April 17, 2023

Knutsford Express Services Limited for the nine months ended February 28, 2023, reported total revenue of $1.28 billion, a 65% increase when compared with the $774.41 million reported for the same period in 2022. For the third quarter, revenues amounted to $467.87 million, a 55% increase relative to the $301.19 million booked for the corresponding period in 2022. According to KEX, “the increase was their visitors find a convenient, reliable and safe mode of transportation in the Knutsford express service to travel across and around the island upon arrival. In addition, residents are increasingly finding our cost-effective services for passengers and packages”.

Administrative and general expenses for the period rose by 41% to total $1.00 billion (2022: $709.11 million). Consequently, gross profit for the period amounted to $277.97 million versus a gross profit of $65.30 million reported for the same period a year ago. For the quarter, gross profit closed at $90.41 million, relative to a gross profit of $44.47 million booked in 2022.

Profit before taxation for the nine months amounted to $235.44 million relative to a profit before taxation of $52.25 million reported in 2022. Taxation charge amounted to 24.06 million (2022: nil). Profit before tax for the quarter amounted $74.15 million, relative to a profit of $38.82 million booked the comparative quarter of 2022.

Consequently, net profit for the period amounted to $211.39 million relative a net profit of $45.39 million reported in February 2022. Net profit for the quarter, however, closed at $68.28 million relative to a net profit of $38.82 million booked for the corresponding period in 2022.

Total comprehensive income amounted to $211.39 million for the nine months ended February 28, 2023 (2022: profit of $52.00 million). While, for the quarter, total comprehensive income closed at $68.28 million (2022: profit of $38.79 million).

As such, earnings per share (EPS) for the nine months ended amounted to $0.42, relative to an earnings per share of $0.09 reported for the corresponding period. Whilst earning per share for the quarter amounted to $0.14, relative to an EPS of $0.08 booked in 2022. The twelve-month trailing EPS amounted to $0.55. The number of shares used in our calculations is 500,000,015. KEX stock price closed the trading period at a price of $11.72 on April 14, 2023, with a corresponding P/E of 21.18 times.

Management noted, “Our real estate Investment at Knutsford express Drax Hall Business Centre has contributed to the growth of our Total assets which grew 23.7%.”

Balance Sheet at a Glance:

As February 28, 2023, total assets totaled $1.63 billion, $312.57 million more than the $1.32 billion recorded last year. The increase in total assets was largely due to an increase in ‘Short term Investments’ which rose by $186.13 million to total $274.67 million (2022: $88.53 million). ‘Investment Property’ also contributed to the rise in the total asset base by closing at $492.05 million (2022: $110.45 million).

Shareholder’s equity closed at $962.49 million (2022: $717.79 million). As such, the book value per share was $1.92 (2022: $1.44).

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