Ataa Educational logs SAR 30.6 mln earnings in H1 2022/23, SAR 9.6 mln in Q2

Ataa Educational Co. posted a net profit after Zakat and tax of SAR 30.6 million for the first half ending on Jan. 31, 2023, compared with SAR 52.6 million a year earlier. 

The profit decline was due to calculating non-recurring gains in the same period of the previous year resulting from the acquisition of Arab Group Company for Education and Training for SAR 38.1 million.

When excluding these gains, given they are non-recurring, the income would increase by 114% year-on-year (YoY) due to growth in the number of students by 14% in H1 2022/23.

This is also due to an increase in government subsidies revenues by 96% YoY, and a rise in other revenues by 33% YoY. 

Meanwhile, the company also noted YoY growth in marketing expenses and financing costs by 364% and 13%, respectively, during the period.  

The second-quarter earnings amounted to SAR 9.6 million, compared with SAR 1.19 million a year earlier.

On a sequential basis, Q2 earnings fell 54.6% from SAR 21.06 million.

Total shareholders’ equity, after minority interest, reached SAR 848.17 million at the end of the period, compared with SAR 772.46 million a year earlier.

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