Middletown, Ohio-headquartered Elite Education Group International, which helps domestic and international students interested in college and university programmes in the US, Canada and the UK, has announced a net loss of $2.5 million for the six months ended 31 March 2022, compared to a net loss of $292,000 reported for the six months to 31 March 2021.
Revenue for the six-month period was $4.1 million, up from $3.1 million reported for the same period a year earlier.
Elite Education Group International’s chairman and chief executive Jianbo Zhang said: “We are pleased to report a 32% revenue increase for the first half of fiscal 2022 compared to the first half of 2021 due to a higher number of in-person attendance at the English language programme at the regional campuses of Miami University as restrictions associated with the global Covid-19 pandemic eased somewhat compared to the year-ago period. Due to our ability to operate efficiently and keep costs down, the more normalised learning environment resulted in a 50% increase in gross profit as compared to the first half of 2021. While our operating performance was strong, non-operating expenses resulted in a net loss for the period.
“We completed two acquisitions during the first half of fiscal 2022 and recently entered into several collaborations as we continue to execute our mission to establish Elite Education Group International as a truly international service provider of higher learning. Our career training and English proficiency offer a cost-effective, practical education for our students, and combined with our pathway programmes, enable advanced degrees and expanded career options.”
“We plan upon implementing our international strategy by acquiring select colleges in different regions of the world, developing cross-border educational partnerships, creating international academic programming and diversifying our student base.”
Date Published: 15 June 2022