Wisynco is moving to expand the production capacity during Fiscal 2023 and has deposited $600 million for new equipment, Andrew and William Mahfood advised investors in the director report accompanying the 2022 audited accounts. The expansion will cost around $5 billion and is likely to come on stream in the fourth quarter of the current fiscal year, the chairman William Mahfood states in response to ICInsider.com question.
Wisynco Group
Following a year of strong revenue growth, the company saw an acceleration of revenue growth in the final quarter of Fiscal 22 rising 30 percent over the June quarter of 2021 as it helped to deliver a 22.7 percent increase in revenues for the year to $39.1 billion from $31.8 billion of the prior year. the rebound in the economy with the removal of restrictions and the strong rebound in tourist arrivals, a sector to which it sells around 15 percent of its products would have been positive development for the group.
The company states that “during the final quarter we encountered supply chain issues in selected key raw materials some which require special transportation equipment which impacted our production and consequently dampened our revenue levels.”
Profit before Taxation for the year was $4.9 billion or 31.4 percent more than $3.8 billion in 2021. Net profit after taxes for the year rose 31.6 percent to $4.1 billion from $3.1 billion in the prior year. Earnings per share for the year was $1.08 per share or 31.7 percent greater than the 82c per share for the prior year.
Gross profit for the year was $13.25 billion 19.2 percent greater than the prior year whilst Gross Margin was 33.9 percent compared to 34.9 percent for the 2021 fiscal year. Management cited higher energy costs resulting from downtime at the LNG plant and higher input costs on certain raw materials for the reduction in Gross Margin when compared to the prior year.
Selling and Distribution costs rose 15.4 percent over the 2021 fiscal year to $7.1 billion and Administrative expenses rose 1.5 percent for the year of $1.44 billion up from the $1.42 billion of the prior year.
Wisynco operates at two main locations situated in St. Catherine: White Marl and Lakes Pen. Manufacturing takes
place at White Marl, while Lakes Pen carries out distribution activities. Total square footage with factory, storage and
offices between the two locations is approximately 530,000 square feet.
Finance costs slipped to $149 million from $153 million in 2021 and includes foreign exchange losses for the year of approximately $34.7 million which compares to foreign exchange gains of $70 million recognized in other operating income for the prior year. Interest income improved over the prior year by approximately $108 million due to higher rates being earned on deposits.
Gross cash flow brought in $5.9 billion but growth in work in capital saw it falling to $4 billion and after repaying loans of $800 million and paying dividends of $1.5 million a net flow was just $298 million. At the end of December, shareholders’ equity stood at $17.8 billion with long term borrowings at $746 million and short term at $820 million. Current assets ended the period at $17.8 billion inclusive of trade and other receivables of $4 billion, investments, cash and bank balances of $8 billion. Current liabilities ended the period at $7.3 billion, with net current assets at $10.5 billion
Earnings per share came out at 1.08 cents for the year to date. Investors should accumulate this stock for growth in profit for 2023 and beyond.
ICInsider.com forecasts $1.75 per share for the fiscal year ending June 2023, with a PE of 10 times the current year’s earnings based on the price of $17.45 the stock traded at on the Jamaica Stock Exchange Main Market. Net asset value is $4.78 with the stock trades at 3.6 times book value.
The company paid two dividends amounting to 40 cents per share for the year representing an increase of 33.3 percent over the 30c per share for the 2021 fiscal year.
Investors exchanged 57,945 shares for US$9,558 compared to 117,261 units atUS$13,332 on Friday. Trading averaged 4,139 units at US$683, versus 13,029 shares at US$1,481 on Friday, with a month to date average of 50,781 shares at US$7,740 down from 54,622 units at US$8,321 on the previous trading day. July ended with an average of 49,665 units for US$3,449.
