Jamaica can’t run without transportation. But can transportation companies keep running profitably?

Every day, Jamaicans rely on transportation to get where they need to go. And Knutsford Express has built a business around getting them there.

But behind every trip is a business with costs — fuel, buses, maintenance and infrastructure.

And right now, Knutsford is at an interesting crossroads.

For years, the company has been investing in its future.

In 2023, Knutsford acquired its Mandeville property, with plans to develop it into a transportation and commercial hub. By 2025, more than $190 million had been invested in construction there.

The company also spent more than $113 million on five new buses, and launched an express Kingston to Montego Bay service in September 2025.

Investors seemed to like the growth story.

KEX traded around $7.76 in 2022.  It climbed to $11.42 in 2023, and reached roughly $13.90 by May 2025.  That’s an increase of almost 80%.

But by March 2026, the stock had fallen back to around $9.50.

Then came Hurricane Melissa.

Damaged roads disrupted several routes.  For the quarter ending November 2025, Knutsford went from a $53 million profit to a $3.6 million loss.

For the year ended May 2026, revenue fell 4.5% to $1.98 billion, while net profit fell 47% to $125 million.

Earnings per share dropped from 47 cents to 25 cents.

But despite this, Knutsford hasn’t stopped expanding.

The company is moving ahead with its Morant Bay location, while its Mandeville development continues.

During the year, Knutsford invested $444 million across its assets, while notes payable increased almost 42%.

And that’s where this becomes more than a story about buses.

For investors, the question isn’t whether Knutsford is growing.

The question is whether that growth will generate enough profit to justify the money being spent today.

Because new buses, locations and properties only create value if they eventually produce stronger earnings and cash flow.

There are some reasons for optimism. Knutsford says its routes were fully restored by April, and the company returned to profitability after the hurricane-related disruption.

So this may not be a company in decline.

It could be a company in transition.

Knutsford has spent years investing in its future. Now shareholders have to decide whether those investments can deliver the growth they’re betting on.

Jamaica needs transportation to keep moving.

And for Knutsford, the challenge is turning that movement into sustainable growth.

And that’s The Bottom Line.