September 14, 2022
Knutsford Express Services Limited (KEX), for the year ended May 31, 2022, reported total revenue of $1.11 billion , relative to $629.37 million reported for the prior financial year. Revenue for the fourth quarter amounted to $339.16 million, an increase of 96% from the $172.99 million for the same period last year.
Administrative and general expenses closed the year at $978.89 million, a 40% increase from the $698.50 million recorded in 2021. For the quarter, administrative and general expenses were up 43% to close at $263.02 million (2021: $183.93 million).
As such, gross profit for the year totalled $134.67 million, compared to gross loss of $69.13 million in 2021. For the quarter, gross profit totalled $76.14 million versus gross loss of $10.94 million recorded in the prior comparable period.
Other income totalled $21.47 million relative to $50,818 for 2021. Finance income decreased by 42% to total $8.11 million for the year (2021: $13.92 million), while finance cost grew 143% to close at $36.61 million versus $15.06 million booked for the 2021.
Profit before taxation amounted to $127.64 million (2021: loss of $70.22 million). While for the quarter, profit before taxation closed at $82.25 million (2021: loss of $9.59 million).
After receiving tax charge of $16.98 million (2021: tax credit of $6.63 million), KEX profit from continuing operations amounted to $110.66 million (2021: loss of $63.60 million). For the quarter, profit from continuing operations was $65.26 million (2021: loss of $2.96 million).
Loss from discontinued operations totalled $32.84 million, which resulted in net profit for the year of 77.83 million (2021: loss of $95.98 million). Total comprehensive loss amounted to $85.31 million (2021: loss of $99.62 million).
As such, earnings per share (EPS) for the year amounted to $0.22 (2021: LPS of $0.13), while EPS for the quarter amounted to $0.13 (2021: LPS of $0.01). The number of shares used in our calculations is 500,000,015. KEX last traded on September 13, 2022, at $6.35 with a corresponding P/E Ratio of 28.69 times.
Balance Sheet at a Glance:
KEX posted total asset of $1.41 billion, 14% more than the $1.23 billion booked as at May 31, 2021. This was primarily due to an increase in ‘Property, Plant & Equipment’ which closed the period at $860.26 million (2021: $770.20 million). ‘Cash and Bank Balances’ also contributed to the increase with a total of $105.77 million (2021: $58.88 million).
Shareholder’s equity closed at $751.10 million relative to the $665.79 million reported last year. As such, book value per share was $1.50 (2021: $1.33).
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