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Wigton increases profit by 19.6%

For the year ended March 31, 2021, renewable energy provider Wigton Windfarms Limited saw its profit increase by 19.6 per cent to JM$792.7 million, up from $662.75 million in March 2020.

The net result was made from sales of JM$2.59 billion, which increased by 7.25 per cent over JM$2.42 billion a year earlier.

Prime Minister Andrew Holness (second left), observes as chairman, Petroleum Corporation of Jamaica, Russell Hadeed (left), inserts the strip signifying Wigton Windfarm’s official listing on the Jamaica Stock Exchange on May 22, 2019. Joining the moment are (from third left) Minister of Finance and the Public Service Dr Nigel Clarke; then-Minister of Science, Energy and Technology Fayval Williams; and general manager, Wigton Windfarm, Earl Bennett. (Photo: JIS)

Earnings per share at year end increased to JM$0.07 per when compared JM$0.06 per unit last year.

Wigton generates electricity from its wind farms, which it sells to the Jamaica Public Service Company Limited. The company operates fixed-price contracts under three power purchase agreements.

In 2020, directors reported some delay in maintenance schedules due to the impact of the pandemic on movement across borders and the slow arrival of spare parts as a result of the closure of supplies’ facilities and ports in certain regions of the world.

The solar panels located at Wigton Windfarm in Manchester, Jamaica. (File photo)

The company anticipates that normal maintenance schedules will begin once countries commence opening up for business.

Plans for expansion

Wigton, in its nine month report, said it was planning to expand beyond wind generation in order to increase its revenue base and add value to shareholders.

The plan is to introduce new business lines including project management, operations and maintenance management, and ‘innovative project financing,’ as well as enhanced training and development services.

About Wigton Windfarm Ltd.

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Posted by Wigton Windfarm Ltd. on Thursday, December 7, 2017

The projects will be developed as additional service offerings over the medium to long term.

In the area of wind energy, Wigton said it would pursue adding power supply to the local grid. It is also looking at new projects in the wider Caribbean region.

The company says its wind turbine availability of over 90 per cent provides it with a competitive edge.

Wigton’s net current assets at year end amounted to JM$10.86 billion, up from JM$9.75 billion at year end March 2020.

Cash and cash equivalents totalled JM$3.24 billion, up from JM$2.68 billion at March 2020.

Turbines oscillate on wind mills at Wigton Windfarms in Manchester, Jamaica. (File photo)

Shareholders equity improved 22 per cent, from JM$3.46 billion at March 2020 to JM$4.22 billion.

Wigton increases profit by 19.6 per cent

For the year ended March 31, 2021, renewable energy provider Wigton Wind Farms Limited saw profit increase by 19.6   per cent to JM$792.7 million, up from JM$662.75 million at March 2020.

The net result was made on sales of JM$2.59 billion which increased 7.25 per cent sales of JM$2.42 billion at March 2020.

Earnings per share at year end increased to JM$0.07, up from JM$0.06 per unit last year

Wigton, which operates wind farms , generates electricity and sells all its output to the Jamaica Public Service Company Limited.

The company  operates fixed price contracts under  three Power Purchase Agreements. 

In 2020, directors reported some delay in Maintenance schedules due to the impact of the pandemic on movement across borders,  and the slow arrival of spare parts as a result of the closure of supplies’ facilities and ports in certain regions of the world.

It was expected that  normal maintenance schedules would begin once countries commence opening up for business.

Wigton, in its nine month report, said it was planning to expand beyond wind generation in order to increase its revenue base and add value to shareholders.

The plan is for new business lines including project management, operations and maintenance management, plus ‘innovative project financing,’ as well as enhanced training and development services.

The projects will be developed as additional service offerings over the medium to long term.

In the area of wind energy, Wigton said it would be pursuing additional power supply to the local grid. It is also looking at new projects in the wider Caribbean region.

The company says its wind turbine availability of over 90 per cent provides it with a competitive edge.

Wigton’s net current assets at year end were $10.86 billion, up from $9.75 billion at year end March 2020.

Cash and cash equivalents totalled $3.24 billion, up from  $2.68 billion at March 2020.

Shareholders equity improved 22 per cent to $4.22 billion up from $3.46 billion at March 2020.