QWI Sinks Deep Into Loss

• For the year ended September 30, 2020 QWI Investments Limited reported an unaudited net loss of $452.97Mn (EPS: -$0.33), down 382.2% (or $701.57Mn) relative to the net profit of $248.60Mn (EPS: $0.55) reported in 2019.
• This performance was primarily due to losses from investments totaling $490.81Mn relative to the gain of $389.50Mn made in 2019. This was due primarily to losses on the Jamaican portfolio of $524Mn and $43Mn in gains on the overseas portfolios. QWI also had an unrealized currency loss of $3.30Mn for the period.
• The Company’s portfolio is currently largely weighted towards the local stock market which has fallen off significantly year to date. Looking forward, the directors believe the JSE will provide attractive investment returns as the Jamaican economy strengthens.
• QWI’s stock price has decreased by 29.5% since the start of the year, closing Tuesday’s trading session at $0.74. At this price, the stock currently trades at a P/B of 0.5x, which is below the Main Market Financial Sector Average of 1.7x.

(Source: QWI Financials)