July 18, 2024
QWI Investments Limited (QWI) for the nine months ended June 30, 2024, reported a 4% increase in Dividend and Interest Income totalling $33.50 million compared to $32.06 million in the corresponding period last year. Dividend and Interest Income for the third quarter had a 32% increase to close at $14.54 million compared to $10.97 million for the comparable quarter of 2023.
Unrealized currency gain amounted to $2.96 million (2023:Loss of $5.22 million).
Gains from investment activities increased by 147% to $207.49 million compared to $84.07 million for the nine months ended June 30, 2023. The company booked gains from investment activities of $54.85 million for the third quarter versus $161.11 million reported for the similar quarter of 2023.
Consequently, total income increased by 120% to close at $243.95 million (2023: $110.92 million). For the quarter, total income amounted to $84.45 million, down from $173.49 million booked in 2023.
Administrative expenses for the nine months ended June 30, 2024, increased by 4% from $66.58 million in 2023 to $69.17 million in the period under review, while interest expenses amounted to $25.97 million, a 3% decrease relative to $26.72 million reported in 2023.
Profit before Taxation for the nine months ended June 30, 2024, amounted to $148.81 million, a 745% increase relative to $17.61 million reported in 2023. Profit before Taxation for the third quarter amounted to $51.59 million (2023: $136.33 million).
Tax charge for the nine months ended June 30, 2024, amounted to $36.78 million, relative to tax credit of $38.95 million reported in 2023. As such, Net Profit for the nine months amounted to $112.03 million, a 98% increase from the $56.56 million reported in 2023. For the third quarter, Net Profit was $41.71 million (2023: $115.68 million).
Consequently, Earnings Per Share for the nine months amounted to $0.08 (2023: EPS: $0.04), while Earnings Per Share for the quarter totalled $0.03 (2023: EPS: $0.08). The twelve month trailing EPS was $0.01 and the number of shares used in these calculations was 1,365,000,015.
Notably, QWI’s stock price closed the trading period on July 17, 2024, at a price of $0.68 with a corresponding P/E ratio of 81.73x.
Balance Sheet Highlights
The company’s assets totalled $2.17 billion (2023: $2.11 billion). The uptick in total assets was comprised of a $224.86 million increase in ‘Overseas Investments’ to $747.92 million (2023: $523.06 million), while ‘Local Investments’ declined by $173.93 million to close at $1.40 billion (2023: $1.58 billion), partly offsetting the movement.
Shareholder’s equity was $1.80 billion (2023: $1.79 billion), representing a book value per share of $1.32 (2023: $1.31).
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