April 26, 2024

QWI Investments Limited (QWI) for the six months ended March 31, 2024, reported a 10% decrease in Dividend, Interest and Other Income totaling $18.96 million compared to $21.09 million in the corresponding period last year. Dividend, Interest and Other Income for the second quarter had a 50% decrease to close at $4.12 million compared to $8.15 million for the comparable quarter of 2023.

Unrealized currency loss amounted to $12.10 million (2023: $6.63 million), this represents an increase of 83% year over year.

Gains from investment activities amounted to $152.64 million compared to a loss of $77.03 million for the six months ended March 31, 2023.

Consequently, total income closed at $159.50 million, relative to a loss of $62.57 million in 2023. For the quarter, total income was $108.23 million (2023: $5.69 million).

Administrative expenses increased by 15% from $38.00 million in 2023 to $43.88 million in the period under review.

Interest expense for the six months ended March 31, 2024, amounted to $18.40 million, a 1% increase relative to $18.14 million reported in 2023.

Profit before Taxation for the six months ended March 31, 2024, amounted to $97.22 million, a relative to loss before tax of $118.72 million reported in 2023. Profit before Taxation for the second quarter amounted to $74.41 million (2023: Loss of $27.81 million).

Taxation for the six months ended March 31, 2024, amounted to $26.89 million (2023: Tax credit of $59.59 million).

Net Profit for the six months amounted to $70.33 million, compared to net loss of $59.12 million reported in 2023. For the second quarter, Net Profit was $52.34 million (2023: $5.80 million).

Consequently, Earnings Per Share for the six months amounted to $0.05 (2023: LPS: $0.04), while Earnings Per Share for the quarter totalled $0.04 (2023: EPS: $0.004). The twelve month trailing EPS was $0.06 and the number of shares used in these calculations was 1,365,000,015.

Notably, QWI’s stock price closed the trading period on April 25, 2024, at a price of $0.74 with a corresponding P/E ratio of 11.84x.

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