NCLE Chairman: Construction work in Riyadh projects ‘underway’

Khalid Alkhudair, Chairman of National Company for Learning and Education (NCLE)

The construction work of National Company for learning and Education’s (NCLE) educational complexes in Riyadh is proceeding at a good pace in line with the previously planned schedule, Chairman Khalid Alkhudair told Argaam.

Alkhudair expected these projects to start operations in 2024-2025.

He said that all of the company's educational complexes witnessed growth in the number of students during the current quarter. This includes the newly operated educational complexes, which bolstered net profit during Q1 ended in November 2023.

He further added that the first-quarter revenues surged amid the growth in the number of students enrolled in the company's schools by 30% from 21,600 in the same quarter last year to 28,000.

The acquisition of Al Salam Education and Training Co. also contributed to higher revenues and an uptick in student count, which were not included in the same quarter of the previous year, as the stake was fully acquired in Q2 last year.

Meanwhile, he pointed out that Alsalam National Schools contributed SAR 7.5 million to the first-quarter topline.

The chairman indicated that two new educational complexes were launched, namely Tarbya Namouthajiya International Schools Complex in Al-Arid and Al-Ghad National Schools in Al-Qairawan, Riyadh.

According to data on Argaam, NCLE profits rose to SAR 31.1 million in the first quarter ended Nov. 30, 2023, from SAR 25.9 million in the same period a year earlier.