Wigton Energy saw its pre-tax profits for the first six months of financial year 2024/25 increase over 100 per cent on the back of higher revenues and cost containment measures.

For the period ending 30 September 2024 total revenue amounted to $1.42 billion or 12.9 per cent more than the $1.25 billion earned in the corresponding period a year ago.

The directors credited the increase in revenue to higher production levels in June 2024. Wigton achieved a total production of 63.6 million kWh (2023: 68.2) during the period despite the lower average availability 74.9 per cent (2023: 90.8 per cent) as a result of the downtime associated with Hurricane Beryl.

The company also collected $239.4 million in proceeds from business interruption insurance related to Hurricane Beryl.

In terms of expenses, the company’s cost of sales, general and administrative expenses, and share of associates’ net loss for the period decreased by $36.8 million or 4.3 per cent relative to the same period last year “as a result of continued prudent management of expenses”.

Finance expense also fell during the period under review, dipping $27.4 million or 13.1 per cent when compared to the half-year in FY2023/24.

“…the company continues to benefit from the March 2022 restatement of its bonds, which introduced lower interest rates and quarterly principal payments,” the report to shareholders outlined.

Profit before taxation was $413.06 million compared to $186.63 million last year, which wearas 226 per cent more.

However, owing to an income tax credit in FY2023/24, tax payments in the period under review contributed to a lower net profit of $143.99 million – shortfall of $290.86 million.

“At the end of the period, shareholders’ equity amounted to $5.4 Bn, reflecting a $0.5 Bn or 9.6% increase from the equity of $4.9 Bn in the SPLY. This growth can be attributed to the reduction in the income tax rate applicable to the Company, from 33 1/3% to 25%, and an enhanced overall performance.