Leveraging CST software content for B2B opportunities in both US and Jamaica
Online learning institution EduFocal Limited is aggressively growing its corporate learning offerings.
EduFocal, through its Business Division, continues to onboard new corporate customers and has seen much success in this regard. For other areas of its LEARN division, EduFocal is expanding to other revenue lines and have seen great progress, specifically health education and soon financial education.
The March 2022 acquisition of Clever School Teacher (CST), a software as a service (SaaS) business, has allowed the Jamaican listed company to forge a pathway into the American edtech marketplace by acquiring a large database of kinder content that will enhance our ability to reach other territories.
EduFocal is currently in conversations to leverage the content for B2B opportunities in both the United States and Jamaica.
Chief Executive Officer Gordon Swaby reports that, “at the end of this quarter, we are laying the foundation for growth and have made significant progress in rebranding CST and are now creating resources internally”.
Big jump in profitability
These strategies have resulted in a big jump in profitability during the June second quarter. Net profit went up by a whopping 321 per cent to J$11.6 million compared to a net loss of J$5.3 million in the corresponding period 2021. Achieving this level of turnaround is no small feat, Swaby explained noting “this marks another significant accomplishment for the group”.
Gross profit increased by J$40.6 million when compared to the corresponding quarter in 2021.
Administrative and other operating expenses increased by J$64.8 million, moving from J$56.7 million in second quarter of 2021 to J$121.4 million in the current period under review, driven by higher expenditures in core support areas of the business, specifically staff cost, legal and professional fees and advertising expense.
Net profit attributable to shareholders reflected an increase of J$16.8 million over the prior corresponding quarter moving from a net loss of J$5.3 million in 2021 to a net profit of J$11.6 million in 2022. However, the performance was somewhat modulated by higher finance cost and impairment on financial assets over the comparative period.
The company is reporting success in its Primary Exit Profile exam (PEP) for the school year ended June 2022. Of the total full-time students registered to sit PEP, 76 per cent passed for a school of their choice (Wolmer’s Girls, Immaculate Conception, Ardenne High School, Holy Childhood and others).This marks another significant accomplishment for EduFocal, as this is the second successful year with a full-time cohort registration for the examination.