KEX reported 57.1% increase in net profit for first quarter of 2018

Knutsford Express Services Limited reported total revenue of $237.28 million, a 36.8% or $63.87 million increase when compared with the $173.41 million reported for the same period in 2017.  According to KEX, “this was due to strong customer demand for passenger travel and our courier service.”

Administrative and general expenses grew 31.7% to total $175.81 million (2017: $133.50 million). Consequently, gross profit rose 54% to close at $61.47 million compared to the $39.90 million for the same period a year ago.

Finance costs increased 25.9% to $5.07 million for the period from $4.03 million for 2017.

Profit before taxation amounted to $56.58 million, relative to $36.01 million reported in 2017, a 57.1% increase. No taxes were incurred this year as a result of Junior Market Tax holiday. Consequently, net profit also amounted to $56.58 million, representing a 57.1% increase over net profit after tax last year of $36.01 million

As such, earnings per share (EPS) for the quarter amounted to $0.113 (2017: $0.072). The twelve-month trailing EPS amounted to $0.38. The number of shares used in our calculations is 500,000,015.

Balance Sheet at a Glance:

As at August 31, 2017 assets totaled $648.3 million, $186.38 million more than the $461.93 million recorded last year.  The increase in total assets was largely due to increases in ‘property, plant and equipment’ and ‘cash & bank balances’ by $109.03 million and $45.48 million respectively to total $397.06 million and $288.03 million respectively.

Shareholder’s equity closed at $539.21 million (2017: $372.30 million).  As such, the book value per share was $1.08 (2017: $0.74).





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