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).
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