National Learning profit up 24% to SAR 99.9M in 9M 2023/24; Q3 at SAR 34.8M

National Company for Learning and Education (NCLE) reported a net profit of SAR 99.9 million for the nine months ended May 31, 2024, a jump of 24% from SAR 80.9 million in the year-earlier period.

The profit increase was driven by a 28% rise in revenue year-on-year (YoY) due to a 21% rise in the number of students enrolled in the company’s schools. In addition, two new educational campuses for TNIS in Al-Arid district and Al-Ghad Private Schools in Al-Qairawan district were opened in Riyadh at the beginning of the current year (2023-2024).

Meanwhile, the acquisition of Al-Salam Education and Training Co. contributed to an increase in revenue during the current period.

On the other hand, financing costs increased YoY due to the impact of lease contracts for the two educational campuses that were opened at the beginning of the current year and the lease contracts related to the company’s new projects under progress in Hetteen, Qurtubah and Al-Narjis districts in Riyadh.

The company’s net profit jumped 26% to SAR 34.8 million in Q3 2023/24, compared to SAR 27.62 million in the prior-year period.

Sequentially, net profit grew 2.4% from SAR 34 million in Q2 2023/24.

Total shareholders’ equity, no minority interest, stood at SAR 735.25 million by the end of the nine-month period, compared to SAR 681.43 million a year earlier.

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