Revenues at Wigton Windfarm fell a sharp 21 percent to $2.05 billion from $2.59 billion in the year to March 2021, with a decline in revenues for the number two turbine that suffered a sharp tariff reduction under the agreement with Jamaica Public Service Company. Still, the fall was not purely tariff reduction, as revenues generated by the other turbines also fell.
Revenues generated by the number one turbine fell to $753 million from $802 million in 2021. The number two turbine hauled in $796 million in 2021 but just managed $459 million in 2022 and the third bought $994 million in revenues for 2021 and only $837 million in 2022. A close examination of the audited accounts reveals that the number two turbine ran at a loss.
Cost of sales was relatively steady but up a bit to $820 million from $789 million in 2021 and along with the fall in revenues resulted in Gross Profit dropping a sharp 32 percent to $1.23 billion, from $1.8 billion. Other income, comprising mainly interest and forex gains, rose to $256 million from $218 million.
General administrative expenses rose to $608 million, an increase of 24 percent over the $491 million incurred in 2021. The company incurred lower interest costs of $335 million, down from $503 million, partially due to renegotiating the interest on the loans. Taxation also fell from $234 million in 2021 to $70 million. Depreciation, one of the single most significant expense, amounted to $693 million, up marginally from $680 million in 2021.
The operations generated positive cash inflows of $1.58 billion for the year before capital payments and had a net of $493 million at the end of the year.
Profit fell a hefty 40 percent from $792 million to $472 million for 4 cents per share, exactly in line with ICInsider.com forecast. Depending on how well cash funds are managed, to take advantage of much higher local interest rates this year, earnings for the 2023 fiscal year could hit 5 cents per share.
At the end of March, shareholders’ equity stood at $4.5 billion, with long term borrowings at $4.5 billion and short term at $890 million.
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Current assets ended the period at $4.3 billion inclusive of trade and, with most of it, cash and bank balances of $3.8 billion. Current liabilities ended the period at $1.2 billion. Net current assets ended the period at $3.1 billion.
New bids are in to supply renewable energy to the system. Prior to that, Wigton was gearing to make a bid to supply renewables. If successful, this could provide a significant source of added revenues and profit if a new plant is commissioned.
The stock, traded at 56 cents on Friday on the Jamaica Stock Exchange Main Market, boasts a PE of 11.2 times the current year’s earnings. That compares to the market average of 14. Around half of the Main Market stocks are trading at lower PE ratios, with far more greater growth prospects. The net asset value is 41 cents, with the stock selling at a 37 percent premium to book value.
Overall, 9,624,890 shares were traded for $96,004,491 versus 10,333,128 units at $164,852,282 on Thursday. Trading averages 188,723 units at $1,882,441, versus 184,520 shares at $2,943,791 on Thursday and month to date, an average of 186,350 units at $1,978,817, compared to 185,910 units at $1,996,690 on the previous trading day. June closed with an average of 281,913 units at $5,309,050.
At the close, Barita Investments advanced $1.93 to $89.90 in switching ownership of 212,065 shares, Berger Paints shed $1.40 to end at $11 in exchanging 164,617 stocks, Caribbean Cement climbed $1, ending at $63, trading 10,140 units. GraceKennedy dropped $3.59 to $98.60 after exchanging 57,747 stock units, Jamaica Broilers rose $1.10 to $27 in an exchange of 29,735 shares, Jamaica Producers declined 95 cents to close at $21.02, finishing at 15,069 units. Jamaica Stock Exchange fell 44 cents to end at $18.06 with the swapping of 11,560 stock units, Kingston Properties lost 55 cents ending at $7.65 with an exchange of 54,458 stocks, Kingston Wharves shed $1.31 to $37.68, closed at 11,984 stocks. Massy Holdings lost $2.36 in closing at $91.64, crossing the market 3,614 shares, Mayberry Investments rose 80 cents to close at $10 in exchanging 115,934 stock units, NCB Financial dropped 50 cents to end at $97.50, changing hands 337,156 units. 
Sagicor Group gained $1.20 in closing at $55.20, crossing the market 41,672 stock units, Scotia Group rallied $1.40, ending at $37.40, clearing the market with 12,611 shares, Seprod popped 70 cents to $71.95 trading 11,533 units and Sygnus Credit Investments climbed 80 cents to end at $14.80 crossing the exchange 359,348 stocks.
Overall, 161,279 shares traded for US$8,982, down from 499,825 units at US$49,241 on Thursday. Trading averaged 23,040 units at US$1,283 versus 99,965 shares at US$9,848 on Thursday, with a month to date average of 36,415 shares at US$2,772, down from 39,536 units at US$3,120 previously. June ended with an average of 71,901 units for US$8,793.
