q2 RESULTS Highlights
Quarter Ending June 30, 2024
Amid platform transformations and challenging economic conditions in our primary markets, our committed management and staff have remained focused on optimizing operations to deliver exceptional service to our clients while enhancing shareholder value.
Income Statement Highlights
For the quarter ended June 30, 2024, One Great Studio (1GS) reported $84.5 million in revenues compared to $120.5 million for the same period in 2023, with net profits of $13.3 million, down from $27.1 million in Q2 2023. This downturn was primarily driven by reduced revenues from our SEO business, a key segment impacted by recent changes in Google’s algorithm and challenging economic conditions in our primary markets. Despite these hurdles, we are proactively adapting to the evolving market environment and are well-positioned to leverage emerging technologies. We remain optimistic about our future and confident in our ability to thrive in this dynamic digital landscape.
| JMD (millions) | 6M 2023 | 6M 2024 | Q2 2023 | Q2 2024 |
|---|---|---|---|---|
| Revenue | 235 | 175 | 121 | 85 |
| Operating Profit | 82 | 22 | 43 | 8 |
| Net Profit | 50 | 24 | 27 | 13 |
$175.3M
YTD
Revenue
$23.6M
YTD Net
Profit
12.7%
YTD Operating
Margin
13.5%
YTD Net Profit
Margin
Balance Sheet Highlights
Total assets increased by $92 million or 16.7%, reaching $644.7 million compared to the $552.4 million reported in Q2 2023. Total equity increased by $344.1 million, or 136.6%, while total liabilities decreased by $251.7 million, or 83.8%.
| JMD (millions) | 2023 | Q2 2023 | Q2 2024 |
|---|---|---|---|
| Total Assets | 649 | 552 | 645 |
| Total Liabilities | 57 | 300 | 49 |
| Total Debt | 23 | 242 | 17 |
| Total Equity | 592 | 252 | 596 |
J$645M
Total Assets
J$596M
Total Equity
7.72x
Cash Ratio
Credit Quality, Liquidity, & Cashflow
Cash resources (cash and investments) increased by $91.8 million year over year (YOY). Our balance sheet now reflects just $16.6 million in debt, down from $241.6 million at the same time last year. Higher operating cashflow resulted in higher bank and short-term investment balances.