Knutsford Express adds car rental and shuttle subsidiary
KINGSTON, Jamaica — Knutsford Express Services Ltd, a transport and courier company, disclosed today that it is now operating a new subsidiary — KE Connect Limited — which provides shuttle service and corporate car rentals.
For the third quarter ended February 29, 2016, Knutsford saw revenue grow by 21 per cent from $126.5 million the year before to $153.1 million.
Profit after tax increased 44.8 per cent to $27.6 million up from 19.1 million for the comparative period in 2015.
The company said new state-of-the-art buses have also been added to its north coast routes.
Investment cost for the buses and KE Connect was not disclosed, but new spend on property plant and equipment was said to be $88 million.
Total assets increased 54 per cent to $398 million, the company stated, also attributing this to new investments in vehicles.