NCLE Chairman says construction of education complexes to begin in Q3 2022/23

Khalid Al Khudair, Chairman on NCLE

National Company for Learning and Education (NCLE) will finance the construction of three educational complexes from internal resources as well as bank facilities, Chairman Khalid Al Khudair told Argaam.

NCLE will likely start the project construction works by Q3 2022/23, and is expected to finalize operations by Q4 2023/2024, he added.

Al Khudair also noted that Tarbya Namouthajiya Schools Complex - Al-Rawabi (TNS Al-Rawabi) was the highest contributor to the company’s Q2 revenue, with the student base growing by nearly 23,400 enrollments in Q4.

Commenting on NCLE financials, Al Khudair indicated that the company’s educational complexes witnessed an uptick in the student base year-on-year (YoY) and the company further opened a new complex, namely, Tarbya Namouthajiya Schools Complex - Al-Dhahran (TNS Al-Dhahran) in 2022/23.

Additionally, NCLE’s revenue figures as well as student base were also supported by the company’s acquisition of Al-Salam National Schools Complex.

Further, the government support and allocations jumped SAR 2.9 million YoY in the three-month period, primarily spurred by leveraging on Saudi Human Resources Development Fund’s (HRDF) employment support program.

NCLE reported a profit increase of 47% YoY to SAR 53.3 million in H1 ended Feb. 28, 2023, from SAR 36.3 million in the year-earlier period. Earnings reached approximately SAR 27.4 million for Q2 ended Feb. 28, 2023, data compiled by Argaam showed.