Wigton Windfarm delivered a 19.5 percent increase in net profit of $793 million for the year to March 2021, up from $663 million generated in 2020 from Sale revenues that rose 7.2 percent to $2.59 billion in the year to March 2021 from $2.4 billion in 2020.
Wigton traded 65 cents of shares on Wednesday.
This is the second year in a row that the profit is rising, following a 30 percent increase in the 2020 fiscal year over that of 2019.
Other income contributed $218 million to profit up from $221 million in 2020 and incurred direct costs of $789 million for the year against $764 million in 2020. General administrative expenses amounted to $491 million for the year against $479 million in 2020, while finance charges amount to $503 million compared to $527 million in 2020. Taxation ate up 4234 million, up from $206 million in 2020.
The company generated a positive cash flow of $1.6 billion repaid loans to the tune of $710 million and paid out a mere $28 million in dividend.
Wigton ended the year with cash of $3.2 billion and is a part of the total current assets of $3.7 billion but there was only $117 million in current liabilities but the company borrows $5.6 billion and has shareholders’ equity of $4.2 billion.
The company earned seven cents per share, with 2020 coming in at six cents. With the stock selling at 65 cents on the Main Market of the Jamaica Stock Exchange, it appears cheap, but investors have to consider that the company had indicated that the rate collected on one of the turbines will fall sharply from what would have been received for the 2021 fiscal year, as such the reduction is going to have a major negative impact on revenues and profit going forward.
Here is what the audited accounts stated “Wigton Phase II which was commissioned in December 2010 and supplies 18MW power to the grid. The plant was awarded the avoided rate for the energy it supplies and as per the terms and conditions of the Power Purchase Agreement (PPA), the final rate adjustment for this plant was applied at the end of March 2021. The rate adjustment will translate to approximately fifty percent reduction in the revenue from Wigton Phase II in United States Dollars. This is projected to equate to an overall fourteen percent decrease in revenue in Jamaican Dollars.
The effect of the rate adjustment will reduce revenues by approximately $380 million before tax and will result in net profit coming in around $470 million of 4.3 cents per share for the 2021/22 fiscal year and that would put the value of the stock around at the latest price of 65 cents at a PE of 15.”
The All Jamaican Composite Index dropped 1,007.80 points to 453,471.53, the JSE Main Index fell 871.80 points to 423,431.38 and JSE Financial Index slipped 0.12 points to 105.21.
Investor’s Choice bid-offer indicator shows 14 stocks ending with bids higher than their last selling prices and one with a lower offer.
Sagicor Real Estate Fund lost 30 cents to close at $8 while trading 2,030 shares, Scotia Group fell $1 to $39.80 in exchanging 28,625 units, Supreme Ventures fell $1.25 to $20.50 in trading 58,706 stocks and Wisynco gained 39 cents to finish at $15.89 after exchanging 23,510 stocks.
Trading closed with an average of 282,041 units at $1,783,975, compared to 525,290 shares at $9,415,262 on Thursday. Trading month to date averages 320,145 units at $3,595,710, in contrast to 322,750 units at $3,719,589 on Thursday. Trading in April averaged 234,200 units at $1,772,561.
Seprod shed $1.50 to close at $73.50 with an exchange of 44,685 stock units, Supreme Ventures rose $1.55 to close at $21.75 in trading 98,472 stocks and Sygnus Credit Investments gained 40 cents to finish at $15.61 after exchanging 313,497 stocks.
The All Jamaican Composite Index climbed 3,237.08 points to 454,682.19, the Main Index advanced 2,716.72 points to 424,560.18, and the JSE Financial Index gained 0.97 points to settle at 105.37.
Trading averaged 505,086 units at $9,053,136, compared to 179,579 shares at $2,190,026 on Wednesday. Trading month to date averages 321,833 units at $3,709,022, compared to 307,218 units at $3,282,804 on Wednesday. April averaged 234,200 units at $1,772,561.
