FY2023 FINANCIAL Highlights
Year Ending Dec. 31, 2023
This year’s results highlight our continued focus on building a resilient business that is well positioned for further growth.
Income Statement Highlights
For the Financial Year ending December 31, 2023, 1GS saw a 93% increase in Revenues relative to FY 2022. Net Profits grew to $79 million, a 183% increase from the $27.9 million recorded for FY 2022. This growth was primarily driven by the full-year integration of our SEO business line.
| JMD (millions) | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Revenue | 72 | 128 | 239 | 461 |
| Operating Profit | 17 | 34 | 62 | 136 |
| Net Profit | 11 | 24 | 28 | 79 |
93%
Increase in
Revenue YoY
183%
Increase in Net
Profit YoY
30%
Operating
Profit Margin
17%
Net Profit
Margin
Balance Sheet Highlights
For the reporting period, Total Assets grew by $171.3 million or 35.8% over 2022’s $478.1 million outturn. Total Equity grew by J$432.6 million or 271.4%. Total liabilities fell by $261.3 million or 82.0%. Asset growth was primarily driven by higher bank and investment balances.
| JMD (millions) | 2022 | 2023 |
|---|---|---|
| Total Assets | 478 | 649 |
| Total Liabilities | 319 | 57 |
| Total Debt | 287 | 23 |
| Total Equity | 159 | 592 |
J$649M
Total Assets
J$592M
Total Equity
6.79x
Cash Ratio
(inc. inv.)
Credit Quality, Liquidity, & Cashflow
We repaid most of our loan balances within the financial year. Consequently, our balance sheet has only $23.4 million in debt compared to $592 million in equity. Operating cashflow recorded for FY 2023 was $117.3 million. This was driven by a higher level of profitability combined with continued efficient cash conversion. Higher operating cashflows resulted in higher bank and investment balances.
3.00x
Operating Cashflow
Ratio
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