National Learning to shortly launch 2 new complexes in Riyadh: CEO

Mohammed Alkhudair, CEO of NCLE

National Company for Learning and Education (NCLE) plans to open two new complexes in September in Riyadh, in addition to three new educational complexes next year, CEO Mohammed Alkhudair told Argaam.    

The company currently owns 11 educational complexes after the acquisition of the Al-Salam National Schools Complex in Al Khobar and the opening of Tarbya Namouthajiya International Schools Complex in Al Dhahran this year, he said.   

Accordingly, the number of NCLE’s educational complexes will reach 16 in September 2024, the CEO added. 

Alkhudair pointed out that the company’s financial position is highly robust, indicating that the company has a credit facilities agreement worth approximately SAR 200 million with Saudi Awwal Bank (SAB). The new projects will be financed through a mix between internal cash flows and that agreement. 

Commenting on NCLE’s financial results, the CEO stated that the growth in student numbers contributed to the increase in revenue though the company did not raise tuition fees during the current year. 

Alkhudair attributed the growth in student count to the sector's full recovery from the COVID-19 pandemic after in-person classes resumed, in addition to the expansions carried out by the company last year. 

The company's profit increased 47% to SAR 80.9 million for the nine months ended May 31, 2023, from SAR 54.9 million in the same period a year earlier, according to data available with Argaam. 

Moreover, all of the company's educational complexes witnessed a growth in the number of students this year, which is evident in the financial performance of the newly operated complexes.