National Learning says Q2 profit fueled by Riyadh’s complex, solvency ‘strong’

CEO of NCLE Mohammed Al-Khudair

National Company for Learning & Education’s (NCLE) revenue and profit was driven in the second quarter by the inauguration of the new educational complex in Riyadh, which raised the number of students by almost 1,000, CEO Mohammed Al-Khudair told Al Arabiya TV.

The total student count in NCLE’s existing complexes grew by nearly 3,000 during that period.
 

The total support obtained by the company through SANED program in the first half to mitigate the COVID-19 financial impact reached about SAR 1.5 million, compared to SAR 6.5 million in the year-ago period.
 

The company is pursuing with its plans for future growth, Al-Khudair said, noting that expansion in Dhahran, the Eastern Province by building a global educational campus that will be launched at the beginning of the next academic year in September.
 

Elsewhere, the CEO affirmed that NCLE has strong solvency. The debt-to-equity ratio stands at just 5%, a low percentage that allows the company to tap banks for loans or use its internal resources.
 

NCLE reported a net profit of SAR 36.3 million in the six-month period ended Feb. 28, 2022, compared to SAR 8.4 million a year earlier, Argaam reported.