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|
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|
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.
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