Economic recovery from the global financial and economic crisis that started in 2008 has been weak. Overall investment in real assets has been slow and there has been little improvement in productivity. Many governments worldwide have had to defer investment in infrastructure as part of their fiscal consolidation efforts.
Global economic recovery continued in 2015, but at a slower pace than expected. Global growth fell to 3.1% from 3.4% in 2014, driven primarily by the slowdown in China and low commodity prices. Caribbean economies consequently remained under strain and overall issue of new debt securities muted. Notwithstanding these difficult conditions, I am pleased to report that Caribbean Information and Credit Rating Services Limited (CariCRIS) performed creditably.
2016 was another difficult year for the world economy, marked by sluggish global trade, weak investment and heightened policy uncertainty. Caribbean economies also experienced a challenging year, with the major commodity exporters all experiencing weaker performance than in 2015, though the service-based economies fared somewhat better with a pick-up in tourism. Notwithstanding these overall strained conditions, I am pleased to report that Caribbean Information and Credit Rating Services Limited (CariCRIS) performed well.
2017 was a mixed year for Caribbean countries. Although more stable than in 2016, the overall macroeconomic situation in the region remained vulnerable and exposed to the impact of climate change and natural disasters. Notwithstanding this overall difficult operating environment, I am pleased to report that Caribbean Information and Credit Rating Services Limited (CariCRIS) had another successful year, albeit with reduced profitability due to rising costs. The Company recorded total revenue of USD1,254,148 in the year ended 31 March 2018, in line with revenue for the prior year of USD1,248,725, and a profit after tax (PAT) of USD153,980, down by 18% (USD34,553) from the PAT of USD188,533 achieved in the prior year.
Notwithstanding slowed global growth in 2018, many Caribbean countries reported economic expansion and regional GDP increased by 1.9%, up from 0.5% in 2017. In line with this recovery, Caribbean Information and Credit Rating Services Limited (CariCRIS) had another successful year, continuing its trend of growth in revenue and profitability. For the year ended March 31, 2019, total revenue grew by 9% to USD1,366,063 and profit after tax increased by 11% to USD170,897.
During the year, the Company completed several new sovereign and corporate ratings and continued its important capital market development work of increasing the level of information available to bond investors in the Caribbean. CariCRIS also successfully executed several new risk management training programmes across the region and continued its role as an independent provider of fair value prices for regional fixed income securities.
Notwithstanding the difficult operating environment caused by the COVID-19 pandemic, Caribbean Information and Credit Rating Services Limited (CariCRIS) had a successful year, recording increases in both revenue and profits.
Caribbean Information and Credit Rating Services Limited (CariCRIS) has had a successful year, recording increases in both revenue and profit before tax for the year ended 31 March 2022. Total revenue grew by 22% to USD1, 979,676 and profit before tax increased by 28% to USD444,942.
Caribbean Information and Credit Rating Services Limited (CariCRIS) delivered another year of profitable performance, with a net profit before tax of USD277,699. The Company continues to play a key role in the region’s financial and capital market infrastructure through the provision of independent credit ratings, tailored credit risk training programmes and bond valuation services.
