Jamaica-based managed IT services provider, tTech Limited, is reporting increased net profits of $6.6 million for Q2 2023, a reversal from a loss of $6.4 million in 2022, along with an increase in revenue of thirty-five percent compared to the same period in 2022.

Year to date, tTech has reported profits of $12.7 million, a significant turnaround from a loss position of $12.1 million in 2022.

According to CEO Norman Chen, one of the key factors contributing to this turnaround in 2023 is the company’s strategic approach to its business recovery, which included a prioritization of customer satisfaction.

Leading the charge, Chen, who assumed the role of tTech’s acting chief executive in 2022, stated, “Throughout the last two quarters, we sought to actively engage our clients so that we could gain valuable insights into their requirements and pain points. As a result of that, we strategically aligned our products and services to address those needs, and we have, in the process, fostered lasting partnerships with them”.

Chen further expressed satisfaction that the team’s efforts to capitalise on new opportunities to strengthen its pipeline and generate profits have yielded positive results as, ahead of the anticipated implementation of the Data Protection Act on December 1, 2023, the company has seen increased demand for its Data Protection Bundle package and Advanced Security Products, as organisations prepare for full compliance with the act.

He shared, “Since the last quarter of 2022, we have worked on bolstering our portfolio to directly align our products with the needs that are arising out of the market for security solutions, as well as putting systems in place to drive more efficiency among the team and implement cost-saving measures to enhance our financial performance. We continue to assess emerging technologies and market trends to anticipate and adapt to client demands, while we closely monitor costs and make necessary adjustments to ensure financial stability”.

The outlook for subsequent quarters is positive as the company continues to engage new strategic elements to generate more interest from prospective customers while aggressively pursuing its growth objectives and delivering increased value to shareholders. 

As the economy recovers and technology plays an ever-increasing role in various sectors, tTech is poised to capitalise on these opportunities and remains well-positioned for sustained growth and profitability.