Creative training institute iCreate Limited is reporting an unaudited net profit of $1.9 million for the six-month period ending March 31, 2021, a 53.6 per cent increase over the previous corresponding period.

As indicated by iCreate founder and CEO Tyrone Wilson in the financial statements to shareholders, the company’s performance for the period under review reflects the company-wide cost-reduction effort, which included closing down its Montego Bay office and reducing operating expenses in Kingston.

Wilson, however, noted that despite significant reductions in revenues, “we are pleased with the efforts and, based on this, we were able to deliver net profit margins of 22.72 per cent for the quarter.”

The company recorded revenue of $8.4 million for the three months ended March 31, 2021, a 65.6 per cent decrease when compared to the pre-pandemic corresponding period last year, when the company was operational in Kingston, Montego Bay and Trinidad and Tobago.

Since the pandemic, iCreate have not been able to resume classes, thus foregoing this earning potential, but have since increased efforts to grow its online programmes, such as its digital marketing courses, Wilson said.

“We are making progress and revenues for the period January to Mar 2021 was $5.5 million, compared to $6.4 million made in January – March 2020. We are pleased that the team has been able to keep revenues in digital marketing steady during these uncertain times,” Wilson stated in the report.

“Our main focus since the beginning of the pandemic is to ensure survival. We are pleased with the fact that we have been able to manage expenses, continue to deliver quality training in a critical moment for the Caribbean workforce and keep the business running,” he continued.

Wilson also noted that the company benefited from a revaluation surplus of $7.1m from its license agreement with Code Fellows to acquire the licence to deliver coding and data security courses in Jamaica.

A subsidiary of eMedia Interactive, iCreate works in partnership with the University of the Commonwealth Caribbean to deliver degrees and certification courses to prospective students under the fields of film, advertising, animation, graphic design, mobile games, and fashion design.