WIG reports 83% increase in first quarter net profit

August 12, 2022

Wigton Windfarm Limited (WIG)

Unaudited results for the first quarter ended June 30, 2022:-

Wigton Windfarm Limited, for the quarter ended June 30, 2022, reported sales of $794.21 million, a 25% increase on the $636.63 million reported in the prior year.

Cost of sales went down by 3% to close the year end at $206.15 million versus $213.41 million booked in the previous year. As such, gross profit grew by 39% to total $588.07 million (2021: $423.22 million).

Other loss amounted to $8.96 million compared to other income of $32.96 million reported in the same period last year.

General administrative expenses decreased to $139.28 million relative to $174.69 million documented last year.

Consequently, operating profit increased by 56% closing the year end at $439.83 million versus $281.48 million reported in the prior comparable period.

Finance expense grew 9% to $111.54 million in 2022 compared to $102.22 million in 2021.

Wigton’s profit before taxation increased by 83% to close at $328.29 million (2021: $179.27 million). After taxation of $78.79 million (2021: $43.02 million), net profit for the quarter ended June 30 2022 closed at $249.50 million versus $136.24 million booked in the similar period last year.

Total comprehensive income totalled $245.49 million (2021: $136.24 million).

Earnings per share (EPS) was $0.023 for the quarter compared to $0.012 in 2021. The trailing-twelve-months EPS is 0.053. The number of shares used in the calculations is 11,000,000,000. WIG stock price closed the trading period on August 12, 2022 at $0.52. As such, Wigton currently trades at a price to earnings ratio of 9.77 times.

Management noted, “In the continued implementation of the Company’s diversification plan, Wigton is aggressively exploring business opportunities and partnerships to achieve this objective. In this regard, the Company will continue to offer and undertake solutions in wind, solar and other areas of renewables, clean technology solutions, as well as other investment opportunities to ensure continued growth in shareholder value.”

Balance Sheet Highlights:

As at June 30, 2022, Wigton’s total asset base reduced by 0.3% amounting to $11.03 billion (2021: $11.04 billion). The decrease was as a result of decreases in ‘Property, Plant & Equipment’ and ‘Right Of Use Assets’ which closed at $6.29 billion (2021: $6.82 billion) and $102.39 million (2021: 144.23 million), respectively.

 Shareholders’ Equity amounted to $4.75 billion relative to $4.36 billion in 2021 resulting in a book value per share of $0.43 relative to $0.40 in 2021.




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