Wigton concludes Jamaica Inn and Carreras solar systems, eyes more commercial and industrial projects
Wigton Energy Limited indicates that it has implemented and constructed two new solar photovoltaic systems in conjunction with Innovative Energy DBA IEC SPEI Limited under the ir Wigton-IEC joint venture. The projects are the Jamaica Inn Limited and Carreras Limited.
The company is also working to expand its presence in the commercial and industrial sectors, management stated in the report for the nine months ended December 31, 2024.Wigton, formerly a wholly owned subsidiary of the Petroleum Corporation, is now publicly listed on the Jamaica Stock Exchange’s main market. Its principal activity is the generation and sale of electricity from wind technology and solar power
Management states that discussions are also underway regarding the repowering of Wigton Phase I in Rose Hill, Manchester in relation to the Addendum to the Wigton Phase I Generation License, 2023, which was executed between the Minister of Science, Energy, Telecommunications, and Transport and Wigton, effective November 21, 2024.
This Addendum allows Wigton to generate electricity under the license using solar power instead of wind power. In addition, Wigton was one of two successful bidders in the tender issued by the Generation Procurement Entity (GPE) for the supply of up to 100 MW (Net) of electricity from renewable energy resources on a build, own, and operate basis.
Wigton's winning bid involves the supply of 49.83 MW of renewable solar power, with the decision of the GPE announced on November 22, 2024.
For the nine reporting period, however, net profit for Wigton fell by $262.2 million, or 53.4 per cent compared to the same period in 2023.
The decrease in the net profit after tax was primarily due to the one-off tax credit received in 2023. For the quarter ended December 31, 2024, profit after tax saw a year-over-year decline of $67.7 million, or 496.4 per cent, largely due to the one-off tax credit previously mentioned for 2023 and lower wind production this year relative to 2023.
Total revenue (sales and other income) for the period ended December 31, 2024, was $1.81 billion, reflecting an increase of $55.9 million or 3.2 per cent compared to $1.75 billion earned in 2023.
The increase in total revenue was as a result of the higher production levels up to June 2024 and a business interruption insurance provision (claim) of $239.4 million related to Hurricane Beryl, which helped mitigate the production loss, post the hurricane.
Total expenses which include cost of sales, general administrative expenses, and share of associates, for the period decreased by $26.0 million or 2.1 per cent when compared to 2023.
Finance expense also declined by $43.7 million or 14.1 per cent when compared to 2023 as the Company continues to benefit from the March 2022 restatement of its bonds, which introduced lower interest rates and quarterly principal payments.
Wigton Energy Limited posted operating cash flows of $442.8 million. However, cash was impacted by outflows from financing activities including loan repayments, interest payments, and dividends, as well as capital expenditure.
Cash and cash equivalents decreased to $2.77 billion at nine months December 2024, reflecting the combined effect of financing and investment outflows. 2023 cash and cash equivalents was $3.52 billion.
Total liabilities amounted to $4.6 billion, marking a decrease of $0.8 billion or 14.9 per cent compared to 2023 when liabilities stood at $5.4 billion.
This reduction primarily resulted from quarterly principal instalments for bond A and the deferred tax liabilities.
During the reporting period, Wigton experienced a 3.8 per cent decrease in total assets, amounting to $396.8 million. Non-current assets saw a 2.7 per cent decline, totaling $155.7 million, primarily due to depreciation of the Company’s fixed assets.
Management reported ongoing negotiations to replace the fully depreciated Wigton Phase I equipment with new equipment. Current assets decreased by $241.1 million or 5.3 per cent.
At the end of the nine month period, shareholders’ equity amounted to $5.3 billion, reflecting a $0.4 billion or 8.2 per cent increase from the equity of $4.9 billion at nine months in 2023.
Caribbean Money Daily
Caribbeanmoney.blogspot.com
Follow us for breaking news
Contact: austanny@yahoo.com/
1 876 727 3818
Comments
Post a Comment