tTech records steady growth for third quarterSunday, November 28, 2021
Managed IT services provider tTech Limited is reporting an unaudited after-tax profit of $6.7 million for its third quarter ended September 30, 2021, a 21.8 per cent increase over 2020's $5.5 million.
The company also achieved revenue of $96.8 million, a 4.8 per cent increase over the corresponding period in 2020, in which it recorded $92.3 million.
This quarter represents the third reporting quarter in phase two of the Junior Market incentive where the minister of finance remits 50 per cent of the tax payable by a Junior Market listed company in the sixth to tenth years.
Meanwhile, expenses for the period totalled $56 million, which was a 5.4 per cent decrease compared to the $59.2 million of the corresponding period in 2020.
Earnings per share for the period under review stood at $0.06, an increase when compared with the $0.05 recorded in the previous corresponding quarter.
Describing the quarter as “very positive”, the company said it benefited from increased interest in services, which has also resulted in increased site visits and other sales-related activities to prospective customers.
During the 2021 year, tTech publicly launched its data protection as a service in partnership with data privacy consulting firm, Design Privacy.
“With the passing of the data protection law and recent announcement by the Minister of Science, Energy and Technology Daryl Vaz that the Government of Jamaica's information commissioner will take office on December 1, tTech is positioned to facilitate and enable data compliance,” the company said in its report.
It noted that as a result of the company's robust data protection campaign, it received positive feedback and increased its prospect pool of potential revenue.
Speaking on the prospects, tTech's CEO Christopher Reckord said that, “Digital transformation projects are increasing nationally, so the demand for advanced cybersecurity solutions is also increasing. We and our cybersecurity partners have begun formal testing of new delivery and monitoring methodologies of more advanced cybersecurity services for our customers. This will see us extending to an around the clock cybersecurity monitoring service soon”.