Date: January 15, 2018

For the six months ended November 30, 2017:

Knutsford Express Services Limited reported total revenue of $445.42 million, a 27% or $95.65 million increase when compared with the $349.77 million reported for the same period in 2016.  According to KEX, “this was due to strong customer demand for passenger travel and our courier service.”

Administrative and general expenses grew 25% to total $344.54 million (2016: $276.43 million). Consequently, gross profit rose 38% to close at $100.87 million compared to the $73.34 million for the same period a year ago.

Finance costs increased 32% to $10.82 million for the period from $8.16 million in 2016.

Profit before taxation amounted to $90.98 million, relative to $66.07 million reported in 2016, a 38% increase. No taxes were incurred this year as a result of Junior Market Tax holiday. Consequently, net profit also amounted to $90.98 million.

As such, earnings per share (EPS) for the six months amounted to $0.18 (2016: $0.13), while for the quarter EPS closed at $0.07 (2016: $0.06). The twelve-month trailing EPS amounted to $0.39. The number of shares used in our calculations is 500,000,015.

Balance Sheet at a Glance:

As at November 30, 2017, assets totaled $636.27 million, $169.75 million more than the $466.53 million recorded last year.  The increase in total assets was largely due to increases in ‘property, plant and equipment’ and ‘cash & bank balances’ by $61.08 million and $21.48 million respectively to total $411.72 million and $72.21 million respectively.

Shareholder’s equity closed at $539.61 million (2016: $378.36 million).  As such, the book value per share was $1.08 (2016: $0.76).

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