ATA Creativity Global, the Beijing-based educational experiences and services company, has announced third-quarter 2020 net income of ¥18.1million (£2.1 million), compared to a net loss of ¥28.2 million reported for Q3 2019.
The company’s net revenue for the quarter was ¥42.2 million, compared to ¥40.6 million reported for the third quarter of 2019.
The company also reported results for the first nine months of 2020. Its net loss for the period was ¥39.2 million, compared to a net loss of ¥56.8 million reported for the first nine months of 2019. Revenue for the period was ¥101.3 million, compared to net revenue of ¥43.7 million reported for the first nine months of 2019.
ATA Creativity Global chairman and chief executive Kevin Ma said: “During the third quarter of 2020, enrolment levels within our portfolio training programme increased by 50% with credit hours delivered increasing by over 58% from the prior sequential quarter, which we feel is an incredible achievement considering many students continued to pursue their studies via online delivery when most would likely prefer to do so in-person.
“The public health situation in China continues to improve, and we are pleased that nearly all of our training centres have been able to resume traditional in-person delivery of coursework. ACG’s acquisition of Beijing Huanqiuyimeng Education Consultation Corp took place at an opportune time as the two companies had substantially assimilated by early 2020 when the pandemic hit, and it played a key role in our successful transitioning of coursework to the online platform.
“We worked to develop technology systems that would support Huanqiuyimeng’s daily operations and leveraged our leadership in finance, management and analysis, all of which were crucial elements contributing to our successful navigation of challenges created by the pandemic.
“The unique circumstances of the pandemic necessitated a transition to an online education model, which has proven advantageous for students who require the increased flexibility remote learning provides and for institutions that can now serve a much wider student population thanks to technology.
“We believe there remains a great deal of runway for growth, and we are optimistic for our future as we head into 2021.”
Date published: 13 November 2020