138 Student Living rose 85 cents to close at $5.39 in switching ownership of 13,853 stock units, Palace Amusement dropped $29 to end at $926 in swapping 111 stocks, PanJam Investment declined $5.85 to finish at $66.05 with 26,162 shares clearing the market, Proven Investments closed 75 cents higher at $37.90, with 5,272 units crossing the market, Sagicor Group climbed $2 to end at $53 trading 7,248,980 shares, Seprod slipped 90 cents to $75 after exchanging 41,954 units. Stanley Motta lost 34 cents in ending at $5.90 in switching ownership of 6,907 stock units, Supreme Ventures gained 20 cents to end at 52 weeks’ closing high of $20.20 in trading 193,925 shares and Wisynco Group ended 45 cents lower at $15.45 in switching ownership of 153,549 stock units.
At the close, the All Jamaican Composite Index declined 2,953.62 points to close tab 451,445.11, the Main Index shed 2,482.03 points to 421,843.46 and the JSE Financial Index lost 0.98 points to settle at 104.40.
At the close, Barita Investments declined $2 in closing at $84 after clearing the market of 2,835 shares, Berger Paints advanced $1.15 to finish at a 52 weeks’ high of $16.65 in switching ownership of 7,557 shares, Caribbean Cement rose 77 cents to $87.99 with an exchange of 56,552 units. Eppley shed 70 cents to close at $33 with the swapping of 30,020 stock units, Grace Kennedy ended 99 cents lower at $87.01, with 96,486 units crossing the exchange, Jamaica Broilers declined $1 to $35 in exchanging 36,579 shares. Jamaica Producers shed $1 to close at $23.50 in transferring 18,462 units, Jamaica Stock Exchange gained 25 cents in closing at $18 with 17,670 shares changing hands, JMMB Group advanced $1 to $33 in switching ownership of 188,002 stock units. Key Insurance shed 32 cents to end at $5.01 after an exchange of 321,258 shares, NCB Financial advanced $2.10 to $141 in trading 22,667 units. 138 Student Living lost 86 cents to close at $4.54, with 12,305 stock units clearing the market, Palace Amusement climbed $41 to $955 after exchanging 123 stock units, Pan Jam Investment jumped $6.90 to $71.90 with the swapping of 1,737 units, Portland JSX fell $2.40 to $7.10 with the transfer of 51,289 shares. Proven Investments lost 80 cents to close at $37.15, with 18,599 stock units crossing the market, Sagicor Group fell $1.50 to $51 with 905,925 shares changing hands. Scotia Group shed 80 cents in ending at $40 in exchanging 41,900 stocks.
Seprod advanced $2.90 to $75.90 with 13,000 units crossing the market, Stanley Motta gained 24 cents in closing at $6.24 with the swapping of 2,707 stock units, Supreme Ventures picked up 20 cents to settle at a 52 weeks’ high of $20 after clearing the market with 82,366 stocks and Sygnus Credit Investments lost 40 cents in closing at $15.10, after trading 175,692 units.
Investor’s Choice bid-offer indicator reading has nine stocks ending with bids higher than their last selling prices and five with lower offers.
Salada Foods gained 44 cents to finish at $7.50 in exchanging 67,172 units, Scotia Group slipped 50 cents to close at $40.80 with an exchange of 456,287 stocks, Seprod declined $4.57 to $73 after 3,586 units changed hands. Sterling Investments lost 25 cents to settle at $3.25 in transferring 15,408 shares and Victoria Mutual Investments fell 28 cents to $6.71 with 72,106 stocks changing hands.
At the close, 51 securities traded, up from 49 on Friday, with 20 rising, 23 declining and eight ending unchanged. The PE Ratio averages 16.2 based on ICInsider.com forecast of 2021-22 earnings.
Investor’s Choice bid-offer indicator reading has 12 stocks ending with bids higher than their last selling prices and two with lower offers.
