q3 RESULTS Highlights

Quarter Ending Sept. 30, 2023

This quarter’s results highlight our continued focus on building a resilient business that is well positioned for further growth.

Income Statement Highlights

For the 3rd quarter ending September 30, 2023, 1GS saw a 159% increase in Revenues relative to the same period last year. Net profit for the quarter was J$27.2 million; a sharp increase compared to the same period last year resulting in improved profit margins across the business.

JMD (millions)	9M 2023	9M 2022	3M 2023	3M 2022
Revenue	362	135	126	49
Operating Profit	125	23	43	0.34
Net Profit	77	11	27	(3)

J$361.8M

YTD
Revenue

J$77.3M

YTD Net
Profit

34.5%

Operating
Margin

21.4%

Net Profit
Margin

Balance Sheet Highlights

For the reporting period, Total Assets grew by J$204.3 million or 44.5% over the same quarter last year. Total Equity grew J$440.9 million or 297.1%. Total liabilities decreased by J$236.6 million or 76.0%. Asset growth was largely driven by higher cash, bank, and investment balances.

JMD (millions)	Sept. 2023	Sept. 2022	Dec. 2022
Total Assets	664	460	478
Total Liabilities	75	311	318
Total Equity	589	148	159

J$664M

Total Assets

J$589M

Total Equity

4.79x

Cash Ratio

Credit Quality, Liquidity, & Cashflow

We repaid most of our loan balances within the 3rd quarter. Consequently, our balance sheet has only J$24 million in debt relative to J$589 million in equity. Operating Cashflows recorded for the 9 months ended September 30, 2023, was J$116 million. This was driven by a higher level of profitability combined with more efficient cash conversion. Higher operating cashflows resulted in higher cash, bank, and investment balances.

2.13x

Operating Cashflow
Ratio