Wigton Windfarm Limited (WIG)

Unaudited Financials for the Nine Months Ended December 31, 2024:

Wigton Windfarm Limited (WIG) reported an 8% decrease in sales, totaling $1.37 billion for the nine months ended December 31, 2024, compared to $1.50 billion in the corresponding period last year. Sales for the third quarter decreased by 17%, closing at $370.37 million compared to $444.30 million for the comparable quarter of 2023.

Cost of sales amounted to $660.37 million (2023: $753.37 million), representing a 12% decrease year over year. Consequently, gross profit fell by 4% to $710.34 million compared to $742.45 million for the nine months ended December 31, 2023. The Company booked a gross profit of $138.20 million for the third quarter versus $185.68 million reported for the similar quarter of 2023.

Other income increased by 70% to close at $440.95 million (2023: $259.94 million), while general administrative expenses increased by 16% from $496.84 million in 2023 to $574.16 million in the period under review.

Operating profit for the nine months ended December 31, 2024, amounted to $577.13 million, a 14% increase relative to $505.55 million reported in 2023. Operating loss for the third quarter amounted to $23.22 million (2023: operating profit of $96.15 million). Finance expense totaled $266.72 million, a 14% decrease from the corresponding period last year (2023: $310.39 million).

Profit before taxation for the nine months ended December 31, 2024, amounted to $304.56 million, a 70% increase relative to $178.99 million reported in 2023. Loss before taxation for the third quarter amounted to $108.50 million (2023: loss before taxation of $7.64 million).

Taxation expense for the nine months ended December 31, 2024, amoutned to $76.14 million relative to a tax credit of $311.59 million twelve months earlier. Net profit for the nine months amounted to $228.42 million, a 53% decrease from the $490.58 million reported in 2023. For the third quarter, net loss was $81.38 million (2023: net loss of $13.65 million).

Consequently, earnings per share for the nine months amounted to $0.021 (2023: EPS: $0.045), while loss per share for the quarter totaled $0.007 (2023: LPS: $0.001). The twelve-month trailing EPS was $0.05, and the number of shares used in these calculations was 11,000,000,000.

Notably, WIG’s stock price closed the trading period on February 6, 2025, at a price of $1.28 with a corresponding P/E ratio of 24.41x.

Balance Sheet Highlights:

The company’s assets totaled $9.91 billion (2023: $10.31 billion). This decrease in total assets was attributable to cash and deposits, which amounted to $2.76 billion (2023: $3.52 billion).

Shareholders’ equity was $5.33 billion (2023: $4.92 billion), representing a book value per share of $0.48 (2023: $0.45)

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