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XPRS — Express Kenya PLC

Graham's number is √(22.5 × EPS × BVPS): a P/E ceiling of 15 times a P/B ceiling of 1.5, applied to one year's earnings and book value. The Graham number primer works through it. It is a computation, not a recommendation.

Tests: Graham's criteria for industrial companies. Express Kenya was a freight and logistics house and is now essentially a property company: its income is rent from the Nairobi storage site it is redeveloping as a strip mall and filling station. Graham's industrial tests apply — sales for size, and the current ratio and long-term debt against working capital for strength. FY2025 was a loss, so that year has no Graham number. Per-share figures rest on 47,711,400 shares, the share capital of 238,557k divided by the NSE par value of KShs 5.00; the count reconciles with the printed loss per share. The half-year profit is a one-off: other operating income of 298,713k is the gain on three acres sold for 300m, an agreement signed in June 2025 whose title transfer completed only in the first quarter of 2026. The interim column carries no rolling twelve-month earnings or revenue, because the comparative column of the June 2026 statement is the prior full year rather than the prior half-year, and the company published no half-year results for 2025.

six months to 30 Jun 2026

Interim: six months to 30 Jun 2026, unaudited. Earnings use the trailing twelve months to Jun 2026, built from reported half-year and full-year figures. Every test below is flagged interim and will be replaced when the full year is published.

Showing FY2026

√(22.5 × × 14.98) =

The Graham number for the twelve months to Jun 2026, from trailing-twelve-month EPS and BVPS at the period end. Tap a figure below for its source and date.

The figures

Per share (KES)

Earnings (EPS) (6 months)
5.08

basic and diluted, six-month figure as printed and confirmed by profit for the period of 242,580k over 47,711,400 shares. Almost all of it is the 298,713k gain on the land sale; the trading result was a gross loss of 46,774k · basic · Unaudited financial results for the period ended 30 Jun 2026, consolidated statement of profit or loss (p.1) · 31 Aug 2026

Book value (BVPS)
14.98

share capital 238,557k, share premium 28,963k, revaluation reserve 833,809k and accumulated losses of 386,564k; no non-controlling interests are reported · attributable · computed: shareholders' funds 714,766k ÷ 47,711,400 shares, Unaudited financial results for the period ended 30 Jun 2026, consolidated statement of financial position (p.1) · 31 Aug 2026

Dividend (DPS)
Not compiled
Price on results day
7.46

NSE daily price list VWAP, the exchange's official end-of-day price. The results carry no printed date and the PDF was created on Saturday 29 Aug 2026 at 14:07 EAT, so the first trading day after that is used · NSE daily price list 2026-08-31, p.1 · 31 Aug 2026

Size and balance sheet (KES m)

Revenue (6 months)
9.9

revenue from contracts with customers for the six months; the statement's comparative column is the twelve months to 31 Dec 2025 (21,265k), not the prior half-year, so no like-for-like prior period is published. The directors attribute the fall to terminating leases with some tenants during a restructuring · Unaudited financial results for the period ended 30 Jun 2026, consolidated statement of profit or loss (p.1) · 31 Aug 2026

Current assets
228.4

inventories 28,752k, trade and other receivables 168,176k, cash 133k and tax recoverable 31,379k. Receivables jumped on the proceeds of the land sale still outstanding at the period end · Unaudited financial results for the period ended 30 Jun 2026, consolidated statement of financial position (p.1) · 31 Aug 2026

Current liabilities
116.3

lease liabilities 1,889k and trade and other payables 114,398k · Unaudited financial results for the period ended 30 Jun 2026, consolidated statement of financial position (p.1) · 31 Aug 2026

Long-term debt
315.0

non-current borrowings, cut from 429,324k at the year end out of the sale proceeds; non-current lease liabilities of 46,166k and deferred tax of 412,695k are not included · Unaudited financial results for the period ended 30 Jun 2026, consolidated statement of financial position (p.1) · 31 Aug 2026

