February 15, 2021
Wigton Windfarm Limited, for the nine months ended December 31, 2020, reported sales of $1.94 billion, a 6% increase on the $1.83 billion reported in the prior year. Revenue for the quarter increased by 59% to $578.60 million (2019: $363.38 million).
WIG noted that, “the average plant availability rate was approximately 94.3%, ahead of the target of 93% which led to total production output of 118,411,859 kWh. This availability rate was higher than the previous year’s 94% for the similar period. The two main factors that affected production are wind speed and plant availability, with wind speed being the most critical element impacting output.”
Cost of sales went up 4% to close the period at $613.96 million versus $592.14 million booked in the previous comparable period. As such, gross profit increased to total $1.33 billion (2019: $1.24 billion).
Other income amounted to $130.90 million, a 44% decline when compared to $233.57 million in the same period last year. General administrative expenses increased for the period amounting to $296.20 million relative to $266.40 million documented in the same period in the previous year.
Consequently, operating profit decreased 3%, closing the period under review at $1.16 billion (2019: $1.20 billion). While, for the quarter, operating profit amounted to $305.43 million (2019: $189.35 million).
Finance expense decreased from $511.96 million in 2019 to $384.59 million in 2019.
As such, profit before taxation went up by 13% to close at $778.49 million (2019: $691.62 million). After taxation of $186.84 million (2019: $165.99 million), net profit for the period totaled $591.65 million (2019: $525.63 million). Net profit for the quarter closed at $135.90 million versus net loss of $15.87 million booked in the similar period last year.
Earnings per share (EPS) was $0.054 (2019: $0.048). EPS for the quarter amounted to $0.012 (2019: LPS of $0.001). The twelve-month trailing EPS amounted to $0.066. The number of shares used in the calculations is 11,000,000,000. WIG stock price closed the trading period on February 12, 2021 at $0.72.
Balance Sheet Highlights:
As at December 31, 2020, Wigton’s total asset base went up by 3% amounting to $10.62 billion (2019: $10.27 billion). The increase was as a result of increases in ‘Cash and Deposits’ which closed at $3.16 billion (2019: $2.28 billion). However, the increase was partially tempered by a decline in ‘Accounts Receivables’ and ‘Property, Plant & Equipment’, which closed the period at $199.12 million (2019: $261.64 million) and $7.02 billion (2019: $7.60 billion), respectively.
Shareholders’ Equity amounted to $4.02 billion relative to $3.42 billion in 2019, resulting in a book value per share of $0.37 relative to $0.31 in 2019.
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