Wigton Windfarm Limited (WIG)

Audited financials for the year ended March 31, 2024:

Wigton Windfarm Limited (WIG) for the year ended March 31, 2024, reported a 7% decrease in Sales totalling $2.06 billion compared to $2.22 billion in the corresponding period last year. Sales for the fourth quarter had a 26% increase to close at $561.36 million compared to $445.19 million for the comparable quarter of 2023.

Cost of Sales amounted to $790.11 million (2023: $860.33 million), this represents a decrease of 8% year over year. Consequently, gross profit decreased by 7% to $1.27 billion compared to $1.36 billion for the year ended March 31, 2023. The company booked gross profit of $524.62 million for the fourth quarter versus $225.00 million reported for the similar quarter of 2023.

Other Income decreased by 3% to close at $316.66 million (2023: $326.37 million), while General Administrative Expenses increased by 11% from $619.13 million in 2023 to $686.04 million in the period under review. As such, Operating Profit for the year ended March 31, 2024, amounted to $897.69 million, a 16% decrease relative to $1.07 billion reported in 2023. Operating Profit for the fourth quarter amounted to $392.14 million (2023: $72.99 million).

Finance Expense totalled $405.99 million, a 4% decrease from the corresponding period last year. (2023: $424.37 million).

Profit before taxation for the year ended March 31, 2024, amounted to $480.84 million, a 24% decrease relative to $636.59 million reported in 2023. Profit before taxation for the fourth quarter amounted to $301.85 million (2023: Loss of $26.33 million).

Tax credit for the year ended March 31, 2024, had a 9% increase to reach $358.18 million (2023: Tax expense of $327.95 million). As a result,  Net Profit for the year amounted to $839.02 million, a 172% increase from the $308.65 million reported in 2023. For the fourth quarter, Net Profit was $348.44 million (2023: Net loss of $195.18 million).

Consequently, Earnings Per Share for the year amounted to $0.08 (2023: EPS: $0.03), while Earnings Per Share for the quarter totalled $0.03 (2023: LPS: $0.02). The number of shares used in these calculations was 11,000,000,000.

Notably, WIG’s stock price closed the trading period on May 30, 2024, at a price of $0.97 with a corresponding P/E ratio of 12.72x.

Balance Sheet Highlights

The company’s assets totalled $10.41 billion (2023: $10.98 billion). The movement in total assets was primarily influenced by a $505.22 million or 79% decline in ‘Property, Plant & Equipment’ to close the period at $5.55 billion (2023: $6.06 Billlion).

Shareholder’s equity was $5.20 billion (2023: $4.43 billion), representing a book value per share of $0.47 (2023: $0.40).

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