding our cost-effective services for passengers and packages.”
Administrative and general expenses for the period rose by 36% to total $1.33 billion (2022: $978.90 million). Consequently, gross profit for the period amounted to $320.66 million versus a gross profit of $134.67 million reported for the same period a year ago. For the quarter, gross profit closed at $407.86 million, relative to a gross profit of $156.14 million booked in 2022.
Profit before taxation for the year ended amounted to $346.51 million relative to a profit before taxation of $127.64 million reported in 2022. Taxation charge amounted to $42.15 million (2022: $16.98 million).
Consequently, net profit for the period amounted to $304.36 million relative a net profit of $77.83 million reported in May 2022. Net profit for the quarter, however, closed at $92.98 million relative to a net profit of $65.26 million booked for the corresponding period in 2022.
Total comprehensive income amounted to $304.36 million for the year ended May 31, 2023 (2022: comprehensive income of $85.31 million). While, for the quarter, total comprehensive income closed at $92.98 million (2022: comprehensive income of $33.31 million).
As such, earnings per share (EPS) for the year ended amounted to $0.61, relative to an earnings per share of $0.22 reported for the corresponding period. The number of shares used in our calculations is 500,000,015. KEX stock price closed the trading period at a price of $11.56 on July 31, 2023, with a corresponding P/E of 18.99 times.
Balance Sheet at a Glance:
As May 31, 2023, total assets totaled $1.75 billion, 25% more than the $1.41 billion recorded last year. The increase in total assets was largely due to an increase in ‘Investment Property’ which rose by 209% to total $499.58 million (2022: $161.62 million). ‘Investments’ also contributed to the rise in the total asset base by closing at $349.16 million (2022: $73.13 million).
Shareholder’s equity closed at $1.06 billion (2022: $751.10 million). As such, the book value per share was $2.11 (2022: $1.50).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
