Shallow lauds strides made as CWI Unveils annual report and audited financial statements
Shallows comments followed the unveiling of CWI's Annual Report and Audited Financial Statements for the fiscal year 2022-2023, after the Annual General Meeting (AGM) held in Antigua on Saturday, March 23. CWI recorded revenues of US$62.3 million and net income of US$14.25 million for the year ending September 30, 2023.
“As we look back on the past year, I applaud the tremendous progress we have achieved together. The credit is yours, as through our unified efforts, we have made much progress. I am equally confident that our journey promises even greater rewards if we maintain this path," Shallow said.
He also expressed enthusiasm about the T20 World Cup, which will be jointly hosted in the Caribbean and United States, as he highlighted its potential economic impact of over US$300 million for the Caribbean.
“The excitement around hosting the ICC Men’s T20 World Cup 2024 resonates with us at Cricket West Indies. This is a remarkable opportunity for the Caribbean. CWI stands ready and well-positioned to make the region and cricket world proud of a magnificent spectacle in June," Shallow added.
Reflecting on the financial year in review, Chief Financial Officer, Kebra Nanton acknowledged the continued strengthening of CWI’s financial position.
"We are delighted to announce further significant improvements in our financial standing as we continue the transformational change in our organisation. Having successfully reversed the deficit of over US$2 million, which was over US$23 million in 2021, we now record a surplus of US$12 million.
Furthermore, our forecast for the end of 2024 anticipates our surplus exceeding US$20 million. This achievement lays a solid foundation for our sustainability over the next four years. By fortifying our financial position through increased retained earnings, we have bolstered our ability to navigate future challenges," Nanton declared.
CWI’s financials underwent rigorous auditing by Grant Thornton, Antigua.
The interactive Annual Report also includes sections on Cricket, Fan Engagement, and an Honours List showcasing accomplishments over the year.