CWI reports a net income of US$14.25 million for 2023

Cricket West Indies (CWI) reported a net income of US$14.25 million for the financial year ending 30 September 2023, with revenues reaching US$62.3 million. The organization unveiled its Annual Report and Audited Financial Statements for the fiscal year 2022 to 2023 following its Annual General Meeting in Antigua. CWI President, Dr. Kishore Shallow, praised the collective progress made during the period and expressed confidence in the future rewards if they continue on this path.

Dr. Shallow highlighted the upcoming ICC Men’s T20 World Cup 2024 as a significant opportunity with the potential to have an economic impact of around US$300 million in the Caribbean region. He emphasized CWI’s readiness and positioning to host a magnificent spectacle in June. The organization’s Chief Financial Officer, Kebra Nanton, credited the transformational change within the organization for the significant improvement in their financial standing, leading to a surplus of US$12 million in 2023 from a previous deficit of over US$2 million.

With a forecast for the surplus to exceed US$20 million by the end of 2024, CWI has strengthened its financial position through increased retained earnings, ensuring sustainability for the next four years. Nanton mentioned that this achievement lays a solid foundation for navigating future challenges. The organization’s financials underwent rigorous auditing by Grant Thornton, Antigua, ensuring transparency and accountability in their financial statements.

The announcement of CWI’s financial results comes as a positive sign of progress and success for the organization, reflecting their commitment to financial stability and sustainability. The projected surplus and surplus exceeding US$20 million by the end of 2024 demonstrate the effectiveness of their strategic planning and initiatives. The transformational change within CWI has been instrumental in turning around previous deficits into significant surpluses, setting a strong foundation for future growth and development.

Overall, the financial performance of CWI for the fiscal year 2022 to 2023 reflects a positive trajectory towards financial stability and growth, with the organization poised to capitalize on upcoming opportunities such as the ICC Men’s T20 World Cup 2024. The commitment to transparency, accountability, and strategic planning has enabled CWI to achieve significant improvements in their financial standing, laying the groundwork for continued success in the years ahead. As they continue on this path of progress and transformation, CWI aims to further strengthen their position as a leading cricketing organization in the Caribbean region and on the global stage.