Jamaican-listed transport provider Knutsford Express has ended its financial year out of the red, reversing the losses posted in 2021.
For the financial year ended, May 31, 2022, Knutsford Express chalked up net profits J$110.66 million, reversing the 2021 losses of J$63.60 million. Taxes for the year amounted to J$16.98 million.
Net profit for the May quarter amounted to J$65.26 million compared to a loss of J$2.96 million for the comparable period in 2021. Profit before taxation for the year amounted to J$127.64 million compared to a loss of J$70.22 million in 2021.
Pre-tax profit for the quarter closed at J$82.25 million, representing a phenomenal recovery from the 2021 losses of J$9.59 million. Gross profit for the year totalled J$134.67 million, compared to gross loss of J$69.13 million in 2021.
For the last quarter, gross profit totalled J$76.14 million versus gross loss of J$10.94 million recorded in the prior comparable period.
Big surge in revenue
Revenue was the star performer almost doubling from J$629.37 million in 2021, breaking the J$1 billion barrier in 2022 to end the financial year at J$1.11 billion. Revenue for the fourth quarter amounted to J$339.16 million, an increase of 96 per cent from the J$172.99 million for the same period last year.
Administrative and general expenses closed the year at J$978.89 million, a 40 per cent increase from the J$698.50 million recorded in 2021. For the quarter, administrative and general expenses were up 43 per cent to close at J$263.02 million (2021: J$183.93 million).
Other income totalled J$21.47 million relative to the J$50,818 posted for 2021. Finance income decreased by 42 per cent to total J$8.11 million for the year (2021: J$13.92 million), while finance cost grew 143 per cent to close at J$36.61 million versus J$15.06 million booked for 2021.
Knutsford Express posted total assets of J$1.41 billion, 14 per cent more than the J$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 J$105.77 million (2021: J$58.88 million). Shareholder’s equity closed at J$751.10 million relative to the J$665.79 million reported last year.
As such, book value per share was J$1.50 (2021: J$1.33).