Proven Investments dropped 0.5 of a cent in closing at 23.8 US cents after switching ownership of 18,328 stocks. Sygnus Credit Investments USD share shed 0.01 of a cent in ending at 12.97 US cents, with 12,509 stock units clearing the market, Sygnus Real Estate Finance USD share finished at 12 US cents with 122 stocks changing hands and Transjamaican Highway lost 0.02of a cent in closing at 0.93 of one US cents after exchanging 101,674 units.
Overall 7,385,835 shares traded for $32,179,005 versus 7,985,924 units at $29,674,302 on Thursday. Trading averaged 184,646 shares at $804,475 compared to 185,719 shares at $690,100 on Thursday, with the month to date, averaging 1,163,198 units at $6,495,684 down from 1,346,963 units at $7,564,455 on the previous trading day. June closed with an average of 429,016 units at $1,630,104.
At the close, Blue Power rose 15 cents to $3.65 after trading 35,506 shares, Caribbean Assurance Brokers declined 9 cents in closing at $2.16 with an exchange of 154,153 units, Caribbean Cream gained 6 cents in ending at $4.66 in switching ownership of 21,500 stocks. Caribbean Flavours popped 15 cents to close at $1.95 after exchanging 20,203 stock units, Everything Fresh rallied 14 cents to end at $1.39 after trading 2,574 shares, Express Catering increased 84 cents to close at $6.14 in exchanging 21,440 stocks. Fontana climbed 5 cents in closing at $10.45 in an exchange of 37,483 stock units, Fosrich rose 75 cents to $36 with the swapping of 223,272 units, Future Energy Source shed 9 cents to end at $5.90 after exchanging 718,230 units. GWest Corporation fell 7 cents to $1.05, with 834 shares changing hands, iCreate rallied 5 cents to close at $4.10 in exchanging 297,355 stocks, Indies Pharma increased 15 cents to $3.20, with 149,512 stock units changing hands. Jamaican Teas climbed 6 cents in closing at $3.11, with 502,439 stock units crossing the market, Jetcon Corporation popped 8 cents to $1.34 with 158,305 units clearing the market, JFP Limited dropped 9 cents to end at $1.52 after 420,725 shares crossd the exchange. KLE Group lost 5 cents in closing at $2.20 while exchanging 408 stocks, Knutsford Express shed 61 cents to close at $7.10Carter 10,177 shares crossed the market, Lasco Distributors rose 23 cents to end at $3.43 in exchanging 173,142 stocks. 
Limners and Bards rallied 9 cents to $2.81 after trading 58,236 units, Medical Disposables declined 25 cents to $6.75, as 15,222 stock units crossed the exchange, Paramount Trading advanced 20 cents to close at $1.90 while exchanging 6,000 stocks and SSL Venture lost 8 cents in closing at $3.50 trading 13,383 units.
The ICInsider.com PE Ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
Trading accounted for 56 securities on Thursday and Wednesday, with 18 rising, 23 declining and 15 ending unchanged.
At the close, Caribbean Cement lost $2 in closing at $62 while exchanging 21,813 shares, Eppley Caribbean Property Fund declined $1 in ending at $39.50 and trading 2,118 units, GraceKennedy shed 45 cents to close at $102.19 in an exchange of 30,898 stock units. Guardian Holdings dropped $19.79 to end at $502 after trading 1,135 stocks, Jamaica Broilers fell $2.10 to $25.90 and closed with 46,373 stock units changing hands, Jamaica Producers gained 87 cents to close at $21.97, with an exchange of 9,299 units. Jamaica Stock Exchange climbed 44 cents to $18.50 with 1,083 shares clearing the market, Kingston Wharves advanced $1.29 to $38.99 with the swapping of 28 stocks, Massy Holdings shed $1 in closing at $94 with an exchange of 111 shares. Mayberry Investments declined 79 cents to end at $9.20 in switching ownership of 303 stock units, NCB Financial fell $1 to $98, with 275,137 stocks crossing the market, PanJam Investment rallied $1 to end at $66witg 4,065 units changing hands. Portland JSX popped $1.35 to $11.85 after trading 90 units, Proven Investments increased $3 to close at $36, with 9,446 shares crossing the market, Sagicor Group dropped $1 in closing at $54 in exchanging 104,607 stock units. 
Stanley Motta rose 58 cents to close at $5.58 in exchanging 30,300 stocks, Sterling Investments climbed 40 cents in closing at $2.90 after trading 18,904 stock units, Sygnus Credit Investments fell 75 cents to $14 in transferring 89,703 stocks and Sygnus Real Estate Finance shed $2 to $13 while exchanging 1,922 shares.
