26th June 2019
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Company Data
 
Express Kenya Ltd.
n/a
Par Value:                  5/-
Closing Price:           6.00
Total Shares Issued:          35403790.00
Market Capitalization:        212,422,740
EPS:             -1.97
PE:                 -3.046
 

Express Kenya Limited is a Kenya based company engaged in the provision of clearing and forwarding services for air and sea, as well as warehousing and logistics services.

Express Kenya FY 2018 results through 31st December 2018 vs. 31st December 2017

FY Revenue 26.380m vs. 50.323m -47.579%
FY Direct costs [32.489m] vs. [45.210m] -28.138%
FY Gross profit [6.109m] vs. 5.113m -219.480%
FY Other operating income 6.748m vs. 7.155m -5.688%
FY Impairment provisions [13.990m] vs. [3.322m] -321.132%
FY Administrative Expenses [28.800m] vs. [56.961m] +49.439%
FY Other operating expenses [23.076m] vs. [34.233m] +32.591%
FY Operating [Loss] [65.228m] vs. [82.247m] +20.693%
FY Finance costs [10.566m] vs. [12.063m] -12.410%
FY [Loss] before tax [75.794m] vs. [94.310m] +19.633%
FY [Loss] for the year [69.691m] vs. [90.349m] +22.865%
Basic and diluted EPS [1.97] vs. [2.55] +22.745%
Shareholders funds [136.860m] vs. [67.169m] -103.755%
Cash and cash equivalents at the end of the year [48.107m] vs. [47.649m] -0.961%
No dividend

PRINCIPAL ACTIVITIES
The principal activities of the group are that of clearing and forwarding services for both air and sea as well as warehousing and logistics services. The group is in the process of venturing into real estate development.

BUSINESS REVIEW
During the year 2018 the total turnover of the company and group decreased from Shs. 50,323,130 to Shs. 26,380,369. This resulted mainly from decline in revenue from logistics business coupled with reduced income from warehouse business. Loss for the year for the company decreased from Shs. 90,217,862 (group: Shs. 90,349,262) to Shs. 72,116,456 (group: Shs. 69,690,695) reflecting the effects of increased operating expenses.

PRINCIPAL RISKS AND UNCERTAINTIES
The group faces a number of risks and uncertainties including financial and operational risks and uncertainties. Changes to these factors, including the macro economic effect of performance of the Kenyan economy can affect the groups business.
In addition to the business risk(s) discussed above, the groups activities expose it to a number of financial risks including credit risk, cash flow and foreign currency risk and liquidity risk as set out on note 25 to the financial statements.
The groups Board has overall responsibility for its risk management processes in line with the risks mentioned above.

DIVIDEND
The directors do not recommend declaration of a dividend for the year (201 Nil).

Express Kenya FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Revenue 50.323m vs. 62.817m -19.890%
FY Direct costs [45.210m] vs. [48.267m] -6.334%
FY Gross profit 5.113m vs. 14.550% -64.859%
FY Other operating income 7.155m vs. 1.856m +285.506%
FY Impairment provisions [3.322m] vs. [39.183m] -91.522%
FY Administrative Expenses [56.961m] vs. [42.488m] +34.064%
FY Other operating expenses [34.233m] vs. [29.892m] -13.566%
FY Operating [Loss] [82.248m] vs. [95.157m] -13.566%
FY [Loss] before tax [94.310m] vs. [112.007m] -15.800%
FY [Loss] for the year [90.349m] vs. [96.939m] -6.798%
Basic and diluted EPS [2.55] vs. [2.73] -6.593%
Shareholders funds [67.169m] vs. 23.180m -389.771%
Cash and cash equivalents at the end of the year [47.649m] vs. [47.938m] -0.603%
No dividend

H1 Revenue 35.079m vs. 34.661m +1.207%
H1 Direct costs [29.123m] vs. [21.975m] +35.528%
H1 Gross profit 5.956m vs. 12.686m -53.051%
H1 Other operating income 4.324m vs. 3.528m +22.562%
H1 Administrative expenses [22.276m] vs. [17.999m] +23.762%
H1 Other operating expenses [18.361m] vs. [20.363m] -9.832%
H1 Operating [Loss] [30.357m] vs. [22.148m] -37.064%
H1 [Loss] before tax [37.449m] vs. [31.106m] -20.392%
H1 [Loss] for the period/ year [26.824m] vs. [31.106m] -13.766%
Basic and diluted [loss] per share [0.76] vs. [0.88] -13.636%
Shareholders funds [3.466961m]
Cash and cash equivalents at end of period year [48.814m] vs. [48.435m] +0.782%

Conclusions

I cannot recall when they made a profit.

