The company reported revenues of J$117.6 million, representing an increase of 20.1 per cent compared to the same period in 2022.
Net profit attributable to shareholders reached $5.8 million, which marked a 222.2 per cent improvement from the previous year.
The company’s year-to-date profits have reached $354 million, which is an increase of 24.9 per cent over 2022, while net profit attributable to shareholders stands at $18.6 million, a turnaround from the $10.3 million loss in 2022.
Norman Chen, tTech’s CEO, stated that he was pleased with the results, underscoring the significance of these achievements as the company’s third consecutive profitable quarter and a positive shift from the challenges faced in 2022. Chen attributed the results to strategic initiatives implemented at the beginning of the year, emphasising team engagement, customer-centricity, and the company’s focus on delivering advanced cybersecurity solutions.
Chen, who assumed the CEO role in 2023, elaborated on the company’s focus.
“Our positive performance throughout the year is testament to our commitment to a security-first approach in this landscape of ever-evolving cybersecurity challenges,” he said. Chen credited the execution of a recovery strategy crafted in the final quarter of 2022 for the turnaround in 2023.
With the Data Protection Act is set to take effect on December 1, tTech is anticipating sustained growth in the demand for advanced security solutions. Chen pointed to the increasing demand for these solutions and highlighted the company’s readiness to meet the challenges posed by the digital age head-on.
The recently held TechCon, tTech’s annual technology conference on October 4 reinforced the company’s dedication to prioritising data protection and cybersecurity in Jamaica and the Caribbean. Themed ‘Resilience – Building Resilient Cyber Infrastructure Strategies for the Digital Age,’ the conference united IT professionals, technology partners, and business executives to discuss security in software development and protection against dark web attacks, among other things.
tTech remains resolute for future quarters as it executes its strategy to achieve short and long-term goals. Chen stated: “We will continue to invest in our people, solutions, and processes to drive value creation for our stakeholders, customers, and society.”