February 08, 2022
QWI Investments Limited, for the first quarter ended December 2021, reported gains from Investment Activities of $113.40 million relative to $132.43 million recorded in their first quarter last year.
Dividend & Interest Income amounted to $12.59 million for the period under review compared to $10.36 million in 2020.
QWI recorded $17.39 million worth of Unrealized Currency Gains in their first quarter. In the first quarter of 2020, the company had an Unrealized Currency Loss on their books valuing $10.73 million.
Total Income for the quarter increased by 9% when compared against last year’s figure totalling $143.39 million. (2020: $132.05 million)
Administrative Expenses grew by 204% when compared against last quarter’s figure (2021: $32.32 million, 2020: $10.62 million). According to Management this was, “due to increased insurance and investment management expenses.
Interest Expense for the quarter also grew by 44% to stand at $7.76 million (2020: $5.40 million).
QWI’s Profit before Taxation for the quarter stood at $103.31 million, 11% less than in the first quarter of 2020 (2020: $116.03 million). Despite the dip, management noted that, “All three markets in which the portfolio is invested contributed capital gains and the performance of the Company’s USA investment portfolio was a notable strength in the quarter, producing a total return of 8.9 percent in US dollars.”
After incurring Taxes valued at $20.27 million (2020: $24.29 million), QWI’s Net Profit in the first quarter ended December 30, 2021, totalled $83.04 million, 9% less than the $91.74 million recorded in 2020.
Earnings per Share for QWI’s first quarter amounted to $0.06. (2020: $0.07). The Trailing Twelve Months EPS amounted to $0.26. The total shares outstanding used for this calculation was 1,365,000,015. Additionally, QWI closed the trading the period on February 07, 2022, at a price of $0.87 with a P/E of 3.37 times.
Balance Sheet at a Glance:
As of December 31, 2021, QWI’s Total Assets were valued at $2.42 billion (2020: $1.81 billion), a 34% increase quarter over quarter. The increase was mainly attributable to growth in ‘Local Quoted Investments’ which closed at $1.72 billion (2020: $1.30 billion) and ‘Other Receivables & Due from Brokers’ which grew by 5617% to $106.20 million (2020: $183,911).
Total Equity as of December 31, 2021, amounted to $1.91 billion (2020: $1.57 billion). This resulted in a net asset value per share of $1.40, increasing from $1.15 in 2020.
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer(s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.