2 weeks Ago
ONE Caribbean Media Ltd (OCM) has reported an after-tax profit of $14.1 million for the nine months ended September 30, 2024. For the same period last year, the after-tax profit was $16.
1 million. In his statement, OCM chairman Faarees Hosein said for the nine months ending September 30, 2024, group revenue of $222 million (US$32.6 million) declined by 6%, while the net profit before tax of $18.
6 million (US$2.7 million) declined by 15% compared to the prior year. He said the group’s Trinidad media benefited from local elections held in August 2023, while “in Barbados, the performance of our renewable energy company continues to be impacted by challenges with the national grid.
“ “Green Dot and Flexipac continue to demonstrate consistent revenue and profitability growth while maintaining robust profit margins. In the case of Flexipac, the company continues to increase its regional export volumes and forex earnings. This growth trajectory is expected to continue as new product offerings are launched in the coming months,” he added.
Hosein stated that management’s focus on implementing strategies to grow digital revenue continues to yield positive results, with all digital platforms reporting growth: “A number of new innovative strategies are being developed and are expected to further enhance the growth momentum,” he said. Hosein said that additional operational efficiencies are being pursued to better position the group for improved profitability and margins. “As we progress along our strategic path, we remain attuned to the evolving environment.
Our management and staff are committed to navigating the current and emerging challenges as we seek to deliver on stakeholder expectations,” he stated. The Express newspaper and CCN TV6 are part of the OCM group..
