Ataa Educational Co. reported a net profit after Zakat and tax of SAR 4.9 million for Q1 2020/21 ending on Oct. 31, 2020, compared to a net profit of SAR 16.2 million a year earlier.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 81.11 | 61.23 | (24.5 %) |
| Gross Income | 25.53 | 13.71 | (46.3 %) |
| Operating Income | 18.50 | 7.86 | (57.5 %) |
| Net Income | 16.25 | 4.92 | (69.7 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.41 | 0.12 | (69.7 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 86.70 | 61.23 | (29.4 %) |
| Gross Income | 40.70 | 13.71 | (66.3 %) |
| Operating Income | 32.95 | 7.86 | (76.1 %) |
| Net Income | 29.92 | 4.92 | (83.6 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.75 | 0.12 | (83.6 %) |
The drop in net profit was attributed to a 25% decline year-on-year (YoY) in revenue, as Ataa offered additional discounts amid suspension of education at schools and the implementation of distance learning. In addition, the student count decreased by 8% YoY.
Moreover, other revenues fell by 44% YoY due to the suspension of student activities, closure of schools amid the COVID-19 outbreak.
Total shareholders’ equity, excluding minority, stood at SAR 754.118 million for the same period, a rise of 2.7% YoY.
When compared to the previous quarter, net profit slumped 83.6%, due to a 29% decline in revenue, as Ataa offered additional discounts amid suspension of education at schools and the implementation of distance learning. In addition, the student count decreased by 8% on a sequential basis.
Other revenues also shrank by 17% quarter-on-quarter.
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