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).


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