February 15, 2024
Wigton Windfarm Limited (WIG) for the nine months ended December 31, 2023, reported a 16% decrease in Sales totalling $1.50 billion compared to $1.77 billion in the corresponding period last year. Sales for the third quarter had a 6% increase to close at $444.30 million compared to $421.01 million for the comparable quarter of 2022.
Cost of Sales amounted to $753.37 million (2022: $640.14 million), this represents an increase of 18% year over year. Consequently, gross profit decreased by 34% to $742.45 million compared to $1.13 billion for the nine months ended December 31, 2022. The company booked gross profit of $185.68 million for the third quarter versus $202.94 million reported for the similar quarter of 2022.
Other Income decreased marginally to close at $259.94 million (2022: $260.27 million), while General Administrative Expenses increased by 24% from $401.02 million in 2022 to $496.84 million in the period under review.
Operating Profit for the nine months ended December 31, 2023, amounted to $505.55 million, a 49% decrease relative to $992.36 million reported in 2022. Operating Profit for the third quarter amounted to $96.15 million (2022: $251.93 million).
Finance Expense totalled $310.39 million a 4% decrease from the corresponding period last year. (2022: $324.64 million).
Profit before taxation for the nine months ended December 31, 2023, amounted to $178.99 million, a 73% decrease relative to $662.92 million reported in 2022. Loss before taxation for the third quarter amounted to $7.64 million (2022: Profit of $149.22 million).
Tax credit for the nine months ended December 31, 2023, amounted to $311.59 million (2022: Tax charge $159.10 million).
Net Profit for the nine months amounted to $490.58 million, a 3% decrease from the $503.82 million reported in 2022. For the third quarter, Net Loss was $13.65 million (2022: Net profit of $113.41 million).
Consequently, Earnings Per Share for the nine months amounted to $0.045 (2022: EPS: $0.046), while Loss Per Share for the quarter totaled $0.001 (2022: EPS: $0.01). The twelve month trailing EPS was $0.03 and the number of shares used in these calculations was 11,000,000,000.
Notably, WIG’s stock price closed the trading period on February 13, 2024, at a price of $0.92 with a corresponding P/E ratio of 34.26x.
Balance Sheet Highlights
The company’s assets totalled $10.31 billion (2022: $10.74 billion). The movement in total assets was mainly due to ‘Cash & Deposits’ decreasing 13% to $3.52 billion (2022: $4.05 billion), and ‘Property, plant & Equipment’ decreasing 8% to $5.54 billion (2022: $5.99 billion), while ‘Taxation recoverable’ increased 415% to $276.21 million (2022: $53.61 million) and ‘Restricted’ amounted to $318.59 million (2022: nil).
Shareholder’s equity was $4.92 billion (2022: $4.94 billion), representing a book value per share of $0.45 (2022: $0.45).
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