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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)2020202120222023
Revenue72128239461
Operating Profit173462136
Net Profit11242879
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)20222023
Total Assets478649
Total Liabilities31957
Total Debt28723
Total Equity159592
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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