q1 RESULTS Highlights
Quarter Ending Mar. 31, 2024
This quarter’s results reflect how our management team has maneuvered a challenging environment. We remain committed to increasing shareholder value and improving operational efficiencies.
Income Statement Highlights
For the 1st quarter ended March 31, 2024, 1GS saw a 21% reduction in Revenues relative to the same period in FY 2023. The Net Profit outturn was $10.3 million, a 55% reduction from the $23 million recorded in Q1 2023. The pullback in Revenues and Profits was largely driven by lower performance of our SEO business segment compared to the same period last year. Despite the decline in this particular segment, we remain confident in the resilience of our overall business model and the strength of our diversified portfolio and clientele.
| JMD (millions) | 2022 | 2023 | Q1 2023 | Q1 2024 |
|---|---|---|---|---|
| Revenue | 239 | 461 | 115 | 91 |
| Operating Profit | 62 | 136 | 43 | 14 |
| Net Profit | 28 | 79 | 23 | 10 |
21%
Decrease in Revenue YoY
55%
Decrease in Net Profit YoY
15%
Operating
Margin
11%
Net Profit
Margin
Balance Sheet Highlights
For the reporting period, Total Assets grew by $143 million or 27.4% over Q1 2023’s $523.8 million outturn. Total Equity grew by J$421.9 million or 233.1%. Total liabilities fell by $278.5 million or 81.2%. Total Asset growth was primarily driven by higher short- term investment balances.
| JMD (millions) | 2023 | Q1 2023 | Q1 2024 |
|---|---|---|---|
| Total Assets | 649 | 524 | 667 |
| Total Liabilities | 57 | 343 | 64 |
| Total Debt | 23 | 290 | 23 |
| Total Equity | 592 | 181 | 603 |
J$667M
Total Assets
J$603M
Total Equity
6.03x
Cash Ratio
Credit Quality, Liquidity, & Cashflow
For Q1 2024, our cash resources (cash and investments) grew by $142.6 million or 108.9%. This was largely driven by a combination of increased profitability and capital raised from our IPO. Consequently, our balance sheet has only $22.8 million in debt compared to $603 million in equity. On March 20, 2024, our Board of Directors passed a resolution approving an interim dividend payment of $0.012 per share; payable to shareholders on record as at April 10, 2024, with payment on May 3, 2024. Higher operating cashflows resulted in higher bank and short- term investment balances.