August 15, 2023
Wigton Windfarm Limited, for the quarter ended June 30, 2023, reported sales of $491.14 million, a 38% decline on the $794.21 million reported in the prior year. WIGTON noted, “The decrease was due to a 20.5M kWh or 39.1% decline in production, resulting in a decline in sales revenue.”
Cost of sales went up by 16% to close the quarter at $238.57 million versus $206.15 million booked in the previous year. As such, gross profit fell by 57% to total $252.57 million (2022: $588.07 million).
Other income amounted to $128.75 million compared to other loss of $8.96 million reported in the same period last year.
General administrative expenses rose to $156.10 million relative to $139.28 million documented last year.
Consequently, operating profit declined by 49%, closing the quarter at $225.22 million versus $439.83 million reported in the prior comparable period.
Finance expenses fell 4% to $107.03 million in 2023 compared to $111.54 million in 2022.
Share of net loss of associate amounted to $10.29 million. Wigton’s profit before taxation decreased by 67% to close at $107.90 million (2022: $328.29 million). After taxation of $39.53 million (2022: $78.79 million), net profit for the quarter ended June 30, 2023, closed at $68.37 million versus $249.50 million booked in the similar period last year.
Total comprehensive income totalled $71.32 million (2022: $245.49 million).
EPS was $0.006 for the quarter compared to $0.023 in 2022. The trailing-twelve-months EPS is 0.01. The number of shares used in the calculations is 11,000,000,000. WIG stock price closed the trading period on August 14, 2023, at $0.75. As such, Wigton currently trades at a price to earnings ratio of 64.70x.
Management highlighted, “The Company is currently implementing, along with its joint venture partner, Innovative Energy Company DBA IEC SPEI Limited, the design, supply and installation of solar photovoltaic systems at Essex Valley Agriculture Development Project locations in Jamaica.”
Balance Sheet Highlights:
As at June 30, 2023, Wigton’s total asset base reduced by 3% amounting to $10.64 billion (2022: $11.00 billion). The decrease resulted from a decline in ‘Property, Plant & Equipment’ ‘which closed at $5.90 billion (2022: $6.29 billion). The Company noted, “negotiations are ongoing with key stakeholders to replace the Wigton Phase 1 equipment with new equipment.”
Shareholders’ Equity amounted to $4.50 billion relative to $4.75 billion in 2022 resulting in a book value per share of $0.41 relative to $0.43 in 2022.
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