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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
Operating Profit173462136
Net Profit11242879

Increase in
Revenue YoY


Increase in Net
Profit YoY


Profit Margin


Net Profit

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

Total Assets


Total Equity


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.


Operating Cashflow

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