Alkhaleej Training’s profit soars to SAR 94.4M in 9M 2024; Q3 at SAR 26.1M

Alkhaleej Training and Training Co. posted a net profit of SAR 94.4 million in the first nine months of 2024, compared with SAR 17.5 million in the prior year period.

The nine-month revenues grew by 23% year-on-year (YoY) to SAR 851 million, driven mainly by a 37% surge in revenues from the call center segment, a 22% increase in revenues from the schools segment, a 40% leap in revenues from the project management division and an 8% rise in revenues from training segment.

The company reported an improvement in operational activities, especially in the training and university segments.

In addition, the signing of a sub-lease agreement for an educational and residential complex contributed to the profit growth, in addition to the reversal of the previous decline in the value of property and equipment during this quarter.

Meanwhile, Alkhaleej Training reported an increase in financing costs by SAR 9 million on a rising SIBOR rate compared to the same period last year.

In the third quarter, the company reported a 94% YoY surge in net profit to SAR 26 million from SAR 13.5 in Q3 2023.

Similarly, Q3 2024 net earnings leapt from SAR 3.3 million in Q2 2024.

Total shareholders’ equity, after minority interest, reached SAR 547.9 million as of Sept 30, 2024, up from SAR 530.7 million a year earlier.

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