February 08, 2022
QWI Investments Limited, for the first quarter ended December 2021, reported gains from Investment Activities of $113.40 million relative to $132.43 million recorded in their first quarter last year.
Dividend & Interest Income amounted to $12.59 million for the period under review compared to $10.36 million in 2020.
QWI recorded $17.39 million worth of Unrealized Currency Gains in their first quarter. In the first quarter of 2020, the company had an Unrealized Currency Loss on their books valuing $10.73 million.
Total Income for the quarter increased by 9% when compared against last year’s figure totalling $143.39 million. (2020: $132.05 million)
Administrative Expenses grew by 204% when compared against last quarter’s figure (2021: $32.32 million, 2020: $10.62 million). According to Management this was, “due to increased insurance and investment management expenses.
Interest Expense for the quarter also grew by 44% to stand at $7.76 million (2020: $5.40 million).
QWI’s Profit before Taxation for the quarter stood at $103.31 million, 11% less than in the first quarter of 2020 (2020: $116.03 million). Despite the dip, management noted that, “All three markets in which the portfolio is invested contributed capital gains and the performance of the Company’s USA investment portfolio was a notable strength in the quarter, producing a total return of 8.9 percent in US dollars.”
After incurring Taxes valued at $20.27 million (2020: $24.29 million), QWI’s Net Profit in the first quarter ended December 30, 2021, totalled $83.04 million, 9% less than the $91.74 million recorded in 2020.
Earnings per Share for QWI’s first quarter amounted to $0.06. (2020: $0.07). The Trailing Twelve Months EPS amounted to $0.26. The total shares outstanding used for this calculation was 1,365,000,015. Additionally, QWI closed the trading the period on February 07, 2022, at a price of $0.87 with a P/E of 3.37 times.
Balance Sheet at a Glance:
As of December 31, 2021, QWI’s Total Assets were valued at $2.42 billion (2020: $1.81 billion), a 34% increase quarter over quarter. The increase was mainly attributable to growth in ‘Local Quoted Investments’ which closed at $1.72 billion (2020: $1.30 billion) and ‘Other Receivables & Due from Brokers’ which grew by 5617% to $106.20 million (2020: $183,911).
Total Equity as of December 31, 2021, amounted to $1.91 billion (2020: $1.57 billion). This resulted in a net asset value per share of $1.40, increasing from $1.15 in 2020.
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