October 22, 2024
QWI Investments Limited (QWI) for the year ended September 30, 2024, reported a 3% increase in Dividend and Interest Income totaling $47.00 million compared to $45.47 million in the corresponding period last year. Dividend and Interest Income for the fourth quarter increased marginally to close at $13.50 million compared to $13.46 million for the comparable quarter of 2023.
Unrealized currency gain amounted to $6.31 million (2023: loss of $2.51 million). Also, gains from investment activities increased by 1423% to $244.59 million compared to $16.06 million for the year ended September 30, 2023. The company booked gains from investment activities of $37.10 million for the fourth quarter versus loss from investment activities of $68.06 million reported for the similar quarter of 2023.
Consequently, total income increased by 405% to close at $297.90 million (2023: $59.02 million).
Administrative expenses increase by 12% from $83.06 million in 2023 to $93.22 million in the period under review, while interest expenses for the year ended September 30, 2024, amounted to $34.18 million, relative to $34.03 million reported in 2023.
Profit before Taxation for the year ended September 30, 2024, amounted to $170.50 million, relative to loss before taxation of $58.07 million reported in 2023. Profit before Taxation for the fourth quarter amounted to $21.69 million (2023: Loss of $75.16 million).
Taxation charge for the year ended September 30, 2024, amounted to $37.44 million (2023: Tax credit of $13.95 million). As such, Net Profit for the year amounted to $133.07 million, up 402% from net loss of $44.12 million reported in 2023. For the fourth quarter, Net Profit was $21.03 million (2023: Net Loss of $55.11 million).
Consequently, Earnings Per Share for the year amounted to $0.10 (2023: LPS: $0.03), while Earnings Per Share for the quarter totaled $0.02 (2023: LPS: $0.04). The twelve-month trailing EPS was $0.10, and the number of shares used in these calculations was 1,365,000,015.
Notably, QWI’s stock price closed the trading period on October 18, 2024, at a price of $0.86 with a corresponding P/E ratio of 8.82x.
Balance Sheet Highlights
The company’s assets totaled $2.24 billion (2023: $2.02 billion). The growth in total assets was primarily driven by a $288.56 million or 56% uptick in ‘Quoted Investments-overseas’ to close the period at $805.74 million (2023: $517.17 million).
Shareholder’s equity was $1.82 billion (2023: $1.69 billion), representing a book value per share of $1.33 (2023: $1.24).
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