Knutsford Express Services Limited (KEX)
Audited financials for the year ended May 31, 2024:
Knutsford Express Services Limited (KEX) for the year ended May 31, 2024, reported a 19% increase in Revenue totaling $1.96 billion compared to $1.65 billion in the corresponding period last year. Revenue for the fourth quarter had a 17% increase to close at $429.86 million compared to $367.25 million for the comparable quarter of 2023.
Administrative and General Expenses amounted to $1.66 billion (2023: $1.33 billion), this represents an increase of 25% year over year. Consequently, gross profit decreased by 6% to $302.86 million compared to $320.66 million for the twelve months ended May 31, 2023. The company booked gross loss of $26.62 million for the fourth quarter versus the gross profit of $42.69 million reported for the similar quarter of 2023.
Finance Income for the year end increased by 265% to close at $32.40 million (2023: $8.88 million), while Finance costs decreased by 5% from $70.23 million in 2023 to $66.65 million in the period under review. As a result, profit before taxation for the twelve months ended May 31, 2024, amounted to $387.74 million, a 12% increase relative to $346.51 million reported in 2023.
Taxation Charge for the twelve months ended May 31, 2024, amounted to $78.28 million, a 86% increase relative to $42.15 million reported in 2023. Taxation Charge for the fourth quarter amounted to $46.35 million (2023: $18.09 million). Net Profit from continuing operations totalled $309.46 million, a 2% increase from the corresponding period last year. (2023: $304.36 million). For the fourth quarter, Net profit was $40.81 million (2023: $92.98 million).
Consequently, Earnings Per Share for the year ended May 31, 2024, amounted to $0.62 (2023: EPS: $0.61), while Earnings Per Share for the quarter totaled $0.08 (2023: EPS: $0.19). The number of shares used in these calculations was 500,000,015.
Notably, KEX’s stock price closed the trading period on September 11, 2024, at a price of $10.87 with a corresponding P/E ratio of 17.56x.
Balance Sheet Highlights
The company’s assets totalled $1.96 billion (2023: $1.75 billion). This increase was attributable to a rise in ‘Property, Plant and Equipment amounting’ to $682.42 million for the year ended May 31, 2024 (2023: $523.95 million). Additionally, ‘Investment Property’ also contributed to the increase amounting to $552.89 million for the year ended May 31, 2024 (2023: $499.58 million).
Total equity was $1.30 billion (2023: $1.06 billion), representing a book value per share of $2.60 (2023: $2.11).
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