Western Investment Company Files Q2 Financial Statements and Reports Record Net Income of $699,499 for the Quarter, with all five Investees Contributing to Earnings

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company Files Q2 Financial Statements and Reports Record Net Income of $699,499 for the Quarter, with all five Investees Contributing to EarningsHigh River, Alberta--(Newsfile Corp. - August 27, 2021) - The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\" or \"Western\") announces that it has filed its Q2 financial statements and MD&A on SEDAR which can viewed on Western's SEDAR profile at https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00038001.WICC CEO Scott Tannas provides the following commentary: \"Our portfolio companies gained significant revenue and earnings momentum in the second quarter, with each of our five companies in the black and setting second quarter sales records.Portfolio Report- The pace of growth at Fortress Insurance continues to accelerate, with Gross Written Premiums in the quarter up 2800% over the prior year, and up 125% over Q1. Gross Written Premiums in the first six months were at $2.28 million and rising. The trailing 12 month claims ratio was 28%. Fortress Insurance earned a small profit in Q2, many quarters ahead of plan. Management is moving quickly to seize on opportunities in the insurance market in Western Canada. We are honoured to be working with some of the best insurance brokers in the marketplace, and their support for a small, nimble regional insurance provider has resulted in exponential quarterly growth. CEO Shafeen Mawani and his team are working hard to build on the early success at Fortress Insurance. - At GlassMasters, Roger Tulk and his team enjoyed a great start to their traditional spring/summer windshield replacement season, setting record high sales in June. Roger reports strong consumer demand has continued through July and August. GlassMasters' inventory strategy provided a significant advantage this season, as less well stocked competitors were unable to respond to demand and remain vulnerable to a still recovering product supply chain. - Ocean Sales continues its pandemic recovery with strong sales growth from their online channel and in their partnership with a big box retailer. As a result, Ocean Sales provided a contribution to net income, further highlighting the resiliency of the people and the company. While large public events have not yet returned to normal, Ocean Sales is participating in a select...

More updates from Western Investment Company Of Canada Limited