Proven Investments remained at 21.4 US cents, with 581 shares changing hands, Sterling Investments ended at 2.09 US cents after a transfer of 3,320 stocks. Sygnus Credit Investments USD share rallied 0.01 of a cent to 11.98 US cents with the swapping of 7,067 stock units, Sygnus Credit Investments Ja$ share remained at 13.23 US cents after trading 174 units, Sygnus Real Estate Finance USD share remained at 12.45 US cents after trading 629 stock units and Transjamaican Highway gained 0.05 of a cent to close at 0.95 of one US cent, with 92 units crossing the market.
A total of 22,909,155 shares were traded for $1,091,762,298 compared to 17,038,158 units at $174,268,763 on Friday. Trading averages 375,560 units at $17,897,743 versus 298,915 shares at $3,057,347 on Friday and month to date, an average of 765,882 units at $5,638,283, compared to 788,281 units at $4,934,777 on the previous trading day. July closed with an average of 173,643 units at $1,683,017.
At the close, Berger Paints dropped 94 cents to $10.51 after trading 1,629 shares, Caribbean Producers jumped $1.44 to close at $14.70 after 1,127,687 stocks passed through the market, Eppley fell $1 to $40 with 2,823 units clearing the market. Eppley Caribbean Property Fund lost $4.98 in closing at $40.02, with 820 stock units changing hands, First Rock Real Estate rallied 96 cents to end at $12.46 while exchanging 118 stock units, GraceKennedy shed $1.59 to end at $93.40 in an exchange of 10,773,935 stocks. Guardian Holdings declined $18.99 in closing at $511.01 with a transfer of 57 shares, JMMB Group dipped 51 cents to $40.99 as investors exchanged 29,513 units, Kingston Properties declined 35 cents to close at $7.05 in exchanging 4,555 stock units. Kingston Wharves popped $1.15 to end at $39 after a transfer of 5,323 units, Margaritaville fell $1 to $26.55 in exchanging 58 stocks, Massy Holdings lost $1 to close at $85.50 in trading 3,005 shares. Mayberry Investments dropped 78 cents to end at $9.12 in switching ownership of 535,690 stock units, MPC Caribbean Clean Energy shed $16.49 to $68 after trading 259 units, NCB Financial advanced $1.80 in closing at $92.80 with investors transferring 32,384 stocks. 138 Student Living dipped 75 cents to end at $6.50 with 76,424 shares changing hands, Palace Amusement climbed $11 to close at $711 with the swapping of 123 shares, Portland JSX fell $3 to $9 with an exchange of 95,118 units. 
Sagicor Group lost $3.49 after ending at $51.01, with 21,517 stocks crossing the market, Salada Foods shed 42 cents in closing at $4.90 with an exchange of 5,446 stock units, Scotia Group declined $1.63 ending at a 52 weeks’ low of $32.38 after exchanging 106,989 units and Stanley Motta dipped 63 cents in closing at $4.66 with investors transferring 34,909 stock units.
A sum of 10,844,740 shares were traded for $34,617,754 compared to 11,228,856 units at $38,807,870 on Friday. Trading averaged 240,994 shares at $769,283 on Monday compared to 255,201 shares at $881,997 on Friday, with month to date, averaging 351,870 units at $1,181,801 compared to 358,007 units at $1,204,634 on the previous trading day. July closed with an average of 512,709 units at $2,574,304.
At the close, AMG Packaging dropped 18 cents to $3.81, with 10,798 shares changing hands, Blue Power gained 32 cents to end at $3.52 in trading 256 stock units, CAC 2000 dived $2.05 to close at $6.20 in trading 55 units. Caribbean Assurance Brokers climbed 15 cents to $2.65 after 5,269 stocks crossed the exchange, Caribbean Cream declined 37 cents in closing at $3.88 while exchanging 17,569 shares, Consolidated Bakeries popped 32 cents to a 52 weeks’ closing high of $2.31 after trading 341,603 units. Dolphin Cove gained $1 to end at $14.50 after exchanging 114,990 stocks, Express Catering rallied 34 cents to $5.94 with the swapping of 2,928 stock units, Fontana lost 27 cents in closing at $8.98 after a transfer of 200,507 stock units. Future Energy Source fell 25 cents to $5.35 in an exchange of 835,887 units, General Accident shed 85 cents to end at $5 as investors exchanged 165,751 shares, iCreate fell 10 cents to $4.20, with 151,415 stocks clearing the market. Jamaican Teas rose 13 cents in closing at $2.71, with 249,442 stocks crossing the market, KLE Group advanced 27 cents to $2.07 with an exchange of 405 units, Knutsford Express rallied 16 cents to close at $7 with investors transferring 3,716 shares. 
