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.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 171.53 | 173.74 | 1.3 % |
| Gross Income | 49.97 | 55.40 | 10.9 % |
| Operating Income | 29.59 | 32.98 | 11.5 % |
| Net Income | 21.06 | 22.05 | 4.7 % |
| Average Shares | 42.09 | 42.09 | - |
| EPS (Riyals) | 0.50 | 0.52 | 4.7 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 178.42 | 173.74 | (2.6 %) |
| Gross Income | 72.72 | 55.40 | (23.8 %) |
| Operating Income | 37.73 | 32.98 | (12.6 %) |
| Net Income | 26.45 | 22.05 | (16.6 %) |
| Average Shares | 42.09 | 42.09 | - |
| EPS (Riyals) | 0.63 | 0.52 | (16.6 %) |
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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