WIGTON Windfarm has entered into a financial advisory services agreement with Mayberry Investment, which is the parent company to one of its top 10 shareholders.

Mayberry Jamaican Equities is the second-largest shareholder in Wigton, which is the largest wind farm in the English-speaking Caribbean. Mayberry commands 991 million shares, representing just over nine per cent share equity.

No details have been provided about the financial advisory services agreement but it comes after Wigton posted a decline in profits and revenues during the nine months ended December 31, 2021.

Net profit for the period under review totaled $277.50 million, down from the $591.65 million reported during the comparable period in 2020. Net profit for the December third quarter also declined to close at $35.52 million.

The company reported that “the nine-month period, April to December 2021, saw an overall reduction of 53.1% in net profit. This decrease was a result of the equipment maintenance cost, lower levels of production (which impacted sales revenue), and the impact of the contractual rate reduction for Wigton Phase II”.

Profit before taxation for the combined three quarters fell by 53 per cent to close at $365.13 million, down from $778.49 million during the comparable period in 2020. Taxation amounted to $87.63 million, down from the $186.84 million booked in 2020.

During the period under review Wigton reported sales of $1.58 billion, representing a 19 per cent decrease on the $1.94 billion reported in the prior year. Revenues for the quarter decreased by 36 per cent to $367.45 million.

Due to the poor performance, management is looking at a number of options to boost revenues and profitability including the resumption of selling carbon credits.

— Durrant Pate