National Learning profit up 22% to SAR 65.1M in H1 2023/24; Q2 at SAR 34M

National Company for Learning and Education (NCLE) reported a net profit of SAR 65.1 million for the first half ended Feb. 29, 2024, a jump of 22% from SAR 53.3 million in the year-earlier period.

The profit increase was attributed to a 29% rise year-on-year (YoY) in revenues, driven by a 21% rise YoY in the number of students enrolled in the company’s schools from 23,400 to 28,200. In addition, two new educational campuses for Trbyh Namouthajiya Schools (TNIS) in Al-Arid and Al-Ghad Private Schools in Al-Qairawan district were opened in Riyadh at the beginning of the current fiscal year 2023/2024.

Also, the acquisition of Al-Salam Education and Training Co. contributed to revenue growth during the current period, with its results being included starting from the second quarter of 2023/2024.

However, the financing costs increased YoY due to the impact of lease contracts for the two educational campuses that were opened at the beginning of the current year as well as the lease contracts related to company’s new projects under progress in the districts of Hetteen, Qurtubah, and Al-Narjis, Riyadh. This is in addition to the impact of the financing loan for part of the acquisition transaction of Al-Salam Education and Training Co.

The company’s net profit jumped 24% to SAR 34 million in the second quarter, compared to SAR 27.37 million in the prior-year period.

Sequentially, net profit grew 9.4% from SAR 31.06 million in Q1 2023/24.

Total shareholders’ equity, no minority equity, stood at SAR 700.09 million by the end of the six-month period, compared to SAR 654.27 million a year earlier.

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