1st Apr 2022 10:14
Woodbois Ltd - Guernsey-based timber producer - Swings sharply to a pretax profit of USD90.7 million in 2021 from a loss of USD4.2 million in 2020. The improvement was attributed to the firm securing 71,000 hectares of additional high quality, virgin forest in Gabon, giving rise to an accounting 'gain on bargain purchase' of USD88 million. Revenue rises 14% to USD17.5 million from GBP15.3 million despite continued disruption to shipping through the year. Revenues from its own production increased by 83% to USD8.0 million from USD4.4 million in 2020. The company increases its net assets by 65% to USD258.4 million from USD156.8 million, largely due to the revaluation of its properties in Gabon and the purchase of La Gabonaise des Forets et de l'Industrie du Bois. Company says the first quarter of 2022 has been ahead of the previous year despite shipping challenges which it expect to persist in the first half. Read More