A total of 499,825 shares were traded for US$49,241 up from 435,401 units at US$15,558 on Wednesday. Trading averaged 99,965 units at US$9,848, compared to 72,567 shares at US$2,593 on Wednesday, with a month to date average of 39,536 shares at US$3,120 versus 27,450 units at US$1,774 on the previous day. June ended with an average of 71,901 units for US$8,793.
At the close, First Rock Capital USD share gained 0.16 of a cent to end at 8 US cents after exchanging 304,380 shares, Productive Business Solutions finished at US$1.14 in trading 87 stocks, Proven Investments shed 0.19 of a cent to 24.3 US cents with 50 units clearing the market and Sygnus Credit Investments USD share increased 0.48 of a cent in closing at 12.98 US cents, with 195,291 stock units crossing the exchange.
Overall, 43 securities traded, as was the case on Wednesday and ended with 16 rising, 20 declining and seven closing unchanged.
At the close, Blue Power dropped 15 cents to $3.50 in exchanging 2,051 shares, CAC 2000 declined 10 cents to $9.80 in an exchange of 8,077 stock units, Caribbean Flavours fell 22 cents to $1.80 in trading 16,566 stocks. Derrimon Trading shed 10 cents to end at $2.65, with 660,476 units crossing the market, Dolphin Cove popped 20 cents to close at $16.40, with 21,270 stock units changing hands, Elite Diagnostic rallied 15 cents to $3.70 with an exchange of 1 share. Express Catering lost 39 cents to close at $5.30, with 239,875 units clearing the market, Fontana advanced 10 cents to $10.40 in exchanging 17,370 stocks, Fosrich shed $2.75 to end at $35.25, with 129,935 stock units crossing the market. Honey Bun rose 24 cents in closing at $8.75 with the swapping of 6,840 shares, Indies Pharma fell 20 cents in closing at $3.05 after trading 22,673 units, JFP Limited climbed 10 cents to end at $1.61 after trading 457,597 stocks. Knutsford Express gained $1.05 to close at $7.71 in exchanging 7,831 stock units, Lasco Distributors lost 10 cents to end at $3.20 after switching ownership of 15,841 stocks, Lasco Manufacturing increased 17 cents in ending at $4.70 while exchanging 155,380 shares. 
Mailpac Group dropped 11 cents in closing at $2.72 after 340,619 units crossed the exchange, Main Event advanced 33 cents ending at $7.50 after trading 40,049 shares, Medical Disposables declined 10 cents to $7, with 2,200 stock units clearing the market and tTech climbed 30 cents to close at $3.30 trading 377,745 units.
The main market closed slightly higher than on Wednesday while the Junior Market slipped modestly. At the close, the JSE Combined Index rose 232.92 points to 396,261.44, while the All Jamaican Composite Index popped 1,484.02 points to 436,648.80, the JSE Main Index popped 331.94 points to 381,902.96, the Junior Market Index slipped 4.54 points to 4,356.89 and the JSE USD market Index gained 1.01 points to close at 214.80 The market’s PE ratio ended at 23.5 based on 2021-22 earnings and 13 times those for 2022-23 at the close of trading.
The ICInsider.com PE Ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
At the close, AMG Packaging popped 22 cents to close at $4.30 with an exchange of 27,105 shares, CAC 2000 climbed 90 cents in closing at $9.90 after trading 25 units, Caribbean Cream rose 11 cents to $4.61 after exchanging 82,766 stocks. Dolphin Cove declined by 74 cents to end at $16.20, with 25,997 stock units changing hands, Everything Fresh shed 21 cents to end at $1.22 in trading 79,402 stock units, Fontana lost 20 cents to $10.30, with 98,471 stocks crossing the market. Fosrich advanced $2.01 to end at a 52 weeks’ high of $38 in an exchange of 173,538 units, Future Energy Source dropped 25 cents to $6.05 after trading 765,240 shares, Honey Bun fell 48 cents to $8.51 in switching ownership of 4,872 stocks. iCreate lost 20 cents after ending at $4, with 209,580 units crossing the market, Jetcon Corporation increased 13 cents to $1.34, with 215,974 shares changing hands, Knutsford Express dropped $1.28 in ending at $6.66 with the swapping of 20,000 stock units. Lasco Financial shed 14 cents to end at $3.05 with 342,337 stocks crossing the exchange, Lasco Manufacturing fell 12 cents to $4.53 while exchanging 36,733 stock units, 
Main Event declined 26 cents in closing at $7.17 after 43,651 shares changed owners. SSL Venture lost 12 cents in ending at $3.58 after trading 2,113 units and Stationery and Office Supplies shed 35 cents to end at $13, with 25,603 shares clearing the market.
