August 14, 2024

GWEST Corporation Limited (GWEST)

Unaudited financials for the first three months ended June 30, 2024:

GWEST Corporation Limited (GWEST) for the first three months ended June 30, 2024, reported a 14% increase in revenue totalling $56.18 million compared to $49.29 million in the corresponding three months last year.

Cost of Sales amounted to $47.50 million (2023: $26.29 million), this represents an increase of 81% year over year. Consequently, Gross Profit decreased by 62% to $8.67 million compared to $23.00 million for the first three months ended June 30, 2023.

Other gains or losses increase by 62% to close at $193,000 (2023: $119,000), while Administrative Expenses decrease by 36% from $30.47 million in 2023 to $19.39 million for the three months. Consequently, Operating Loss for the first quarter amounted to $10.53 million, a 43% increase relative to $7.35 million reported in 2023.

Finance Costs totalled $5.14 million, an 8% increase from the corresponding period last year. (2023: $4.77 million).

Net Loss for the three months amounted to $15.66 million, a 29% increase from the $12.12 million reported in 2023.

Consequently, Loss Per Share for the three months amounted to $0.03 (2023: LPS: $0.02). The twelve-month trailing LPS was $0.04, and the number of shares used in these calculations was 484,848,485. Notably, GWEST’s stock price closed the trading period on August 14, 2024, at a price of $0.91.

Balance Sheet Highlights

The company’s assets totalled $1.74 billion (2023: $1.42 billion). This increase in total assets was attributable to ‘Right of use assets’ which equated to $335.90 million for the first quarter of 2024 (2023: $26.53 million). Additionally, ‘Investment Property’ also contributed to the increase amounting to $723.68 million for the first quarter of 2024 (2023: $677.83 million).

Shareholder’s equity was $687.39 million (2023: $704.44 million), representing a book value per share of $1.42 (2023: $1.45).

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