The National Communications Network (NCN) reported a notable increase in revenue for 2022, according to its audited financial report presented at the Annual General Meeting (AGM) held today at the Arthur Chung Conference Centre.
NCN’s revenue for 2022 rose to GYD 350.9 million, up from GYD 317.7 million in 2021, reflecting a significant increase of 33.1 million dollars or 33.1%.
This boost was largely driven by improved revenues from news programs and sports sponsorships.
Despite the increase in revenue, the company faced a net loss after taxation of GYD 3.86 million.
This represents a dramatic decline of 105.77% in profit after taxation compared to a profit of GYD 66.93 million in 2021.
Chairman Raymon Cummings acknowledged the revenue growth but also highlighted the company’s financial challenges.
Kwame McCoy, Minister of Public Affairs within the Office of the Prime Minister, emphasized the importance of NCN’s role in public education and entertainment.
He encouraged the management and staff to continue their efforts despite facing criticism and scrutiny.
This marks the third consecutive year that NCN has presented its annual financial report, underscoring the company’s commitment to transparency and accountability.