KEX reports 40% increase in year-end net profit

Knutsford Express Services Limited (KEX) for the year ended May 31, 2017 reported total revenue of $752.40 million, a 290% or $167.91 million increase when compared with the $584.49 million reported for the prior financial year. Revenue for the quarter amounted to $199.73 million, an increase of 69% from the $118.14 million for the same period last year.

Administrative and general expenses closed the year at $580.57 million, a 30% growth from the $447.80 million recorded in 2016. Within the quarter administrative expenses were up 64% to close at $151.33 million (2016: $92.15 million).

As such, gross profit for the year increased by 29% to total $171.83 million, compared to $136.69 million in 2016. Gross profit for the fourth quarter totalled $48.40 million up 86% (2016: $25.99 million).

Other income totalled $8.53 million for the period relative to $3.94 million for 2016 while finance cost increased by 25% to total $17.74 million for the year (2016: $14.20 million). Finance income slid 6% to close at $1.75 million versus $1.85 million booked for the 2016.

Net profit closed at $170.34 million, 40% more than the $121.84 million for 2016, while Net Profit for the quarter was $50.53 million, this represented an increase of 143% over the $20.81 million reported for the prior year. As such, earnings per share (EPS) for the year amounted to $1.70 (2016: $1.22), while for the EPS for fourth quarter amounted to $0.51 relative to $0.21 for the same quarter last year. The number of shares used in our calculations is 100,000,003.

 

Balance Sheet at a Glance:-

KEX posted total asset of $587.42 million, 33% more than the $442.77 million booked as at May 31, 2016. This was due largely to an increase in Property, Plant and Equipment from $293.93 million to $345.15 million. Short-term investments moved from $43.29 million, while cash & bank balances also contributed to the increase in total assets, moving from $44.67 million to $64.66 million.

Shareholder’s equity closed at $482.63 million relative to the $336.29 million reported last year. As such, book value per share was $4.83 (2016: $3.36).

 

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.

2017-09-06T17:28:51-05:00