Wigton’s Q3 Loss a ‘Blow’ to its 9M Performance

  • Wigton Energy Limited (Wigton), formerly known as Wigton Wind Farm, saw its profits decline for the 9 months ending December 31, 2024 (9M 2025), as headwinds to its Q3 2025 performance added to already weak performance for the first 6 months of its financial year.
  • Q3 Sales and other income, which constitute total revenues, fell by 16.6% and 56.1% to J$370.38Mn and J$25.42Mn, respectively. However, 9M revenues are still up 3.2%, owing to higher energy production levels up to June 2024 and a business interruption insurance provision of $239.4Mn after Hurricane Beryl.
  • Q3 direct costs fell 10.2% over the quarter but it only partially offset the fall in revenues, resulting in a 25.6% gross profit decline to J$138.20Mn. Meanwhile, operating costs rose 26.8% amid higher general administrative expenses. As a result, Wigton had a Q3 operating loss of J$23.22Mn, down from an operating profit of J$96.15Mn in the previous year (Q3 2024).
  • However, finance expenses declined for the quarter, down by 16.1% as the Company continues to benefit from the March 2022 restatement of its Bonds, which introduced lower interest rates and quarterly principal payments.
  • With the lower revenues and higher operating expenses, the company experienced a net loss of J$81.38Mn for Q3 2025 and when added to its weakened H1 2025 performance resulted in a 9M 2025 net profit of J$228.42Mn (-53.4%year on year).
  • Going forward Wigton is looking to achieve sustained profitable growth by diversifying into other renewable energy solutions while improving operational efficiency and seeking solo or partnered investment opportunities. Successful execution will be critical to drive earnings growth and growing shareholder value.
  • At the close of the stock market on February 19, 2025, Wigton's share price stood at $1.24, implying a P/E ratio of 20.0x, which is below the average for the Energy, Industrials and Materials (EIM[1]) industry of 23.66x.

(Sources: JSE & NCBCM Research)

 

[1] The EIM industry consists of CCC, MPCCEL, WIG, TJH, KW, and BRG