Ataa Educational net profit doubles SAR 70.6 mln in FY2021/22; Q4 loss at SAR 720,000

Ataa Educational Co. reported a net profit after Zakat and tax of SAR 70.6 million for the fiscal year ended July 31, 2022, nearly double the SAR 35.5 million recorded in the same period the previous year. 

The profit rise came as revenue shot up 106% year-on-year (YoY) as number of students increased and the company made new acquisitions. In addition, the government grant income rose 740% YoY due to higher subsidies received and other income improved 97% YoY. 

Meanwhile, the administrative and marketing expenses rose 164% YoY due to the consolidation of the financial statements with the acquired companies. Financing costs increased 101% YoY. 

Ataa also noted non-recurring gains, resulting from the acquisition of the Arabian Group for Education and Training Co., of SAR 38 million. 

The company turned to a net loss after tax and Zakat of SAR 720,000 in Q4 2021/22, compared to a profit of SAR 17.87 million in the same period last year. 

On a sequential basis, Ataa turned to losses versus SAR 3.61 million profit in Q3 2021/22. 

Shareholders’ equity, no minority rights, reached SAR 859.646 million by the end of FY 2021/22, compared to SAR 743.197 million in the same period last year. 

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