May 14, 2026
West Indies Petroleum Terminal Limited (WIPT)
Unaudited financials for the three months ended March 31, 2026:
West Indies Petroleum Terminal Limited (WIPT) for the three months ended March 31, 2026, reported a 23% increase in Revenue totaling US$2.49 million compared to US$2.02 million in the corresponding quarter last year. The growth in revenue was driven by increased third-party storage and throughput volumes, as well as rate increases on related party business. Quarterly throughput volumes increased to 0.65 mbbls compared with 0.37 mbbls in Q1 2025, driven mainly by volumes processed on behalf of third parties.
Storage fees earned from third parties accounted for 49% of total revenues compared to 22% in the prior year, while third-party throughput revenues increased from 3% of total revenue in Q1 2025 to 15% in Q1 2026. Other income decreased 85% to US$6,911 (2025: US$45,530), resulting in Total Revenue of US$2.50 million, a 21% increase from US$2.07 million reported in 2025.
Operating and administrative expenses grew by 7% to US$1.17 million (2025: US$1.09 million), reflecting strong expense management by the Company. There was no net impairment loss on financial assets recognised in the period (2025: US$38,628).
As a result, Operating profit for the three months ended March 31, 2026, amounted to US$1.33 million, a 41% increase relative to US$943,823 reported in 2025.
Net finance costs for the period declined 11% to US$218,903 (2025: US$247,219), supported by debt repayments during the quarter.
Profit before taxation totaled US$1.11 million, a 60% increase from US$696,604 reported in the corresponding period last year.
Taxation amounted to US$103,116 (2025: US$33,993), reflecting a change in the statutory tax filing date.
Net profit for the quarter improved by 52% to US$1.01 million (2025: US$662,611).
EBITDA closed at US$1.80 million, a 28% increase from US$1.41 million in 2025, with the EBITDA margin expanding to 72% from 68% in the comparable period. Net margin improved to 40% (2025: 32%).
Consequently, Earnings Per Share for the quarter amounted to US$0.00009 (2025: EPS: US$0.00006). The twelve-month trailing EPS was US$0.000251 (approximately J$0.040 at an exchange rate of US$1 = J$158.62), and the weighted-average number of stock units used in these calculations was 11,180,372,000.
Notably, WIPT’s stock price closed at J$10.96 on May 13, 2026, with a corresponding P/E ratio of approximately 275.53x.
Operational Backdrop
The quarter was marked by significant geopolitical events impacting global petroleum markets. The U.S.-Israeli military campaign against Iran (“Operation Epic Fury”), which began on February 28, 2026, severely restricted shipping traffic through the Strait of Hormuz, through which approximately 20% of the world’s oil and LNG normally transits. Benchmark oil prices surged from approximately US$72 per barrel at the start of the conflict to as high as US$126 per barrel in March 2026, before declining to around US$108 per barrel as at May 1, 2026. Locally, ex-refinery prices for gasoline and diesel increased by 19% and 20% respectively between February and April 2026, against the background of a 50%+ increase in global oil prices. Management has cautioned that potential government strategies to restrict movement and reduce fuel demand could impact Q2 2026 throughput volumes.
Balance Sheet Highlights
The Group’s total assets amounted to US$40.27 million (March 2025: US$42.65 million; December 2025: US$42.39 million), representing a 6% decline year over year and a 5% decline from the December 2025 audited position.
The year-over-year decline in total assets of US$2.4 million was attributable mainly to a net decline in property, plant and equipment of US$1.2 million from year-to-date depreciation, amortization of Right-of-Use assets of US$0.4 million and payment of amounts owed by the immediate parent of US$1 million, partially offset by improved cash balances of US$0.4 million.
Total liabilities reduced sharply by 35% year over year to US$9.74 million (2025: US$14.93 million), driven by the repayment of US$4.6 million in amounts due to the intermediate parent, US$0.6 million in borrowings, and a US$0.4 million reduction in lease liabilities, partially offset by a US$0.3 million increase in taxation payable due to the change in statutory tax filing date.
Total equity stood at US$30.53 million (2025: US$27.73 million), a 10% increase year over year and a 3% increase from the December 2025 position of US$29.52 million, representing a book value per share of US$0.0027 versus US$0.0025 (approximately J$0.43 in 2026 relative to J$0.39 in 2025).
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