Thu | Aug 24, 2017

Knutsford Express annual profit up 75%

Published:Wednesday | August 3, 2016 | 8:00 AM

Cross-country transport company Knutsford Express Limited made $121.8 million in net profit for year ending May 2016, or 75 per cent higher profit than a year ago, according to its newly audited financials.

That equates to $1.22 per share, up from 69 cents per share a year earlier.

The listed company currently trades at more than 15 times earnings.

The stock closed at $19 per share on Tuesday, representing a 97 per cent gain year to date. Annual revenue spiked 29 per cent to $584 million. The company attributes some of the gains to the opening of the North Coast Highway, which cut the commute time between Ocho Rios and Kingston and allowed for increased bus runs. And through its new subsidiary launched last year, KE Connect Limited, it also started shuttle services to airports and rentals to visitors and corporate executives.

During the year, the company continued to invest heavily in its fleet with total assets valued at $444 million, up 59 per cent.

steven.jackson@gleanerjm.com