Al Khaleej Training net profit up 84% in FY19

25/03/2020 Argaam Exclusive

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Al Khaleej Training and Education Co. posted a net profit after Zakat and tax of SAR 59.46 million in the fiscal year of 2019, up 84% compared to SAR 32.35 million in 2018.

The company attributed the increase in net profit to the improvement of the results of the school segment on the back of sale and leaseback of 3 school properties.

Net profit was also driven by improvement in results of the training segment and its subsidiary companies.

Financials (M)

Item	2018	2019	Change‬
Revenues	802.52	864.19	7.7 %
Gross Income	157.80	137.18	(13.1 %)
Operating Income	66.06	41.78	(36.8 %)
Net Income	32.36	59.36	83.4 %
Average Shares	55.42	55.42	-
EPS (Riyals)	0.58	1.07	83.4 %

The company signed a sale and leaseback agreement with Al-Rajhi capital for 3 of the school properties for a period of 15 years on December 23, 2019.

In Q4 2019, the company's net profit after Zakat and tax surged to SAR 42.60 million, compared to net profit of SAR 18.48 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	216.56	239.98	10.8 %
Gross Income	50.87	27.04	(46.8 %)
Operating Income	28.45	(5.78)	(120.3 %)
Net Income	18.48	42.49	129.9 %
Average Shares	55.42	55.42	-
EPS (Riyals)	0.33	0.77	129.9 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	208.82	239.98	14.9 %
Gross Income	50.69	27.04	(46.7 %)
Operating Income	23.16	(5.78)	(125.0 %)
Net Income	13.14	42.49	223.5 %
Average Shares	55.42	55.42	-
EPS (Riyals)	0.24	0.77	223.5 %

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