Alkhaleej Training and Education Co. deepened net losses to SAR 42 million in 2023, compared to SAR 15.3 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 877.22 | 983.65 | 12.1 % |
| Gross Income | 145.28 | 224.49 | 54.5 % |
| Operating Income | 30.33 | 59.45 | 96.0 % |
| Net Income | (15.31) | (42.02) | (174.4 %) |
| Average Shares | 65.00 | 65.00 | - |
| EPS (Riyals) | (0.24) | (0.65) | (174.4 %) |
The company cited an increase in provisions for expected credit losses, Zakat and impairment of goodwill.
On the other hand, the annual sales improved, compared to 2022, buoyed by the sales of the training, schools and call centers segments.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 232.90 | 290.37 | 24.7 % |
| Gross Income | 45.58 | 77.34 | 69.7 % |
| Operating Income | 10.04 | (9.34) | (193.1 %) |
| Net Income | (8.71) | (67.01) | (669.8 %) |
| Average Shares | 65.00 | 65.00 | - |
| EPS (Riyals) | (0.13) | (1.03) | (669.8 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 273.94 | 290.37 | 6.0 % |
| Gross Income | 67.78 | 77.34 | 14.1 % |
| Operating Income | 35.51 | (9.34) | (126.3 %) |
| Net Income | 14.97 | (67.01) | (547.5 %) |
| Average Shares | 65.00 | 65.00 | - |
| EPS (Riyals) | 0.23 | (1.03) | (547.5 %) |
The fourth-quarter net losses also increased to SAR 67 million from SAR 8.7 million in Q4 2022.
The company reported a net profit of SAR 14.97 million in Q3 2023.
Total shareholders’ equity, after minority interest, dropped to SAR 460.63 million as of Dec. 31, 2023, from SAR 572.04 million a year earlier.
Accumulated losses reached SAR 186.72 million by the end of the 12-month period, representing 29% of the company’s capital.
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