WIG reports 20% increase in year end net profits

Date: May 26, 2021

Wigton Windfarm Limited, for the year ended March 31, 2021, reported sales of $2.59 billion, a 7% increase on the $2.42 billion reported in the prior year. For the quarter, sales amounted to $649.72 million (2020: $588.21 million).

Cost of sales went up 3% to close the year end at $789.10 million versus $763.85 million booked in the previous year. As such, gross profit grew 9% to total $1.80 billion (2020: $1.65 billion). While, for the quarter, gross profit closed at $474.58 million (2020: $416.50 million).

Other income amounted to $217.85 million, a 1% decline when compared to $220.89 million reported in the same period last year. Other income for the fourth quarter totaled $86.94 million compared to other loss of $12.68 million in the previous year’s corresponding quarter. In addition, general administrative expenses increased amounting to $490.71 million relative to $478.58 million documented last year. General administrative expenses for the quarter fell to $194.51 million (2020: $212.18 million).

Consequently, operating profit booked a 10% increase closing the year end at $1.53 billion versus $1.40 billion reported in the prior comparable period. For the quarter, operating profit amounted to $367.02 million relative to $191.64 million recorded in the previous corresponding quarter.

Finance expense fell 4% from $526.64 million in 2020 to $503.09 million in 2021.

Wigton’s profit before taxation increased by 18% to close at $1.03 billion (2020: $868.57 million). After taxation of $234.31 million (2020: $205.82 million), net profit for the year ended March 2021 closed at $792.70 million versus $662.75 million booked in the similar period last year. Net profit closed the fourth quarter at $201.05 million versus net profit of $137.12 million in the same quarter last year.

Total comprehensive income totaled $789.38 million (2020: $664.02 million). For the quarter, total comprehensive income closed at $197.73 million (2020 income: $138.39 million).

Earnings per share (EPS) was $0.07 for the year end compared to $0.06 in 2019. Earnings per share for the quarter amounted to $0.018 (2020 EPS: $0.012). The number of shares used in the calculations is 11,000,000,000. WIG stock price closed the trading period on May 26, 2021 at $0.64. As such, Wigton currently trades at a price to earnings ratio of 8.88 times.

Balance Sheet Highlights:

As at March 2021, Wigton’s total asset base went up by 2% amounting to $10.80 billion (2020: $10.60 billion). The increase was as a result of increases in ‘Receivables’ and ‘Cash and Deposits’ which closed at $434.05 million (2020: $289.39 million) and $3.24 billion (2020: $2.68 billion), respectively. However, the increase was partially tempered by a decrease in ‘Property, Plant & Equipment’ closing the period at $6.91 billion (2020: $7.43 billion).

Shareholders’ Equity amounted to $4.22 billion relative to $3.46 billion in 2020 resulting in a book value per share of $0.38 relative to $0.31 in 2020.


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