Ataa Educational profit grows 7% to SAR 44.4M in 9M 2023/24; Q3 at SAR 10.9M

Ataa Educational Co. posted a net profit rise of 7% to SAR 44.4 million for the nine-month period ended April 30, 2024, from SAR 41.3 million in the prior-year period.

The company cited higher revenue from the education segment. It also acquired minority stakes in Al Yasmin International Co., Glory Generation International Co. and Al-Alsun International Private Schools Co. and reported a 4% year-on-year (YoY) rise in revenue from the education segment. Operating expenses declined by 2% YoY despite a 24% increase in finance costs, due to the abovementioned acquisition and the purchase of Irqah land. The nine-month results were also hurt by higher SAIBOR rates.

The third-quarter net profit increased by 2% to SAR 10.9 million from SAR 10.7 million in Q3 2022/23, thanks to a 7% YoY rise in revenue from the education segment, despite a decline in topline from the training and recruitment segments.

Shareholders’ equity, after minority interest, reached SAR 784.88 million by the end of the nine-month period, compared to SAR 858.89 million a year earlier.

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