Supreme Ventures gained 31 cents to settle at $19.81 in switching ownership of 37,888 units, Sygnus Credit Investments closed 75 cents higher at $15.50 in the swapping of 624,203 stock units and Victoria Mutual Investments rose 69 cents to $6.99 after an exchange of 227,405 units.
At the close, Barita Investments dropped $3.05 to $83 with 33,408 shares changing hands. Berger Paints advanced $1.35 to close at a 52 weeks’ high of $15 after exchanging 30,727 stock units, Caribbean Cement slid $4.98 to $81.02 with 96,636 shares crossing the exchange. Eppley Caribbean Property Fund shed 98 cents to close at $44 trading 11 units, First Rock Capital fell 40 cents to $16.50 in exchanging 50,337 shares, Grace Kennedy slipped 19 cents to close at $88.66 in switching ownership of 161,912 stocks. Jamaica Broilers ended $1 lower at $34.50 in exchanging 30,864 units, Jamaica Stock Exchange gained 24 cents to close at $17.99 with 11,600 stock units crossing the market, JMMB Group rose $1.05 to $33.05 in trading 33,966 units, Kingston Wharves advanced $1 to end at $48 in an exchange of 3,152 stocks, NCB Financial declined $1.50 to $138.50 after transferring 39,781 units, 138 Student Living gained 30 cents to end at $5.30 in exchanging 2,129 stocks. PanJam Investment rose $1 to close at $66.50 in trading 594,688 units, Proven Investments rose 94 cents to $37.95 in trading 26,800 shares, Sagicor Group closed 54 cents higher at $50.55 in an exchange of 35,406 stocks. Salada Foods rose 86 cents to $7.66 in switching ownership of 116,542 stock units, Scotia Group shed 50 cents to end at $41 in trading 20,188 units, Supreme Ventures picked up 50 cents to close at $19.50 with the swapping of 10,037,859 shares, 
Victoria Mutual Investments declined 78 cents to $6.30 in trading 154,338 stock units and Wisynco Group gained 30 cents to close at $15.90, with 240,532 shares crossing the exchange.
The All Jamaican Composite Index advanced 1,110.77 points to 451,625.91, the Main Index rose 732.14 points to 427,434.05, and the JSE Financial Index inched 0.15 points up to settle at 106.89.
Trading averaged 308,990 units at $1,775,357, compared to 231,986 shares at $2,914,778 on Wednesday. Trading month to date averages 289,678 units at $3,227,079, in contrast to 287,442 units at $3,395,135 on Wednesday. April averaged 234,200 units at $1,772,561.
138 Student Living fell 30 cents to close at $5 with 3,999 stock units crossing the market, Pan Jam Investment rose $2 to close at $65.50 in exchanging 11,859 stocks, Proven Investments fell 89 cents to $37.01 in the swapping of 17,979 stock units, Pulse Investments gained 30 cents to $4.60 in switching ownership of 345,178 shares. Sagicor Group declined $1.99 to $50.01 in an exchange of 200,381 units, Salada Foods lost 20 cents to finish at $6.80 with a transfer of 117,419 stocks, Seprod gained 88 cents to close at $77.88 in trading 12,866 shares, Supreme Ventures gained 49 cents to settle at $19 with the swapping of 48,842 stock units and Wisynco Group lost 40 cents in ending at $15.60 after trading 197,460 stocks.
The JSE Main Index gained 314.36 points to 426,701.91 and the JSE Financial Index lost 0.05 points to settle at 106.74.
Investor’s Choice bid-offer indicator reading has nine stocks ending with bids higher than their last selling prices and three with lower offers.
Pulse Investments lost 40 cents in closing at $4.30 in an exchange of 411,205 units, Sagicor Group climbed $2.51 to $52 with 2,279,348 shares crossing the market, Salada Foods dropped 20 cents to $7 in transferring 206,193 stock units, Seprod slid 88 cents to end at $77 in switching ownership of 4,451 shares, Supreme Ventures fell $1.44 to $18.51 with 73,026 units changing hands and Wisynco Group rose 50 cents to $16 after exchanging 45,650 units.