Passenger and courier transportation company, Knutsford Express, has continued to reap the benefits of the reopening of Jamaica’s economy and a boom in the tourism industry.

Speaking on Taking Stock with Kalilah Reynolds, Investment Research & Sovereign Risk Analyst at JMMB Group, Leovaughni Dillion, said the company has shown consistent improvement in its financial performance.

According to the company’s latest results, revenues are up 55% for its third-quarter ending February 2023. The company reported $467.8 million in revenues, up from $301 million for the same period in its 2022 financial year.

The company also reported an 84% increase in net profit for the period: up from $37 million to $68 million. 

“And that’s their best Q3 performance on record, even going back pre pandemic,” Dillion said. 

He noted that Knustford had shown consistent improvement since the reopening of the economy.

“The shutdown had hurt them significantly but their back up from that doing better than ever,” he said.

For its financial year 2021, the company recorded a net income loss of $99 million. That was completely reversed in 2022 when the company recorded $85 million in net income.

Dillion also noted that the company has been on a massive expansion drive to help grow its profits. 

“The company has been doing a lot. They just built out their Drax Hall terminallocation, thats doing well for them,” the analyst noted.

Additionally, Knutsford recently expanded its courier service network to 18 sites across the island, contributing significantly to its growth. 

“The company has been pretty consistent since the pandemic and this quarter is just a next level. They’ve consistently been showing that improvement for a while now… and interest in the stock is coming back,” Dillion said.

Knutsford Express closed trading in April at $10.50. Dillion noted that the volumes traded for the stock have been increasing following a steep decline during the early days of the pandemic.