Being listed on the market for just over a month, Wisynco has already impressed investors with their first release of financial results.
These results presented were not only better than the same period in 2016, and not generated from normal operations but were also generated through weather conditions that impacted direct consumers.
The company reported net profit of $1.22 billion for the six months ended December 2017 or $0.34 cents per share. This is not only commendable, providing this was before listing, and their consumers’ businesses were significantly impacted by the rains, but it shows the quality of the company itself, showing that nothing can stop the company from growing.
For the three months ended December 2017, Net Profit rose to $578 million from $470 million in December 31, 2016, a 23 percent increase and earnings per share rose from $0.13 cents to $0.16 cents. Revenue generated by the company slightly exceeded $12.2 billion, with the last quarter creating the majority, with little over $6 billion. This shows an increase of $1.66 million or 15.7 percent for the six months, quarter over quarter.
Two months before listing, Wisynco got approval from the tax authorities for the transfer of three non-core operations to its parent. These operations include Wisynco Foods limited, Seville Development Limited and Fusion Limited, valued at about $1 billion after tax, which now falls under the Wisynco Group (Caribbean) Limited.
According to Mr. Mahfood, capital is being spent on recovery from the fire in 2016, which should be finished by the end of its financial year in June 2018. As such, the company will focus on controlling their cash.
The 2 billion dollar project involving the construction of cold-storage facilities, which is a part of the recovery, was also delayed due to inclement weather during summer but hopes to be finalised in the upcoming fourth quarter.
The company’s fixed assets have grown by $1.37 million or 37 percent to $5.09 billion from $3.72 billion even through the recovery process. They listed on the market at $7.87 and is currently trading at $10.70, with an all-time high of just short of $14.00, which shows positive investor relations.
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