Express Kenya FY 2016 results through 31st December 2016 vs. 31st December 2015
FY Revenue 62.816765m vs. 123.850909m -48.473%
FY Direct costs [48.266715m] vs. [83.039513m] -47.896%
FY Gross profit 14.550050m vs. 40.811396m -64.348%
FY Other operating income 1.856308m vs. 11.728303m -84.172%
FY Impairment provisions [39.182934m] vs. [24.383208m] +59.585%
FY Administrative Expenses [42.488455m] vs. [42.308133m] +0.426%
FY Other operating expenses [29.892070m] vs. [44.766288m] -33.226%
FY Operating [Loss] [95.157101m] vs. [58.917930m] +61.327%
FY Finance costs [16.850001m] vs. [16.815852m] +0.203%
FY [Loss] before tax [112.007102m] vs. [75.733782m] +47.896%
FY [Loss] for the year [96.938837m] vs. [60.088513m] +61.327%
Basic and diluted EPS [2.74] vs. [1.70] +61.176%
Shareholders funds 23.180302m vs. 120.119139m -80.702%
Non Current Assets 281.811385m vs. 333.196904m -15.422%
Cash and cash equivalents at the end of the year [47.938223m] vs. [47.019918m] +1.953%

Conclusions

In their commentary they talk of a Real Estate move

H1 Revenue 34.661m vs. 60.000m -42.232%
H1 Direct costs [21.975m] vs. [33.747m] -34.883%
H1 Gross profit 12.686m vs. 26.253m -51.678%
H1 Other operating income 3.528m vs. 5.856m -39.754%
H1 Administrative expenses [17.999m] vs. [21.893m] -17.787%
H1 Other operating expenses [20.363m] vs. [24.817m] -17.947%
H1 Operating [Loss][22.148m] vs. [14.601m] -51.688%
[Loss] before tax [31.106m] vs. [23.267m] -33.691%
[Loss] for the period [31.106m] vs. [23.267m] -33.691%
EPS [0.88] vs. [0.66] -33.333%
No interim dividend
Cash and cash equivalents at the end of the period [48.435m] vs. [40.331m]
Total assets 421.948m vs. 444.437m -5.060%

Conclusions

Market Cap is $1.25m

Full Year Revenue 173.033m versus 387.494m
Full Year Direct costs [141.185m] versus [323.440m]
FY Gross Profit 31.848m versus 64.054m
Full Year Administrative expenses [53.008m] versus [48.793m]
FY Other operating expenses [41.280m] versus [24.412m]
Full Year Operating [Loss] Profit [62.276m] versus 6.318m
Full Year Finance Costs [14.159m] versus [8.014m]
Full Year [Loss] before Tax [76.435m] versus [1.696m]
Full Year [Loss]profit for the year [77.352m] versus 229m
Full Year EPS -2.18 versus 0.01

Company Commentary

The Group has been going through a period of business instability due to the loss of key contracts
The Board is in the process of diversification into the real estate sector
No Dividend

FY Earnings through 31st December 2013
FY Revenue 387.494m versus 229.908m
FY Direct Costs [323.440m] versus [312.535m]
Gross Profit 64.054m versus [82.627m]
Other Operating Income 15.469m versus 197.731m
FY Administrative Expenses [48.793m] versus [68.922m]
FY Operating Profit 6.318m versus 16.517m
FY Profit for the Year 229,000 versus 13.028m
FY Earnings Per Share 0.01 versus 0.37
No Dividend

Conclusions

I do not have a deep insight into the Company.
a PE Ratio of 475 is not cheap but the market cap of less than $2m is.


FY Through 30th June 2013 versus FY Through 30th June 2012
FY Revenue 235.457m versus 229.908m
Direct Costs [195.404m] versus [312.535m]
FY Gross Profit 40.053m versus [82.627m]
Administrative Expenses [20.949m] versus [68.698m]
Other Operating Income 4.031m versus 197.731m
Operating Profit 11.264m versus 16.742m
Finance Costs [5.200m] versus [29.754m]
FY PBT 6.064m versus [13.012m]
FY PAT 6.064m versus 13.251m -54.23%
FY EPS 0.17 versus 0.37 -54.045%
No Dividend

Company Commentary

Company has had a challenging year due both to both internal and external factors
There has been reduced activities in the core business happy to report increases in the other alternative business segments
By the Year End the company will be in a very stable position
The Companys prime activity in transport and logistic business shall still continue in operation

Conclusions

I simply do not have any insight on this company.

FY 2012 versus FY 2011
Revenue 229.908m versus 450.324m
Direct Costs [312.535m] versus [463.058m]
Gross [Loss] [82.627m] versus [12.734m]
Other Operating Income 197.731m versus 54.774m
Administrative Expenses [68.922m] versus [83.342m]
Other Operating Expenses [29.665m] versus [26.017m]
Operating Profit 16.517m versus [67.319m]
Finance Costs [29.753m] versus [99.026m]
Loss Before Tax [13.236m] versus [222.355m]
Tax Credit [charge] 26.264m versus [6.733m]
FY PAT 13.028m versus [229.088m]
FY EPS 0.37 versus [6.47]
No Dividend
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 24 Jun 2019
 
Downloads
 
  29-APR-2019 ::  Full Year Results
  Audited Consolidated Financial Statements for the Year Ended 31st December 2018.

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