Business
JM | Nov 26, 2021

tTech Ltd reports revenues of J$97 million for September Quarter

/ Our Today

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Steady growth, increased prospects for third quarter

Jamaica-based managed IT services provider tTech Limited has released its unaudited financial results for the quarter ending September 30, 2021. 

The company earned revenues totalling $96.8 million, which surpassed the $92.3 million reported for the corresponding period in 2020 by 4.8 per cent. Expenses for the three months totalled $56 million, which was a 5.4 per cent decrease compared to the $59.2 million of the same period in 2020. 

Despite the change in tax status and subsequent application of the Junior Market Incentive Scheme’s phase two tax figures, tTech saw a 21.8 per cent increase in its total comprehensive income for the quarter, with $6.7 million compared to the $5.5 million recorded for the corresponding period in 2020. 

tTech Limited’s third quarter for 2021 was very positive, as it benefited from increased interest in services. This has also resulted in increased site visits and other sales-related activities to prospective customers. Although the COVID‐19 pandemic affected the global supply chain across many industries, including our local and regional Information Technology industry, tTech has continued to work with its customers to implement alternative solutions, where possible, in lieu of supply delays that would otherwise affect the completion of projects. 

tTech also continued its efforts to seize and create new opportunities to convert customers and strengthen its pipeline, particularly through its data protection and cybersecurity-related activities. During the period in review, tTech publicly launched its data protection as a service in partnership with boutique data privacy consulting firm, Design Privacy. With the passing of the Data Protection Law and recent announcement by Daryl Vaz, minister of science, energy and technology, that the Government of Jamaica’s Information Commissioner will take office on December 1, tTech is positioned to facilitate and enable data compliance.

Christopher Reckord, CEO of tTech.

 Speaking on the prospects for more digital business, tTech’s Chief Executive Officer Christopher Reckord said that “digital transformation projects are increasing nationally, so the demand for advanced cybersecurity solutions is also increasing”.

Reckord added: “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.”

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