During First Quarter 2024, student enrollment was 1,370, an increase of 24.9% from 1,097 in the prior-year period. Of the 1,370 students, 863 were enrolled in ACG’s portfolio training programs. 33,527 credit hours were delivered during First Quarter 2024, an increase of 21.3% from 27,630 in the prior-year period.
First Quarter 2024 net revenues of RMB48.1 million (US$6.7 million), an increase of 13.7% from RMB42.3 million in the prior-year period.
First Quarter 2024 net loss attributable to ACG of RMB17.9 million (US$2.5 million), compared to RMB17.8 million in the prior-year period. This was primarily due to increased sales expenses related to the hiring of additional sales personnel, partially offset by increased gross profit during the period.
RMB57.6 million (US$8.0 million) in cash and cash equivalents as of March 31, 2024.
Mr. Kevin Ma, Chairman and CEO of ACG, stated, “We are pleased to have achieved solid top line growth in First Quarter 2024, driven by continued growth in our core portfolio training services business, which reported a 29.7% increase in revenues year over year as a result of increased student enrollment and credit hours delivered during the period. Student enrollment increased 24.9% while credit hours delivered increased 21.3% from the prior-year period. Our bottom-line results remained stable as we invested in expanding our sales team, hiring additional sales personnel to continue driving growth in our portfolio training services business. Our students have continued to receive offers of admission from prestigious arts schools around the world, and we would like to congratulate those students that have received offers from the Royal College of Art, University of the Arts London, the Rhode Island School of Design, and Pratt Institute as well as from Harvard University, University of Pennsylvania, and Cornell University, among others. Enabling positive student outcomes is ACG’s entire mission, and we continue to strive to be one of the top institutions for a creative arts education.”
Mr. Jun Zhang, President of ACG, stated, “Following the success of our Arts Study Tour to U.S. universities in First Quarter 2024, we launched a boot camp in May focusing on Sustainable Development Goals (‘SDGs’), a concept created by the United Nations (‘UN’) to address global development issues concerning social, economic, and environmental sustainability. Lecturers at this boot camp include officers from United Nations Educational, Scientific and Cultural Organization (‘UNESCO’) and arts professors from institutions across Italy, and participating students have the opportunity to receive an internship certificate from UNESCO and to attend the United Nations University annual conference taking place this summer. In the current quarter, we have been offering online Master Classes, covering arts themes such as interior design, photography, and visual communication, which are taught by lecturers from renowned institutions including The University of Arts London and Rhode Island School of Design. We believe our institutional partnerships set us apart from other international creative arts education providers by enabling us to design and execute experiential learning projects such as these, and we remain committed to introducing relevant and state-of-the-art courses and programs to our students to enrich their academic journeys.”
ACG student enrollment for First Quarter 2024 was 1,370, of which 863 were enrolled in its portfolio training programs, which consist of time-based programs and project-based programs.
A total of 33,527 credit hours were delivered for portfolio training programs during First Quarter 2024, of which 10,825 credit hours were delivered for time-based programs and 22,702 credit hours were delivered for project-based programs. These courses were delivered either in person through ACG’s nationwide training center network or via online platform.
The following is a summary of the credit hours delivered for ACG’s portfolio training programs for First Quarter 2024, compared to those for the prior-year period:
FirstQuarter EndedMar. 31, 2024 FirstQuarter EndedMar. 31, 2023 % Change No. of Credit Hours No. of Credit Hours
Time-based Program 10,825 9,768 10.8%Project-based Program 22,702 17,862 27.1%
