Ataa CEO expects steady performance for FY2023/24

Fahad Al-Tuwaijri, Chief executive officer (CEO) of Ataa Educational Co.

Fahad Al-Tuwaijri, CEO of Ataa Educational Co., expects the company’s performance in the fiscal year (FY) 2023/2024 will sustain the momentum seen in the current quarterly rates.

The opportunity to expand in Riyadh still exists, alongside expansion in densely populated areas in the Kingdom in accordance with the expansion strategy set by a leading expert firm, Al-Tuwaijri told Argaam.

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He explained that the company's market share in Riyadh reached 10% at the end of the Q3 2023/2024.

The acquisition of minority rights in Al Yasmin, Al-Alson, and Glory Generation International School Complexes contributed to the increase in profits in Q3, in addition to a 4% year-on-year (YoY) increase in educational sector revenue.

Al-Tuwaijri pointed out that the financial impact worth SAR 4.4 million from the company’s acquisition of Al Yasmin, Al-Alson, and Glory Generation International School Complexes reflected in the third quarter.

The number of students by the end of the third quarter reached about 44,260, compared to 45,150 at the end of the third quarter of previous year.

The CEO highlighted that the Izdihar Compound contributed most to the company’s revenue.

According to data available on Argaam, Ataa Educational recently posted a 10% increase year-on-year in the third quarter profit ended April 30, 2024, to SAR 10.9 million.