KES per US$
129.45

CBK daily exchange rates (mean) · 31 Aug 2026

Computed

EPS, trailing twelve months
Not compiled
Revenue, trailing twelve months
Not compiled
EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
0.50

computed: price ÷ BVPS · 31 Aug 2026

Dividend yield
Not compiled
Current ratio
1.96

computed: current assets ÷ current liabilities · 31 Aug 2026

Price ÷ Graham number
Not compiled
Discount to Graham number
Not compiled

Graham's tests

  1. Adequate size

    Revenue of at least US$100m

    Interim
    No result: data not compiled
  2. Financial strength

    Current ratio of at least 2; long-term debt no more than working capital

    Interim
    Not met
  3. Earnings stability

    Positive EPS in each of the past 10 years

    Interim
    No result: data not compiled
  4. Dividend record

    A dividend paid in each of the past 20 years

    Interim
    Not met
  5. Earnings growth

    EPS up at least one-third over 10 years, on three-year averages

    Interim
    No result: data not compiled
  6. Moderate P/E

    Price no more than 15 × three-year average EPS

    Interim
    No result: data not compiled
  7. Moderate P/B

    Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5

    Interim
    Met

Sources and notes

  • Book value (BVPS): attributable · computed: shareholders' funds 714,766k ÷ 47,711,400 shares, Unaudited financial results for the period ended 30 Jun 2026, consolidated statement of financial position (p.1) · 31 Aug 2026 (share capital 238,557k, share premium 28,963k, revaluation reserve 833,809k and accumulated losses of 386,564k; no non-controlling interests are reported)
  • Price on results day: NSE daily price list 2026-08-31, p.1 · 31 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price. The results carry no printed date and the PDF was created on Saturday 29 Aug 2026 at 14:07 EAT, so the first trading day after that is used)
  • Current assets: Unaudited financial results for the period ended 30 Jun 2026, consolidated statement of financial position (p.1) · 31 Aug 2026 (inventories 28,752k, trade and other receivables 168,176k, cash 133k and tax recoverable 31,379k. Receivables jumped on the proceeds of the land sale still outstanding at the period end)
  • Current liabilities: Unaudited financial results for the period ended 30 Jun 2026, consolidated statement of financial position (p.1) · 31 Aug 2026 (lease liabilities 1,889k and trade and other payables 114,398k)
  • Long-term debt: Unaudited financial results for the period ended 30 Jun 2026, consolidated statement of financial position (p.1) · 31 Aug 2026 (non-current borrowings, cut from 429,324k at the year end out of the sale proceeds; non-current lease liabilities of 46,166k and deferred tax of 412,695k are not included)
  • KES per US$: CBK daily exchange rates (mean) · 31 Aug 2026
  • EPS, 6 months to 2026-06-30: basic · Unaudited financial results for the period ended 30 Jun 2026, consolidated statement of profit or loss (p.1) · 31 Aug 2026 (basic and diluted, six-month figure as printed and confirmed by profit for the period of 242,580k over 47,711,400 shares. Almost all of it is the 298,713k gain on the land sale; the trading result was a gross loss of 46,774k)
  • Revenue, 6 months to 2026-06-30: Unaudited financial results for the period ended 30 Jun 2026, consolidated statement of profit or loss (p.1) · 31 Aug 2026 (revenue from contracts with customers for the six months; the statement's comparative column is the twelve months to 31 Dec 2025 (21,265k), not the prior half-year, so no like-for-like prior period is published. The directors attribute the fall to terminating leases with some tenants during a restructuring)

Disclaimer: This profile is published for educational purposes only and does not constitute financial advice. It presents reported company data and arithmetic derived from it — not a recommendation to buy, hold or sell. Investing in securities involves risk, including the possible loss of principal. Readers should conduct their own research and consult with a qualified financial advisor before making investment decisions.

Profile compiled 2026-09-25 from Express Kenya annual report and consolidated financial statements for the year ended 31 Dec 2025 and unaudited financial results for the period ended 30 Jun 2026 (issuer filings hosted by NSE, nse.co.ke), NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only.