National Learning profit up 47% to SAR 53.3 mln in H1 2022/23; Q2 at SAR 27.4 mln

National Company for Learning and Education (NCLE) reported a net profit of SAR 53.3 million for the first half ended Feb. 28, 2023, a jump of 47% from SAR 36.3 million in the year-earlier period.

The first-half net profit was buoyed by a 46% year-on-year (YoY) rise in revenue, as the number of students enrolled in the company’s schools jumped 43% from 16,400 in the same quarter of the previous year to 23,400 during the current quarter.

NCLE’s educational campuses witnessed a YoY growth in the number of students during the current year. In addition, a new Tarbiyah Al Namouthajiyah Schools  (TNS) educational campus was opened in Dhahran, the Eastern Province, in early 2022/23. The acquisition of Al-Salam Private Schools during the current quarter contributed to higher revenue and number of students.

The government grants and subsidies also have increased during the current quarter compared to Q2 2021/22. This is because the company benefited from the initiative of wages subsidies for the Saudi teachers by the Human Resources Development Fund.

The company’s net profit soared 50% to SAR 27.37 million in the second quarter, compared to SAR 18.21 million in the prior-year period.

Sequentially, net profit grew 5.8% from SAR 25.87 million in Q1 2022/23.

Total shareholders’ equity, no minority equity, stood at SAR 654.27 million by the end of the six-month period, compared to SAR 615.07 million a year earlier.

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