November 14, 2023
Wigton Windfarm Limited (WIG) for the six months ended September 30, 2023 reported a 22% decrease in Sales to total $1.05 billion compared to $1.35 billion in the corresponding period last year. Sales for the second quarter had a 0.42% increase to close at $560.38 million compared to $558.02 million for the comparable quarter of 2022.
Cost of Sales amounted to $494.75 million (2022: $422.13 million), this represents a increase of 17% year over year. Consequently, gross profit decreased by 40% to $556.77 million compared to $930.10 million for the six months ended September 30, 2022. The company booked gross profit of $304.20 million for the second quarter versus $340.45 million reported for the similar quarter of 2022, due to an 18% increase in cost of sales for the quarter.
Other Income increase by 156% to close at $202.09 million (2022: $79.04 million), while General Administrative Expenses rose 30% from $268.71 million in 2022 to $349.46 million in the period under review.
Operating Profit for the six months ended September 30, 2023, amounted to $409.40 million, a 45% decline relative to $740.43 million reported in 2022. Operating Profit for the second quarter amounted to 184.18 million (2022: $299.25 million). Finance Expense year to date totalled $209.73 million, 5% lower that last year’s outturn of $219.91 million).
Profit before taxation for the six months ended September 30, 2023, amounted to $186.63 million, a 64% reduction relative to $513.70 million reported in 2022. Profit before taxation for the second quarter amounted to 81.48 million (2022: $184.06 million).
Tax credit for the six months ended September 30, 2023 amounted to $317.60 million versus a tax charge of $123.29 million for the prior year . Net Profit for the six months amounted to $504.22 million, a 29% increase from the $390.41 million reported in 2022. For the second quarter, Net Profit was $438.60 million (2022: $138.25 million).
Consequently, Earnings Per Share for the six months amounted to $0.05 (2022: EPS: $0.04), while Earnings Per Share for the quarter totaled $0.04 (2022: EPS: $0.01). The twelve-month trailing EPS was $0.04 and the number of shares used in these calculations was 11,000,000,000.
Notably, WIG’s stock price closed the trading period on November 14, 2023 at a price of $0.71 with a corresponding P/E ratio of 18.49x.
Balance Sheet Highlights
As at September 30, 2023, Wigton’s total asset base fell 2% to close at $10.74 billion (2022: $10.95 billion). The decrease was as a result of an 7% decline in ‘Property, Plant & Equipment’, which closed the period at $5.71 billion (2022: $6.13 billion). However, the decrease was partially tempered by an increase in ‘Cash and Deposits’ which closed $3.73 billion (2022: $4.13 billion).
Shareholder’s equity was $4.93 billion (2022: $4.89 billion), representing a book value per share of $0.45 (2022: $0.44).
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