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

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

Dr Shallow highlighted the upcoming ICC Men’s T20 World Cup 2024 as a significant opportunity for the Caribbean, with the potential to have an economic impact of US$300 million in the region. He expressed excitement about hosting the event and mentioned that CWI is well-positioned to deliver a magnificent spectacle in June. The organization’s Chief Financial Officer, Kebra Nandon, expressed delight in announcing a significant improvement in CWI’s financial standing, attributing it to the transformational change within the organization that led to a surplus of US $12 million. She also mentioned that the forecast for the end of 2024 anticipates the surplus exceeding US $20 million, laying a solid foundation for sustainability over the next four years.

CWI mentioned that its financials underwent rigorous auditing by Grant Thornton, Antigua. The organization’s success in turning around a deficit of over US $2 million to a surplus of US $12 million demonstrates its commitment to financial stability and sustainability. By fortifying its financial position through increased retained earnings, CWI has strengthened its ability to navigate future challenges. The organization’s focus on transparency and accountability in its financial management has contributed to its positive financial results and outlook for the future.

The announcement of CWI’s net income and revenues for the fiscal year 2022 to 2023 comes after the organization’s AGM in Antigua, where progress and achievements were celebrated. Dr Kishore Shallow praised the efforts of all involved in achieving the progress made during the period, emphasizing the importance of unity and collective action in moving the organization forward. The upcoming ICC Men’s T20 World Cup 2024 was highlighted as a significant opportunity for the Caribbean, with CWI ready to deliver a world-class event that could benefit the region economically.

Overall, CWI’s financial results for the reported period reflect a positive trajectory for the organization, demonstrating growth, stability, and a commitment to financial sustainability. The successful turnaround from a deficit to a surplus, as well as the forecasted surplus for the coming years, show CWI’s dedication to effective financial management and strategic planning. With the support of its stakeholders and partners, CWI is well-positioned to continue its progress and make a positive impact on cricket in the Caribbean region and beyond.