The latest quarterly financial report from One Caribbean Media (OCM) is showing increasing revenue for the group as it confirmed that Carnival activities in Trinidad and Tobago earlier this year were a big boost to the company’s bottom line.
The media group, which is headquartered in the twin-island republic and owns controlling interest in the Nation Newspaper and Starcom Network in Barbados, recorded an operating profit of US$741 000 (BDS$1.48 million) for the quarter ending March 31, 2023. This position was down from the US$794 000 (BDS$1.58 million) reported for the corresponding period last year.
However, OCM, which also operates the Trinidad Express Newspaper and TV6 in Trinidad as well as the Grenada Broadcasting Network, recorded group revenues of US$11.3 million (BDS$22.6 million), representing a four per cent increase over the comparative period last year. The net profit before tax reached US$5.2 million (BDS$10.4 million), accounting for a three per cent increase.
Chairman of the OCM Board of Directors Faarees Hosein commented: “The Group recorded strong growth in its media segment, in particular the radio assets which benefitted from the return of Carnival and related entertainment events in Trinidad and Tobago.”
He also drew shareholders’ attention to the recent investments the company made in solar farms and real estate in Barbados, which “also made a useful contribution to the Group’s performance”.
“The one-megawatt solar farm was fully commissioned in December 2022. The investment property acquired at the end of 2021 achieved an increase in occupancy level. The television rights for the Caribbean Premier League (CPL) for both the Trinidad and Tobago and Grenada markets for 2023 to 2025 were secured, which stands to benefit our television segment in the third quarter,” the chairman said.
According to Hosein, the media group maintained its commitment to further improving operational efficiencies and was “cautiously optimistic that the Group will continue its growth trajectory”.
(IMC1)
