Wigton Windfarm Limited (WIG)

Unaudited financials for the six months ended September 30, 2024:

Wigton Windfarm Limited (WIG), for the six months ending September 30, 2024, reported a 5% decrease in sales totaling $1.00 billion compared to $1.05 billion in the corresponding period last year. Sales for the second quarter had a 32% decrease to close at $378.31 million compared to $560.38 million for the comparable quarter of 2023.
The cost of Sales amounted to $428.20 million (2023: $494.75 million), a decrease of 13% year over year. Consequently, gross Profit increased by 3% to $572.14 million compared to $556.77 million for the six months ended September 30, 2023. The company booked a gross Profit of $149.52 million for the second quarter versus $304.20 million reported for the similar quarter of 2023.
Other Income increased by 106% to close at $415.53 million (2023: $202.09 million), while General Administrative Expenses increased by 11% from $349.46 million in 2023 to $387.32 million in the period under review.Operating Profit for the six months ended September 30, 2024, amounted to $600.35 million, a significant 47% increase relative to $409.40 million reported in 2023. Operating Profit for the second quarter amounted to $284.38 million (2023: $184.18 million). This substantial increase in operating profit is a testament to the company’s strong performance and financial health. Finance Expenses totaled $182.31 million, a 13% decrease from the corresponding period last year. (2023: $209.73 million).
Profit/ Loss before taxation for the six months ended September 30, 2024, amounted to $413.06 million, a 121% increase relative to $186.63 million reported in 2023. Profit/ Loss before taxation for the second quarter amounted to $191.99 million (2023: $78.73 million).
Taxation for the six months ended September 30, 2024, amounted to $103.27 million (2023: tax credit of $317.60 million). Net Profit for the six months amounted to $309.80 million, a 39% decrease from the $504.22 million reported in 2023. For the second quarter, Net Profit was $143.99 million (2023: $438.60 million).
Consequently, Earnings Per Share for the six months amounted to $0.03 (2023: EPS: $0.05), while Earnings Per Share for the quarter totaled $0.01 (2023: EPS: $0.04). The twelve-month trailing EPS was $0.06, and the number of shares used in these calculations was 11,000,000,000.

Notably, WIG’s stock closed the trading period on November 01, 2024, at $1.02, with a corresponding P/E ratio of 17.41x.

Balance Sheet Highlights

The company’s assets totaled $10.28 billion (2023: $10.74 billion). The total decline in the company’s asset base is mainly driven by a 17% “Cash and Deposits” ending the quarter at $3.10 billion (2023: $3.73 million), YoY decline in 5% YoY decrease in the company’s “Property, Plant & Equipment” ending the quarter at $5.44 billion (2023: $5.71 billion), a 3% YoY decrease in “Investment in associate” ending the quarter at $112.26 million (2023: $116.05 million) and a 24% YoY decline in “Right of use Assets” ending the quarter at $80.16 million (2023: $104.92 million)
Shareholder’s equity was $5.41 billion (2023: $4.93 billion), representing a book value per share of $0.49 (2023: $0.45).

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