Lasco Manufacturing lost 25 cents in ending at $4.30, trading 10,683 stock units, Medical Disposables popped 20 cents to close at $5.80, with 21,944 stock units crossing the market, MFS Capital Partners declined 11 cents in closing at $3.89 after exchanging 195,362 stocks. Stationery and Office Supplies dipped 65 cents to $15.30 in switching ownership of 2,839 shares and Tropical Battery climbed 11 cents to end at $2.70 with a transfer of 414,804 units.
National Enterprises remained at $3.60 in switching ownership of 163,100 units, National Flour Mills dropped 3 cents in closing at $1.57, after 7,116 shares crossed the market, NCB Financial Group slipped 1 cent to end at a 52 weeks’ low of $4.99 with a transfer of 1,112 stock units. Point Lisas rose 16 cents to end at $3.25 after exchanging 172 stocks, Prestige Holdings gained 15 cents to $6.85 in trading 100 stocks, Republic Financial Holdings fell 24 cents in closing at $140.01 in exchanging 434 units. Scotiabank climbed 19 cents to $77.99 with investors transferring 185 stock units, Trinidad & Tobago NGL ended unchanged at $22.01 after investors transferred 5,613 shares, Trinidad Cement remained at $3.52 with the swapping of 5,000 stocks. Unilever Caribbean increased 39 cents to close at $12.59 with an exchange of 655 shares and West Indian Tobacco remained at $23.40 in trading 14,335 stock units.Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
The All Jamaican Composite Index fell 4,970.96 points to 407,706.55, the JSE Main Index dropped 3,398.45 points to 359,146.76, the Junior Market Index slipped 7.26 points to 4,161.12 and the JSE USD market Index rallied 0.61 points to 214.14.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show the closing volume for the bids and offers.
New to the list this week is Lumber Depot, that is undervalued with good potential to expand. 
The moves follow funds previously tied up in the One on One IPO coming back to the market.
In the Junior Market ICTOP10 General Accident and Lasco Financial replaced Consolidated Bakeries and Lasco Manufacturing. There was one change in the Main Market with Radio Jamaica replacing 138 Student Living. 
ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
The All Jamaican Composite Index rallied 2,977.43 points to end at 412,677.51, the JSE Main Index climbed 1,783.83 points to finish at 362,545.21 and the JSE Financial Index rose 0.71 points to close at 87.15.
The Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and three with lower offers.
Salada Foods advanced 57 cents to close at $5.32 with the swapping of 22,969 stocks, Seprod dipped 38 cents to $69.02 with a transfer of 5,517 units and Supreme Ventures fell $1.20 in closing at $28.80 as investors exchanged 32,579 stocks.
Trading ended with 117,261 shares being exchanged for US$13,332, down from 954,744 units at US$59,481 on Thursday. The average volume traded was 13,029 units at US$1,481 versus 159,124 shares at US$9,914 on Thursday, with the month to date averaging 54,622 shares at US$8,321 versus 56,947 units at US$8,704 on the previous trading day. July ended with an average of 49,665 units for US$3,449.
Proven Investments increased 2.4 cents to close at 21.4 US cents after exchanging 925 stock units, Sygnus Credit Investments USD share rose 0.86 of a cent to 11.97 US cents after trading 5,160 shares, Sygnus Real Estate Finance USD share dipped 0.05 of one cent to 12.45 US cents in exchanging 1,394 stocks and Transjamaican Highway rallied 0.05 of a cent to close at 0.9 of one US cent after trading 69,856 units.
