National Learning net profit down 58% to SAR 24.5 mln in FY 2020/2021

18/11/2021 Argaam Exclusive

National Company for Learning and Education (NCLE) reported a net profit after Zakat and tax of SAR 24.5 million for the fiscal year ended Aug. 31, 2021, a 58% decline compared to SAR 57.8 million in the previous year.

 

The company attributed the decrease in net profit to lower revenue, mainly due to offering tuition discounts ranging between 10% and 50% during the current academic year, concurring with the Ministry of Education announcement of the online education for the 2020/2021. In addition, the total number of students enrolled in the current year decreased by 8% compared to the previous year. Moreover, a decline in revenues aligned with the educational process as a result of the suspension of school transportation services and canteens also weighed on NCLE’s results.



Financials (M)

Item 2020 2021 Change‬
Revenues 225.27 187.19 (16.9 %)
Gross Income 105.23 70.41 (33.1 %)
Operating Income 65.15 33.04 (49.3 %)
Net Income 57.80 24.46 (57.7 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 1.34 0.57 (57.7 %)

The company reported a net profit after Zakat and tax of nearly SAR 7 million for Q4 2020/2021, a 66% YoY decline.

 

On a sequential basis, net profit for Q4 2020/2021 fell almost 24% compared to the previous quarter net profit of SAR 9.15 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 59.49 47.30 (20.5 %)
Gross Income 36.35 21.47 (40.9 %)
Operating Income 24.40 10.02 (58.9 %)
Net Income 20.59 6.96 (66.2 %)
Average Shares 43.00 43.00 -
EPS (Riyals) 0.48 0.16 (66.2 %)

Shareholders’ equity, excluding minority interest, reached SAR 614.998 million by Aug. 31, 2021, compared to SAR 624.853 million a year earlier.

 

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Share Price

National Company for Learning and Education
214.20
4.00 1.90 %

National Company for Learning and Education (NCLE)

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Financial Ratios
Current
Market Cap (M Riyal) 9,210.60
Enterprise Value (EV) (M) 9,205.80
Shares Outstanding ((M)) 43.00
EPS ( Riyal) (TTM) 3.67
Book Value (BV) ( Riyal) 18.45
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 11.61
Return on Average Assets (%) (TTM) 12.0
Return on Average Equity (%) (TTM) 21.1
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