Ataa posts SAR 41.3 mln profit in 9M 2022/23; Q3 at SAR 10.7 mln

Ataa Educational Co. reported a net profit of SAR 41.3 million for the nine-month period ended April 30, 2023, compared to SAR 55.6 million a year earlier.   

The company reported an uptick of 12% in the number of students from 40,500 to 45.200 males and females, pushing revenues higher by 13% year-on-year (YoY). This was due to the rise in the number of students enrolled in schools affiliated to the company, and the acquisition of Nabaa Educational Co. 

In addition, tuition fees increased compared to the year-earlier period. These fees included exceptional discounts related to the repercussions of the COVID-19 pandemic, which the company announced at the time. 

Government grants revenues jumped by 26% YoY. Ataa also reported a 40% YoY hike in other revenues on the physical attendance of students in the primary grades and the consolidation of the financial statements with the recently-acquired Nabaa Educational.

On the other hand, operating and marketing expenses rose 15% and 350% YoY, respectively. Finance costs also increased by 21% YoY.

The third-quarter net profit surged to SAR 10.73 million, from SAR 3.15 million a year earlier.  

Compared to the previous quarter, net profit leapt 12.3% from SAR 9.55 million. 

Shareholders’ equity, after minority interest, reached SAR 858.89 million by the end of the nine-month period, compared to SAR 776.07 million a year ago.

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