KEX reports an increase of $7.25 million in annual net profits

Date: July 31, 2018

Knutsford Express Services Limited (KEX), for the year ended May 31, 2018 reported total revenue of $926.15 million, relative to $752.40 million reported for the prior financial year. Revenue for the last quarter amounted to $249.02 million, an increase of 25% from the $199.73 million for the same period last year.

Administrative and general expenses closed the year at $727.99 million, a 25% growth from the $580.57 million recorded in 2017. Within the quarter administrative expenses were up 27% to close at $192.81 million (2017: $151.33 million).

As such, gross profit for the year increased by 15% to total $198.16 million, compared to $171.83 million in 2017. Gross profit for the fourth quarter totalled $56.21 million up 16% (2017: $48.40 million).

Other income totalled $1.50 million for the period relative to $8.53 million for 2017, a 82% decline. Finance cost increased by 24% to total $21.96 million for the year (2017: $17.74 million), while finance income rose 29% to close at $2.26 million versus $1.75 million booked for the 2017.

Net profit closed at $177.59 million, 4% more than the $170.34 million for 2017, while Net Profit for the quarter was $49.28 million, this represented an decrease of 2% over the $50.53 million reported for the prior year.

As such, earnings per share (EPS) for the year amounted to $0.36 (2017: $0.34), while for the EPS for fourth quarter amounted to $0.10 relative to $0.10 for the same quarter last year. The number of shares used in our calculations is 500,000,015. KEX last traded on July 30, 2018 at $11.95.

Balance Sheet at a Glance:-

KEX posted total asset of $752.02 million, 28% more than the $587.42 million booked as at May 31, 2017. This was primarily due to an increase in ‘Property, Plant and Equipment’ and ‘Cash and Bank Balances’ which closed the period at $436.81 million (2017: $345.15 million) and $137.95 million (2017: $64.66 million) respectively.

Shareholder’s equity closed at $626.22 million relative to the $482.63 million reported last year. As such, book value per share was $1.25 (2017: $0.97).

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