Ataa Educational net profit surges to SAR 71.3 mln in 9M 2021/22; Q3 down 43% to SAR 3.6 mln

Ataa Educational Co. reported a net profit after Zakat and tax of SAR 71.3 million for the first nine months of 2021/22 ending on April 30, 2022, a sharp rise from SAR 17.7 million in the year earlier period.

The profit jump followed a 121% year-on-year (YoY) rise in revenues, and 233% YoY increase in other revenue.

The company also noted non-recurring profits resulting from the acquisition of Arabian Education and Training Group Holding Co., amounting to SAR 52.5 million.

The net profit after Zakat and tax slumped 43.1% YoY to SAR 3.61 million in Q3 2021/22, as administrative expenses increased due to the consolidation of the financial statements with the acquired companies.

Ataa Educational also noted a rise in financing costs.

On a sequential basis, net profit jumped from SAR 1.48 million in Q2 2021/22.

Shareholders’ equity, after minority interest, increased to SAR 776.1 million as of April 30, 2022, from SAR 727.4 million a year earlier.