Trinidad Media Companies Report Declining Revenue and Strategic Adjustments

On November 8, 2024, One Caribbean Media reported a 15% decline in net profit before tax, totaling TT$18.6 million, alongside a six percent drop in group revenue to TT$222 million. Guardian Media Ltd announced a TT$10.2 million loss for the same period but indicated slight revenue growth compared to last year. Both companies are implementing strategies to enhance digital media presence and manage expenses in response to economic challenges.

On November 8, 2024, One Caribbean Media (OCM), headquartered in Trinidad, announced a net profit before tax decline of TT$3.3 million, representing a 15% reduction compared to the same nine-month period last year. This decline reflects a decrease in profits from TT$21.9 million to TT$18.6 million. Group revenue also saw a six percent drop from TT$236 million to TT$222 million. According to Chairman Faarees Hosein, while local media in Trinidad benefited from the 2023 government elections, OCM faced hurdles in Barbados with its renewable energy company’s performance correlated to national grid challenges. Nevertheless, the digital media sector exhibited growth, and shareholders will receive a dividend of TT$0.6 cents, slightly more than last year’s TT$0.10 cents. In a parallel development, Guardian Media Ltd (GML) reported a loss of TT$10.2 million for the first nine months of this year, marking the third consecutive quarter of financial losses. Despite this, they noted a slight increase in revenue, citing TT$72.02 million compared to TT$71.93 million during the same period last year. Chairman Peter Clarke highlighted the company’s strategic initiatives in multimedia products and expense management, resulting in a 36% decrease in year-to-date losses compared to 2023. Additionally, costs dropped by 12% in 2024, allowing GML to maintain a healthy balance sheet as they continue investing in innovative strategies to enhance brand presence and profitability.

The recent financial reports from Trinidad-based media companies, One Caribbean Media and Guardian Media Ltd, paint a picture of declining profit margins amid challenging economic conditions. Such reports highlight how external factors, including local and national events, influence revenue streams in the media sector. Furthermore, the strategic decisions taken by these companies, including their focus on digital platforms, emphasize the evolving landscape of media consumption and the necessity for companies to adapt in order to thrive.

Overall, both One Caribbean Media and Guardian Media Ltd are grappling with reduced profits, yet they are also exploring opportunities for growth, particularly in digital media. Although facing financial losses, GML’s slight increase in revenue indicates potential for recovery through strategic initiatives. The situation reflects broader trends in the media industry, illustrating the importance of adaptability and innovation in securing a stable financial future.

Original Source: www.jamaicaobserver.com