March 1, 2024
One Great Studio Company Limited (1GS) for the year ended December 31, 2023, reported a 93% increase in Revenue totaling $461.05 million compared to $238.93 million in the corresponding period last year. Management noted, “This was primarily driven by the full-year integration of our SEO business line. Notably, no more than 7% of our income originated from any single client in FY 2023”. Revenue for the fourth quarter had a 4% decrease to close at $99.21 million compared to $103.88 million for the comparable quarter of 2022.
Cost of sales amounted to $201.66 million (2022: $111.07 million), this represents an increase of 82% year over year. Consequently, gross profit increased by 103% to $259.39 million compared to $127.87 million for the year ended December 31, 2022. The company booked gross profit of $75.42 million for the fourth quarter versus $58.41 million reported for the similar quarter of 2022.
Administrative expenses increased by 87% to close at $123.16 million (2022: $65.78 million), while Operating profit increased by 119% from $62.09 million in 2022 to $136.23 million in the period under review. As a result, other income for the year ended December 31, 2023, amounted to $6.11 million, a 131% increase relative to $2.64 million reported in 2022.
EBITDA for the year amounted to $132.71 million, a 149% increase relative to $53.19 million reported in 2022. EBITDA for the fourth quarter amounted to $6.03 million (2022: $36.29 million). Interest expenses totalled $26.96 million, a 119% increase from the corresponding period last year. (2022: $12.29 million).
Profit before Taxation for the year amounted to $97.64 million, a 175% increase relative to $35.47 million reported in 2022. Profit before Taxation for the fourth quarter amounted to $4.13 million (2022: $20.91 million).
Taxation charge for the year had a 145% decrease to reach $18.56 million (2022: $7.57 million). Net profit for the year end amounted to $79.08 million, a 183% increase from the $27.90 million reported in 2022. 1GS highlighted “This growth was primarily driven by the full-year integration of our SEO business line”. For the fourth quarter, Net profit for the quarter was $1.74 million (2022: $16.45 million).
Consequently, Earnings Per Share for the year end amounted to $0.05 (2022: EPS: $0.02), while Earnings Per Share for the quarter totaled $0.001 (2022: EPS: $0.01). The number of shares used in these calculations was 1,693,131,075.
Notably, 1GS’s stock price closed the trading period on February 29, 2024, at a price of $0.95 with a corresponding P/E ratio of 20.34x.
Balance Sheet Highlights
The company’s assets totalled $649.38 million (2022: $478.08 million). The growth resulted primarily from a 404% jump in ‘Short term investments’ closing at $230.84 million.
Shareholder’s equity was $592.04 million (2022: $159.42 million), representing a book value per share of $0.35 (2022: $0.09).
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