November 10, 2021
QWI Investments Limited, for the year ended September 2021, reported gains from investment activities of $516.09 million relative to a loss of $490.26 million last year. For the quarter, gain from investment activities of $39.11 million was recorded (2020: $31.05 million).
Administrative and other expenses amounted to $51.89 million (2020: $42.29 million).
Interest Expense for the year inched up from the 2020 figure to stand at $29.71 million (2020: $19.77 million). Quarterly interest expense also increased, totalling $5.74 million compared to 2020’s $5.50 million.
Dividend & interest income amounted to $34.18 million for the year under review compared to $24.82 million in 2020. Quarterly profits also increased, totalling $10.21 million compared to $5.08 million the year prior.
QWI rebounded from a loss before taxation of $527.48 million in 2020 to publish profit before taxation of $474.85 for the period under review. While for the quarter, QWI posted profit before taxation of $35.20 million (2020: $8.93 million).
Management noted that, “QWI’s Jamaican portfolio yielded $363.5 million in unrealised gains in the year to date. Gains of $75.4 million were realised in the USA. Year to date, total investment gains amounted to $516.1 million compared with $490.3 million of net losses in the year ago period.”
Given their turnaround, after incurring taxes of $114.13 million (2020: tax credit of $133.16 million), QWI’s total comprehensive income for the year ended September 30, 2021, totalled $360.72 million compared to a loss of $394.32 million in 2020. Their fourth quarter profits rose as well, concluding the 3month period at $29.29 million compared to $8.08 million in 2020.
Earnings per share amounted to $0.26 for the year ended September 30, 2021, relative to a loss per share of $0.29 a year prior. EPS for the fourth quarter was $0.02 (2020: $0.01). The total shares outstanding used for this calculation was 1,365,000,015. Additionally, QWI closed the trading the period on November 09, 2021, at a price of $0.89 with a P/E of 3.37 times. .
Balance Sheet at a Glance:
As of September 30, 2021, total assets closed at $2.32 billion (2020: $1.69 billion), a 37% increase. This increase was partially attributable to growth in Local Quoted Investments and Due from brokers and other receivables which closed at $1.71 billion (2020: $1.21 billion) and $29.47 million (2020: $1.09 million). Overseas Quoted Investments also contributed to the increase amounting to $571.40 million (2020: $417.44 million).
The total equity as of September 30, 2021, amounted to $1.84 billion (2020: $1.48 billion). This resulted in a net asset value per share of $1.35, increasing from 2020’s NAV of $1.08.
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