February 12, 2025
GWEST Corporation Limited(GWEST)
Unaudited financials for the nine months ended December 31, 2024:
GWEST Corporation Limited (GWEST) for the nine months ended December 31, 2024 reported a 12% increase in Revenue totaling $202.56 million compared to $180.83 million in the corresponding period last year. Revenue for the third quarter had a 5% decrease to close at $75.66 million compared to $79.26 million for the comparable quarter of 2023.
Cost of Sales amounted to $132.26 million (2023: $124.80 million), this represents an increase of 6% year over year. Consequently, gross profit increased by 25% to $70.30 million compared to $56.03 million for the nine months ended December 31, 2023. The company booked gross profit of $29.36 million for the third quarter versus $31.32 million reported for the similar quarter of 2023.
Other gains decreased by 53% to close at $211,000 (2023: $452,000), while Administrative Expenses increased by 4% from $60.94 million in 2023 to $63.57 million in the period under review. As a result, Operating profit for the nine months ended December 31, 2024 amounted to $6.95 million (2023: Operating loss of $4.46 million).
Interest Income for the nine months ended December 31, 2024, amounted to $120,000 , a 900% increase relative to $12,000 reported in 2023. Interest Income for the third quarter amounted to $111,000 (2023: $2,000). Finance Costs totaled $27.67 million a 32% increase from the corresponding period last year. (2023: $20.94 million).
No taxation was reported in the period under review (2023: nil).
Net Loss for the nine months amounted to $20.61 million, a 19% decrease from the $25.39 million reported in 2023. For the third quarter, Net Loss was $1.15 million (2023: Net Profit of $2.74 million).
Consequently, Loss Per Share for the nine months amounted to $0.04 (2023: LPS: $0.05), while Loss Per Share for the quarter totaled $0.002 (2023: EPS: $0.01). The twelve-month trailing LPS was $0.02 and the number of shares used in these calculations was 484,848,485.
Notably, GWEST’s stock price closed the trading period on February 12, 2025 at a price of $0.93.
Balance Sheet Highlights
The company’s assets totaled $1.71 billion (2023: $1.58 billion). The movement in total assets was mainly influenced by $133.02 million increase in ‘Right of use assets’ amounting to $311.02 million (2023: $178 million) and a 7% increase in ‘Investment property’ amounting to $723.68 million (2023: $677.83 million). Additionally, ‘Cash and bank balances’ increased by 76% amounting to $4.55 million (2023: $2.59 million).
Shareholder’s equity was $682.44 million (2023: $691.18 million), representing a book value per share of $1.41 (2023: $1.43).
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