KEX reports year end net loss of $95.98 million

September 13, 2021

Knutsford Express Services Limited (KEX), for the year ended May 31, 2021, reported total revenue of $630.01 million, relative to $1.02 billion reported for the prior financial year. Revenue for the last quarter amounted to $173.64 million, an increase of 80% from the $96.45 million for the same period last year.

Administrative and general expenses closed the year at $715.36 million, a 27% decline from the $974.85 million recorded in 2020. Within the quarter, administrative expenses were up 13% to close at $200.80 million (2020: $177.39 million).

As such, gross loss for the year totalled $85.35 million, compared to gross profit of $46.83 million in 2020. Gross loss for the fourth quarter totalled $27.16 million versus gross loss of $80.94 million recorded in the prior comparable period.

Other income totalled $50,818 for the period relative to $9,611 for 2020. Finance income decreased by 28% to total $13.92 million for the year (2020: $19.33 million), while finance cost fell 35% to close at $15.29 million versus $23.65 million booked for the 2020.

Impairment loss on goodwill amounted to $6.58 million while impairment loss on motor vehicles ended at $9.36 million.

Loss before taxation amounted to $102.61 million relative to the profit of $42.52 million twelve months prior. While for the quarter, loss before taxation closed at $41.97 million versus loss before taxation of $70.74 million booked in the same period last year.

After receiving tax credit of $6.63 million relative to 2020 tax charges of $8.96 million, KEX net loss closed at $95.98 million relative to the profit of the $33.56 million for 2020. Net loss for the quarter was $35.35 million relative to the loss of $69.62 million reported for the prior year. Total comprehensive loss amounted to $99.62 million relative to total comprehensive income of $25.76 million a year prior.

As such, loss per share (LPS) for the year amounted to $0.19 (2020: EPS $0.07), while LPS for fourth quarter amounted to $0.07 relative to LPS of $0.14 for the same quarter last year. The number of shares used in our calculations is 500,000,015. KEX last traded on September 10, 2021, at $7.00.


Balance Sheet at a Glance:

KEX posted total asset of $1.23 billion, 13% more than the $1.09 billion booked as at May 31, 2020. This was primarily due to an increase in ‘Right of use which closed the period at $140.57 million (2020: $11.30 million). Investment property also contributed to the increase with a total of $110.45 million relative to nil in 2020.

Shareholder’s equity closed at $665.79 million relative to the $765.41 million reported last year. As such, book value per share was $1.33 (2020: $1.53).

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