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).
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