february 15, 2024
GWEST Corporation Limited (GWEST) for the nine months December 31, 2023, reported a 23% increase in Revenue totaling $180.83 million compared to $147.06 million in the corresponding period last year. Revenue for the third quarter had a 32% increase to close at $79.26 million compared to $60.22 million for the comparable quarter of 2022.
Cost of Sales amounted to $124.80 million (2022: $100.75 million), this represents an increase of 24% year over year. Consequently, gross profit increased by 21% to $56.03 million compared to $46.31 million for the nine months December 31, 2022. The company booked gross profit of $31.32 million for the third quarter versus $17.62 million reported for the similar quarter of 2022.
Other gains increased by 5% to close at $452,000 (2022: $429,000), while Administrative Expenses increased by 47% from $41.50 million in 2022 to $60.94 million in the period under review. As a result, operating loss for the nine months December 31, 2023, amounted to $4.46 million, relative to operating profit of $5.24 million reported in 2022.
Finance Costs totalled $20.94 million a 34% decrease from the corresponding period last year. (2022: $31.50 million).
No taxes were reported in the periods under review. As such, Net Loss for the nine months amounted to $25.39 million, a 3% decrease from the $26.24 million reported in 2022. For the third quarter, Net Profit was $2.74 million (2022: Net loss of $6.71 million).
Consequently, Loss Per Share for the nine months amounted to $0.052 (2022: LPS: $0.054), while Earnings Per Share for the quarter totaled $0.006 (2022: LPS: $0.014). The twelve month trailing LPS was $0.10 and the number of shares used in these calculations was 484,848,485.
Notably, GWEST’s stock price closed the trading period on February 13, 2024, at a price of $0.84.
Balance Sheet Highlights
The company’s assets totalled $1.58 billion (2022: $1.54 billion). Notably, ‘Right of use assets’ increased 303% to close at $178.00 million (2022: $44.21 million), while ‘Investment property’ decreased by 12% to $677.83 million (2022: $769.88 million).
Shareholder’s equity was $691.18 million (2022: $688.17 million), representing a book value per share of $1.43 (2022: $1.42).
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