Cricket West Indies (CWI) has reported a net income of US$14.25 million for the financial year ending 30 September 2023.
In a statement on Tuesday, CWI noted that following its Annual General Meeting (AGM) in Antigua on Saturday, it recorded revenues of US$62.3 million in 2023.
The announcement came as CWI unveiled its Annual Report and Audited Financial Statements for the fiscal year 2022 to 2023.
CWI President, Dr Kishore Shallow, said that the organization had made collective strides during the period.
“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,” he said.
The CWI President also noted that the upcoming ICC Men’s T20 World Cup 2024 has the potential to have an economic impact on the Caribbean in the region of US$300 million.
“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,” Dr Shallow said.
CWI Chief Financial Officer Kebra Nandon said the organization was delighted to announce a further significant improvement in their financial standing, which she put down to the transformational change in the organization.
“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.” Nanton said.
“By fortifying our financial position through increased retained earnings, we have bolstered our ability to navigate future challenges,” she added.
CWI said in a statement that its financials underwent “rigorous auditing” by Grant Thornton, Antigua.