Driven by 21% fall off in sales of J$2.05 billion

Durrant Pate/Contributor

Jamaican energy renewable company, Wigton Windfarm Limited has seen its net profit for the year ended March 31, 2022 plummet to J$472.09 million, representing a 40 per cent year-over-year decline.

It has certainly been the case of no windfall profit from Wigton.

Net profit for the comparative period in 2021 was J$792.70 million. Wigton’s profit before taxation decreased by 47 per cent to close the year at J$541.96 million, down from the J$1.03 billion booked in 2021.

After taxation of J$69.87 million (2021: J$234.31 million), net profit for the year closed at J$472.09 million versus J$792.70 million booked last year. Net profit closed the fourth quarter at J$194.59 million versus net profit of J$201.05 million in the same quarter last year.

Total comprehensive income for year in review amounted to J$488.94 million (2021: J$789.38 million). For the March quarter, total comprehensive income closed at J$211.44 million (2021 income: J$197.73 million.

Sales suffered 21% hit

Sales for the year went down 21 per cent to J$2.05 billion in comparison to the J$2.59 billion reported in the prior year. For the fourth quarter, sales amounted to J$472.59 million, down from J$649.72 million in 2021.

Cost of sales went up four per cent to close the year end at J$819.57 million versus J$789.10 million booked in 2021. As such, gross profit shrank by 32 per cent to total J$1.23 billion (2021: J$1.80 billion).

Other income amounted to J$255.62 million, a 17 per cent increase when compared to J$217.85 million reported in the same period last year. Other income for the fourth quarter totaled J$42.65 million compared to J$86.94 million in 2021.

In addition, general administrative expenses increased amounting to J$607.78 million relative to J$490.71 million documented last year. General administrative expenses for the quarter fell to J$164.65 million (2021: J$194.51 million).

Consequently, operating profit declined by 43 per cent closing the year end at J$877.50 million versus J$1.53 billion reported in the prior comparable period. Finance expense fell 33 per cent from J$503.09 million in 2021 to J$335.49 million in 2022.