QWI reports Net Profit of $248.60 million for the nine months ended

November 29, 2019

QWI recorded Gains from investment activities of $394.49 million for the period ending September 30, 2019.

Administrative expenses for the period amounted to $51.07 million, while finance costs amounted to $12.55 million.

As such, QWI ended the period with a profit before taxation of J$330.87 million.

Consequently, net profit for the period totaled $248.60 million following taxation of $82.26 million.

Earnings per share for the period amounted to $0.18. The total shares outstanding used for this calculation is 1,365,000,015. Additionally, QWI closed the trading the period on November 28, 2019 at a price of $1.02.

Management noted, “QWI Investments was incorporated in December 2018 but has its fiscal year ending in September, to coincide with that of Jamaican Teas that controls the largest block of shares. In March and April 2019, the company acquired all the quoted investments held by Jamaican Teas and KIW International valued at $465 million at the time of purchase. By the time of the IPO, the net value of the portfolio had moved to $800 million and we closed the fiscal year end with $2.3 billion including the net proceeds from the IPO.”

The Company also noted, “Since receipt of the IPO proceeds in October, the Company has reduced its borrowings and has been acquiring new investments both locally and overseas. With the successful IPO, the company’s investment portfolio is more balanced, in line with our expectations, and as we continue to acquire assets in overseas markets will become more diversified both geographically and by sector.”

Balance Sheet at a Glance:

As at September 30, 2019, total assets closed at $2.56 billion of which Investments amounted to J$1.36 billion. Cash and cash equivalents amounted to $156,077, while accounts receivables amounted to J$1.20 billion.

The total equity as at September 30, 2019 amounted to $1.87 billion. This resulted in a net asset value per share of $1.37.

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