WIG reports 40% decline in year end net profit

July 11, 2022
Wigton Windfarm Limited (WIG)

Audited results for the year ended March 31, 2022:-

Wigton Windfarm Limited, for the year ended March 31, 2022, reported sales of $2.05 billion, a 21% decrease on the $2.59 billion reported in the prior year. For the quarter, sales amounted to $472.59 million (2021: $649.72 million).

Cost of sales went up 4% to close the year end at $819.57 million versus $789.10 million booked in the previous year. As such, gross profit shrank by 32% to total $1.23 billion (2021: $1.80 billion). While, for the quarter, gross profit closed at $284.10 million (2021: $474.58 million).

Other income amounted to $255.62 million, a 17% increase when compared to $217.85 million reported in the same period last year. Other income for the fourth quarter totaled $42.65 million compared to $86.94 million in the previous year’s corresponding quarter. In addition, general administrative expenses increased amounting to $607.78 million relative to $490.71 million documented last year. General administrative expenses for the quarter fell to $164.65 million (2021: $194.51 million).

Consequently, operating profit declined by 43% closing the year end at $877.50 million versus $1.53 billion reported in the prior comparable period. For the quarter, operating profit amounted to $162.10 million relative to $367.02 million recorded in the previous corresponding quarter.

Finance expense fell 33% from $503.09 million in 2021 to $335.49 million in 2022.

Wigton’s profit before taxation decreased by 47% to close at $541.96 million (2021: $1.03 billion). After taxation of $69.87 million (2021: $234.31 million), net profit for the year ended March 2022 closed at $472.09 million versus $792.70 million booked in the similar period last year. Net profit closed the fourth quarter at $194.59 million versus net profit of $201.05 million in the same quarter last year.

Total comprehensive income totaled $488.94 million (2021: $789.38 million). For the quarter, total comprehensive income closed at $211.44 million (2021 income: $197.73 million

Earnings per share (EPS) was $0.04 for the year end compared to $0.07 in 2021. Earnings per share for the quarter amounted to $0.018 (2021 EPS: $0.018). The number of shares used in the calculations is 11,000,000,000. WIG stock price closed the trading period on July 8, 2022 at $0.55. As such, Wigton currently trades at a price to earnings ratio of 12.82 times.


Balance Sheet Highlights:

As at March 2022, Wigton’s total asset base went up by 2% amounting to $11.03 billion (2021: $10.80 billion). The increase was as a result of increases in ‘Cash and Deposits’ and ‘Investment in associate’ which closed at $3.83 billion (2021: $3.24 billion) and $137.49 million (2021: nil), respectively. However, the increase was partially tempered by a 7% decrease in ‘Property, Plant & Equipment’ closing the period at $6.44 billion (2021: $6.91 billion).

Shareholders’ Equity amounted to $4.51 billion relative to $4.22 billion in 2021 resulting in a book value per share of $0.41 relative to $0.38 in 2021.




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