Ataa Educational profit up 5% to SAR 22.1M in Q1 2023/24

Ataa Educational Co. reported a net profit of SAR 22.1 million for the first quarter ended Oct. 31, 2023, compared to SAR 21.1 million in the same period the previous year.

The profit growth was driven by higher tuition fees in some of the company’s complexes, which resulted in a 2% increase in revenues year-on-year (YoY).

The company also cited a 1% rise in other revenues, as well as an acquisition of minority rights in the subsidiaries, Al Yasmin, Al-Alson and Glory Generation.

This was despite a 42% increase YoY in financing costs due to borrowing related to the purchase of minority rights in the subsidiaries, Al Yasmin, Al-Alson and Glory Generation, as well as the purchase of Irqa land and higher SAIBOR rates.

Marketing expenses also leapt by 44% YoY.

Shareholders’ equity, after minority rights, reached SAR 808.82 million by the end of the three-month period, compared to SAR 842.58 million a year before.

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