Education technology company, Edufocal has been exhibiting much resilience during the COVID-19 pandemic, tripling profits during the period.

Since the pandemic, revenues have grown from J$27 million in 2019 to J$103 million in 2020 with projections of year-end profit jumping to J$322 million in 2022. Profits for 2023 is projected to soar even further to J$355 million.

Edufocal Co-founder and CEO, Gordon Swaby points out that although the company has seen an increase in business due to the pandemic, it had been working with learning institutions for years prior to the COVID-19 outbreak. Speaking as a guest at Mayberry’s regular Investors’ Briefing on Thursday, Swaby asserted, “this company is not a pandemic company. We were created before the pandemic and have been growing since.”

Continuing, Swaby said, “we have relationships with over 100 schools, so I’m happy to see that schools are reopening. The Ministry of Education is a key partner of Edufocal, and we will be working with them over the next couple of years  to assist students who are suffering from learning loss.”

He boasted that the 10-year-old Edufocal, which is still celebrating its recent Initial Public Offer (IPO) of shares is currently on a growth path, arguing that, “if the company continues on its path of growth, projected revenues for 2022 would result in growth of 91 per cent, well above the December quarter revenues annualised of around J$240 million.” Swaby reassured investors that Edufocal’s possibilities for growth are limitless.

Endless opportunities for Edufocal

The Edufocal boss told the virtual audience, “we can still stay in our current range of investment, push customer acquisition and business development sales and still far outpace our growth in the past. It’s a lot of people talk about us as a PEP (Primary Exit Profile) company, but Edufocal is a EdTech company that currently facilitates the preparation for the PEP exams.”

He pointed to the fact that business opportunities for the company are endless noting that it can facilitate CSEC, SATs and even SEA in Trinidad and Tobago. In addition, there are many possibilities for Edufocal and our growth.

Edufocal has been transforming schools and companies with its e-learning platform and e-courses since 2012. Over 100,0000 parents have trusted EduFocal to prepare their students for the Grade Six Achievement Test (GSAT) and now, its replacement, PEP.

Swaby declaring his pleasure with the company’s performance following its decision to go public. Edufocal exceeded its IPO target at J$130 million, priced at J$1 per share. Also speaking at the forum was Mayberry’s Senior Vice President of Investment Banking, Dan Theoc, who also expressed confidence in the future of the company.

“I do think it’s a stock that is going places. I remember meeting you two years ago and being very excited about it. And I continue to be excited about Edufocal’s future,” Theoc said. He remarked that, “ as long as you guys continue to offer quality products and services, people will want to utilize the platform for themselves or their kids.” The online social learning community scaled strongly during the pandemic which changed the trajectory of the company.

The IPO  was set to run from March 3 to 17 but was closed within minutes of opening after the company gained  approximately J$415 million in oversubscriptions.