Express Kenya
Express Kenya: A closer look at the 2006 Income statement
RESULTS:
The performance for the Company and the Group showed sustained business growth and improved profitability. Gross Profit margin rose from 24.5% in 2005 to 41.7% in 2006. Profit before tax has risen by 33.85% compared to 2005 results.
DIVIDEND:
Following the turnaround of the Group and the consistent outstanding performance since 2004, the Directors recommend for approval at the Annual General Meeting, the payment of a first and final dividend of Ksh 0.40 per share for the year ended 31st December, 2006, subject to withholding tax where applicable.
FUTURE OUTLOOK:
The Directors are optimistic that the focus and investment of capital assets undertaken in the year 2006 for the transport business will ensure continued growth and profitability from this division.
The Board will continue to focus on other core business of clearing and forwarding for both air and sea through aggressive marketing of the services to ensure continued growth.
| Express Kenya - A closer look at 2006 Income statement | |||
| Total Consolidated 2006 Kshs ‘000 |
Total Consolidated 2005 Kshs ‘000 |
Percentage change 05 vs 06 |
|
| Revenue | 822,487 | 1,055,414 | -22.07% |
| Cost of sales | 479,260 | 796,450 | -39.83% |
| Gross Profit | 343,227 | 258,964 | 32.54% |
| Profit on sale of property, plant and equipment | 10,090 | 4,533 | 122.59% |
| Operating and administrative costs | 168,318 | 159,684 | 5.41% |
| Depreciation | 70,120 | 19,370 | 262.00% |
| Profits from operations | 114,879 | 84,443 | 36.04% |
| Profits from operations(without the income from sale of asset) | 104,789 | 79,910 | 31.13% |
| Net financing costs | 12,371 | 7,863 | 57.33% |
| Profit before tax | 102,508 | 76,580 | 33.86% |
| Income tax expense | 36,179 | 22,650 | 59.73% |
| Profit after tax | 66,329 | 53,930 | 22.99% |
| Basic and diluted earnings per share | 1.87 | 1.52 | 23.03% |
| Total Revenue dropped by 22% Cost of sales Dropped by 39% Operating and Administrative costs up 5% Sale of Assets up 122% (included in the income from operations*) |
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