July 1, 2024
GWEST Corporation Limited (GWEST)
Audited financials for the year ended March 31, 2024:
GWEST Corporation Limited (GWEST) for the year ended March 31, 2024, reported a 40% increase in Revenue totaling $277.10 million compared to $197.45 million in the corresponding period last year. Revenue for the fourth quarter had a 91% increase to close at $96.27 million compared to $50.39 million for the comparable quarter of 2023.
Cost of Sales amounted to $203.90 million (2023: $136.40 million), this represents an increase of 49% year over year. Consequently, gross profit increased by 20% to $73.20 million compared to $61.05 million for the year ended March 31, 2023. The company booked gross profit of $17.17 million for the fourth quarter versus $14.74 million reported for the similar quarter of 2023.
Other gains decreased by 4% to close at $41.65 million (2023: $43.53 million), while Administrative Expenses increased by 18% from $88.58 million in 2023 to $104.73 million in the period under review. As a result, operating gain for the year ended March 31, 2024, amounted to $16.37 million, a 22% decrease relative to $20.96 million reported in 2023.
Interest Income for the year ended March 31, 2024, amounted to $6.25 million, a 26% increase relative to $4.96 million reported in 2023. Finance Costs totalled $38.77 million, a 2% increase from the corresponding period last year. (2023: $38.07 million).
Loss before taxation for the year ended March 31, 2024, had a 31% increase to reach $22.40 million (2023: $17.11 million). Tax credit for the year ended March 31, 2024, amounted to $8.88 million, a 54% decrease relative to $19.26 million reported in 2023. Tax credit for the fourth quarter amounted to $8.88 million (2023: $19.26 million).
Net Loss for the year end amounted to $13.52 million, a 727% decrease from the Net Profit of $2.15 million reported in 2023. For the fourth quarter, Net Profit was $11.87 million (2023: $28.39 million).
Consequently, Loss Per Share for the year end amounted to $0.03 (2023: EPS: $0.004), while Earnings Per Share for the quarter totaled $0.02 (2023: EPS: $0.06). The number of shares used in these calculations was 484,848,485.
Notably, GWEST’s stock price closed the trading period on June 28, 2024, at a price of $0.88.
Balance Sheet Highlights
The company’s assets totalled $1.79 billion (2023: $1.44 billion). This increase was attributable to ‘Right of Use of Assets’ which equated to $348.34 million for the year ended 2024 (2023: $35.37 million).
Shareholder’s equity was $703.05 million (2023: $716.56 million), representing a book value per share of $1.45 (2023: $1.48).
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