Knutsford Express Services Limited (KEX)
Unaudited financials for the six months ended November 30, 2024:
Knutsford Express Services Limited (KEX) for the six months ended November 30, 2024, reported a 9% increase in Revenue totaling $1.05 billion compared to $965.09 million in the corresponding period last year. Revenue for the second quarter had a 6% increase to close at $500.15 million compared to $473.30 million for the comparable quarter of 2023.
Administrative and General Expenses amounted to $873.30 million (2023: $767.55 million), this represents an increase of 14% year over year. Consequently, gross profit decreased by 11% to $176.56 million compared to $197.54 million for the six months ended November 30, 2023. The company booked gross profit of $77.73 million for the second quarter versus $86.09 million reported for the similar quarter of 2023.
Finance Income decreased by 15% to close at $8.58 million (2023: $10.09 million), while Finance costs increased by 6% from $30.80 million in 2023 to $32.58 million in the period under review. As a result, Profit before taxation for the six months ended November 30, 2024, amounted to $152.56 million, a 14% decrease relative to $176.84 million reported in 2023.
Taxation Charge for the six months ended November 30, 2024, amounted to $32.84 million, a 73% increase relative to $18.98 million reported in 2023. Taxation Charge for the second quarter amounted to $17.17 million (2023: $6.58 million). Net Profit from continuing operations totaled $119.72 million, a 24% decrease from the corresponding period last year. (2023: $157.86 million).
Consequently, Earnings Per Share for the six months amounted to $0.24 (2023: EPS: $0.32), while Earnings Per Share for the quarter totaled $0.11 (2023: EPS: $0.14). The twelve month trailing EPS was $0.54 and the number of shares used in these calculations was 500,000,015.
Notably, KEX’s stock price closed the trading period on January 15, 2025, at a price of $11.60 with a corresponding P/E ratio of 21.38x.
Balance Sheet Highlights
The company’s assets totaled $2.06 billion (2023: $1.83 billion). The movement in total assets was mainly attributable to a 20% increase in ‘Plant, Property& Equipment’ amounting to $726.71 million (2023: $604.93 million). Additionally, ‘Cash and Bank Balances’ increased by $37.80 million amounting to $93.25 million (2023: $55.44 million).
Shareholder’s equity was $1.35 billion (2023: $1.15 billion), representing a book value per share of $2.71 (2023: $2.30).
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