January 2, 2024
QWI Investments Limited (QWI)
Audited financials for the year ended September 30, 2023:
QWI Investments Limited (QWI) for the year ended September 30, 2023, reported a 34% increase in Gains from investment activities totalling $60.45 million compared to $45.04 million in the corresponding period last year.
Administrative expenses amounted to $83.06 million (2022: $90.40 million), this represents a decrease of 8% year over year.
Consequently, operating loss amounted to $22.61 million compared to $45.36 million for the year ended September 30, 2022.
Interest income increased by 235% to close at $1.08 million (2022: $321,439), while Finance Costs increased by 24% from $29.44 million in 2022 to $36.54 million in the period under review. As a result, net finance costs for the year ended September 30, 2023, amounted to $35.46 million, a 22% decrease relative to $29.12 million reported in 2022.
Loss before Taxation for the year ended September 30, 2023, amounted to $58.07 million, a 22% increase relative to $74.48 million reported in 2022.
Tax credit for the year ended September 30, 2023, was $13.95 million (2022: $25.07 million).
Net Loss for the year ended September 30, 2023, amounted to $44.12 million, down slightly from net loss of $49.41 million reported in 2022.
Consequently, Loss Per Share for the year end amounted to $0.032 (2022: LPS: $0.036).
Notably, QWI’s stock price closed the trading period on December 29, 2023 at a price of $0.61.
Balance Sheet Highlights
The company’s assets totalled $2.02 billion (2022: $2.13 billion). The movement in total assets included: ‘Quoted Investments-Local’ declining 9% to $1.49 billion, ‘Due from brokers and receivables’ falling 86% to $15.24 million, and ‘Cash and Cash equivalents’ contracting 95% to $2.20 million. However, the downward movement was partly offset by ‘Quoted Investments-Overseas’ increasing 51% to close at $517.17 million.
Shareholder’s equity was $1.69 billion (2022: $1.73 billion), representing a book value per share of $1.24 (2022: $1.27).
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.
