March 3, 2025

One Great Studio Company Limited (1GS)

Audited financials for the year ended December 31, 2024:

One Great Studio Company Limited (1GS) for the year ended December 31, 2024, reported a 26% decrease in Revenue totaling $342.32 million compared to $461.05 million in the corresponding period last year. Revenue for the fourth quarter had a 18% decrease to close at $80.87 million compared to $99.21 million for the comparable quarter of 2023.

Cost of sales amounted to $213.83 million (2023: $245.53 million), this represents a decrease of 13% year over year. Consequently, gross profit decreased by 40% to $128.49 million compared to $215.52 million for the year ended December 31, 2023. The company booked gross profit of $31.73 million for the fourth quarter versus $31.55 million reported for the similar quarter of 2023.

Administrative expenses increased by 10% to close at $87.43 million (2023: $79.29 million). Consequently, Operating profit decrease by 70% from $136.23 million in 2023 to $41.05 million in the period under review. For the fourth quarter, Operating profit amounted to $11.64 million (2023: $9.80 million).

Other income for the year ended December 31, 2024, amounted to $17.52 million, a 187% increase relative to $6.11 million reported in 2023.

EBITDA for the year ended December 31, 2024, amounted to $52.61 million, a 60% decrease relative to $132.71 million reported in 2023. EBITDA for the fourth quarter amounted to $11.29 million (2023: $6.03 million).

Interest expense totalled $3.61 million an 87% decrease from the corresponding period last year. (2023: $26.96 million).

Profit before Taxation for the year ended December 31, 2024, amounted to $37.87 million, a 61% decrease relative to $97.64 million reported in 2023. Profit before Taxation for the fourth quarter amounted to $6.44 million (2023: $4.13 million).

Taxation charge for the year ended December 31, 2024, had a 88% decrease to reach $2.19 million (2023: $18.56 million). As such, Net Profit for the year amounted to $35.68 million, a 55% decrease from the $79.08 million reported in 2023. For the fourth quarter, Net Profit was $5.10 million (2023: $1.74 million).

Consequently, Earnings Per Share for the year amounted to $0.02 (2023: EPS: $0.05), while Earnings Per Share for the quarter totaled $0.003 (2023: EPS: $0.001). The twelve-month trailing EPS was $0.02, and the number of shares used in these calculations was 1,693,131,075.

Notably, 1GS’s stock price closed the trading period on February 28, 2025, at a price of $0.51 with a corresponding P/E ratio of 24.20x.

Balance Sheet Highlights

The company’s assets totalled $678.42 million (2023: $649.38 million). The movement in total assets was mainly influenced by a $27.04 million increase in ‘Property, plant & equipment’, a $21.37 million increase in ‘Cash & cash equivalents’ and a $27.01 million decrease in ‘Short term investments’ during the period.

Shareholder’s equity was $609.15 million (2023: $592.04 million), representing a book value per share of $0.36 (2023: $0.35).

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