Academy of Learning posts 32% leap in 2022 profit to SAR 21.4 mln

Academy of Learning Co. (AOL) reported a 32% increase in 2022 net profit to SAR 21.4 million, compared to SAR 16.2 million a year earlier.

The average number of students increased by 44.4% year-on-year (YoY), leading to revenue growth of 48.8%. The student count increase was mainly driven by the better efficiency and capacity of AOL’s branches. The company also opened a new branch in the second half of the year, growing its capacity and the number of students.

Other revenue, which amounted to SAR 1.56 million in 2022 from interest on bank deposits, was another income source for the company.

On the other hand, AOL opened a new branch in September 2022. Accordingly, the income statement included revenue from the branch for four months only, despite incurring costs for more than four months. This will not be the case for 2023, as the new branch will commence operations.

The company’s income statement also included one-off, non-recurring expenses on AOL’s initial public offering on Nomu-Parallel Market.

Total shareholders’ equity, no minority interest, increased to SAR 105.56 million as of Dec. 31, 2022, compared to SAR 93.15 million a year earlier.

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