Ricardo Allen, founder and CEO For One On One Educational Services Limited (ONE) Has Released The Following Unaudited Financial Statements For The Third Quarter Ended May 31, 2024
Revenue for the 3rd quarter increased to J$94.9 million, resulting in a 37.8% increase compared to the same period last year. This substantial revenue growth was primarily driven by the expansion of our One Academy solution, as we secured agreements to implement the solution in one hundred high schools across Jamaica. This increase in revenue directly contributed to a significant improvement in the company’s performance for the quarter.
Direct costs for the 3rd quarter amounted to J$16.4 million, reflecting a J$4.6 million increase over the prior year. Despite this rise in costs, the gross profit increased to J$78.5 million, up by 37.5% due to the increased revenue.
The nine-month period also saw a 25.2% increase in direct costs due to an increase in our hosting infrastructure services, crucial for our Business to Government (B2G) division and implementation costs for the One Academy solution.
Administrative and selling expenses for the nine months decreased by J$9.9 million or 6.0%, while the 3rd quarter experienced a 21.8% decrease, reflecting the net benefit from cost-control measures implemented from the second quarter.
A taxation charge of J$7.4 million for the current quarter was due to deferred taxation, resulting in an overall tax charge of J$8.3 million at the end of the nine months.
The quarter ended with a net profit of J$24.2 million, a substantial increase of 520% compared to the J$3.9 million net profit for the 2023 quarter.
The company revenue for the nine months ended 31 May 2024 was J$206.1 million, down from J$222.3 million for the nine months ended May 2023. This decline was primarily due to the completion of some short-term project related contracts. Nevertheless, we have successfully retained our core annual recurring business from existing contracts, some of which have even expanded through new acquisitions.
The company ended the nine-month period with a net loss of J$17.3 million, compared to a net profit of J$21.4 million for the previous year and a reduction in the year to date loss from J$41.4M reported for the six months ended February 2024. Despite this, the significant growth in quarterly revenue and profitability sets a positive trajectory for the future.
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