Wigton Energy is one of two entities that gained approval from the Government of Jamaica in the tender process to install 100 megawatts of renewable energy for Jamaica’s national grid.
According to a release from Wigton, the company “will install a 49.83MW solar energy facility in Clarendon” which, upon completion, will result in the company almost doubling its generating capacity, with existing wind turbines accounting for nearly 60 MW.
The size plant will likely take approximately one year to come on stream in late 2025 and should cost under US$50 million, our source informed ICInsider.com
Profit could double in the first full year of the expanded operations, in the March 2027 fiscal year
Bids for another phase are expected to be open to the public in early 2025 covering roughly 160 MW. Wigton is in a good position to participate in the bidding process and if successful could see further expansion and income generation.
Profit before taxation at Wigton increased 121 percent to $413 million, from $187 million in 2023 during the six months to September 2024, with net profit falling 39 percent to $310 million from $504 million in the same period last year, primarily due to an adjustment in the income tax rate from 33.33 percent down to 25 percent, resulting in a one-off tax credit recorded, 2023 compared to a tax liability in the September 2024 period. Profit before taxation for the three months, to September, more than doubled to $192 million, from $79 million in 2023, with after-tax profit ending at $143 million.
he stock value was already well ahead of the Jamaica Stock Exchange average PE of 14.4 at 23 times 2025 fiscal year earnings and climbed to 26 following the announcement.
The selling shareholders are Sportswear Producers Limited with 168,722,866 shares or 15.3384 percent of the CPJ issued capital, Thomas Tyler with 82,830,563 with 7.5301 percent and Wave Trading Limited with 82,755,239 shares with 7.5232 percent. ASB swapped 94.87 million of their shares to the CPJ sellers.
Investors buying into the public offer of NCB Financial Group stock at $65 each in May are hugging up an 18 percent loss on their investment since, with the stock hitting a 52 weeks’ low of $54.66 on Monday and ending at a closing low of $55 after more than 1.5 million shares were traded, following a sizable 3 million share trade on June 17, when the stock closed at $59.
NCB is a diversified financial group, providing services in general insurance, life insurance, banking and investments management. The group is also geographically diversified with operations in Trinidad, Bermuda and Jamaica. It has a solid base that it can use to produce increased revenues and profits in the future.
The Jamaica Stock Exchange Main and Junior Markets recorded mild declines for the year to the end of May, at the same time the Top 10 performing stocks all posted double digit gains with Caribbean Assurance Brokers landing a 73 percent increase to be the best performing stock in both markets. 
General Accident another former Junior Market stock that migrated last year, up 34 percent, with profit reported in the 2023 audited accounts beating expectations and followed by 30 percent rise in the 2024 first quarter profit before taxation. First Rock gained 32 percent and Lasco Manufacturing with improved full year results over 2023 posted gains of 27 percent.
Pulse Investment lost 19 percent and the Sagicor Group 15 percent.
Edufocal fell 48 percent to be the worst performing Junior Market stock followed by MFS Partners with a fall of 47 percent and CAC 2000 down 31 percent, following continued poor results. Also declining are Fontana down 22 percent and Limners and Bards had a fall of 21 percent
An APO brings an additional supply of shares to the market and will satisfy the demand for a large pool of investors for several months if not years, as such the issue is likely to keep the price of the stock subdued for some time unless there is a big jump in profitability to make them more attractive as an investment and thus encourage increased buying to move the stock price up appreciably.
The position of Chief Executive Officer is a new one, in addition, the position of Head of Energy which was held by Miss Michelle Chin Lenn will be dispensed with and she will be appointed to the new position of Deputy Chief Executive Officer.
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Despite the price move since last year, the stock is attractively priced at a PE of 6 based on this year’s projected earnings of $7.50 and 8.30 based on reported the 2023 earnings of $5.54 per share. The valuation compares with an average of 13.7 for the Main Market based on projected 2023 earnings. At an average market PE, the stock would get to $76 based on earnings for 2023 and more, once investors start pricing in 2024 earnings into the price.