Ataa Educational H1 2021/22 profit rises to SAR 67.7 mln, Q2 earnings at SAR 1.5 mln

Ataa Educational Co. posted a net profit after Zakat and tax of SAR 67 million for the first half ending on January 31, 2022, compared with SAR 11.3 million a year earlier.

The profit growth was driven by a 121% year-on-year (YoY) surge in revenue due to an increase in the number of students by 56% YoY to 40,000 from 25,000 on the acquisition of Al Wasat National Schools for Education and Training Co., Al Elm International Schools Co., the Arabian Group for Education and Training Holding Co. However, the operational cost grew by 124%.

Other Revenue also increased by 141% YoY, due to the consolidation of the financial statements with the acquired companies.

The company also cited non-recurring profits of SAR 52.5 million resulting from the acquisition of the Arabian Group for Education and Training Co.

The second-quarter earnings amounted to SAR 1.5 million, falling 77% compared with SAR 6.39 million a year earlier.

On a sequential basis, Q2 earnings fell 97.8% from SAR 66.25 million.

Total shareholders’ equity, after minority interest, reached SAR 772.46 million at the end of the period, compared with SAR 720.76 million a year earlier.

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