November 11, 2022
Wigton Windfarm Limited, for the six months ended September 30, 2022, reported sales of $1.35 billion, a 12% increase on the $1.21 billion reported in the prior year. Revenue for the quarter declined 3% to $558.02 million (2021: $572.56 million).
Cost of sales went up 1% to close the period at $422.13 million versus $417.99 million booked in the previous comparable period. As such, gross profit increased to total $930.10 million (2021: $791.20 million). While for the quarter, gross profit amounted to $340.45 million (2021: $367.98 million).
Other income amounted to $79.04 million, a 4% increase when compared to $76.35 million in the same period last year.
General administrative expenses declined for the period amounting to $268.71 million relative to $316.05 million documented in the same period in the previous year.
Consequently, operating profit increased 34%, closing the period under review at $740.43 million (2021: $551.50 million). Operating profit for the quarter totalled $299.25 million (2021: $256.29 million).
Finance expense trended downwards from $233.11 million in 2021 to $219.91 million in 2022, a 6% decline. Share of net loss of associate amounted to $6.82 million (2021: nil).
As such, profit before taxation went up by 61% to close at $513.70 million (2021: $318.39 million). After taxation of $123.29 million (2021: $76.42 million), net profit for the period totalled $390.41 million (2021: $241.98 million). Net profit for the quarter closed at $138.25 million versus $105.74 million booked in the similar period last year.
Earnings per share (EPS) was $0.035 for the period compared to $0.022 in 2021. EPS for the quarter amounted to $0.013 (2021: $0.01). The twelve-month trailing EPS amounted to $0.056. The number of shares used in the calculations is 11,000,000,000. WIG stock price closed the trading period on November 11, 2022 at $0.58 with a corresponding P/E of 10.28 times.
WIG noted that, “While the Company is focused on diversification into non-traditional areas of energy, discussions are now on-going with key stakeholders on the potential repowering of Wigton Phase I at Rose Hill, Manchester. This follows the Cabinet’s approval of a new 20-year generation license for Wigton Phase I. Discussions are also on-going with the relevant regulatory authorities around the timing of the next Request for Proposal (RFP) for the addition of new Renewable Energy (RE) to the national grid.”
Management stated, “The Wigton Renewable Energy Training Lab provides training in practical and theoretical courses in the areas of renewable energy with face-to-face training now being offered post the peak of the Covid-19 pandemic.”
Balance Sheet Highlights:
As at September 30, 2022, Wigton’s total asset base fell 1% to close at $10.95 billion (2021: $11.04 billion). The decrease was as a result of an 8% decline in ‘Property, Plant & Equipment’, which closed the period at $6.13 billion (2021: $6.70 billion). However, the decrease was partially tempered by an increase in ‘Cash and Deposits’ which closed $4.13 billion (2021: $3.98 billion).
Shareholders’ Equity amounted to $4.89 billion relative to $4.46 billion in 2021 resulting in a book value per share of $0.44 relative to $0.41 in 2021.
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