- Water Ways (WWT) filed its Interim Financial Statements and Managements Discussion and Analysis for the three and six months periods ended June 30, 2022
- Sales for the six months ended June 30, 2022, totaling $9.5M compared to $12.1M for the same period last year
- Company’s product sales to South and Central America increased significantly to $3.2M against $1.8M in June, 2021
- Water Ways is an agro-tech company that specializes in providing water irrigation solutions to agricultural producers
- Water Ways Technologies Inc. (WWT) opened trading at C$0.225 per share
Water Ways (WWT) filed its Interim financial statements and managements discussion and analysis for the three and six months periods ended June 30, 2022.
Ohad Haber, President, CEO and Chairman of the Board of Water Ways, commented on the results.
“We are continuing to build and grow Water Ways Technologies. We started the year with a record backlog of $13M. Our Canadian business is growing rapidly. The War in the Ukraine and the lockdown in China delayed some of our business in Asia and proved challenging”.
Highlights – first half 2022:
- Sales for the six months ended June 30, 2022, totaling $9.5M compared to $12.1M for the same period last year. Decrease was mainly due to delay in the commencement of the Uzbekistan projects and the lockdown in China
- Product sales to South and Central America increased significantly to $3.2M against $1.8M in June, 2021
- Net profit amounted to $3.9M compared with $0.2M for comparable period in 2021
- Record sales of Heartnut Grove WWT Inc., the company’s wholly owned Canadian subsidiary, increased substantially and reached $4.9M compared to $3.8M for six months ended June 30, 2021
- Working capital remains flat as of June 31, 2022 totaling $4.6M
- During the six months period, the company signed a Letter of Intent to acquire the Chilean irrigation company Hidrotop. It preformed and completed its Due Diligence and on August 23, the board of directors approved the execution of a definitive agreement for the acquisition of 51 per cent of the shares of Hidrotop
- During the three months period ended March 31, 2022, the company received the largest contracts in its history in Uzbekistan, resulting in orders of over $9.4M
Water Ways is an agro-tech company that specializes in providing water irrigation solutions to agricultural producers. It designs, supplies and installs an irrigation system for application in various agricultural and aquacultural operations.
Water Ways Technologies Inc. (WWT) opened trading at C$0.225 per share.