Alkhaleej Training net profit slumps 82% to SAR 10.7 mln in 2020

31/03/2021 Argaam Exclusive

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Alkhaleej Training and Education Co. reported a net profit after Zakat and tax of SAR 10.7 million for 2020, a plunge of 82% compared from SAR 59.4 million a year earlier

Financials (M)

Item	2019	2020	Change‬
Revenues	864.19	787.33	(8.9 %)
Gross Income	137.18	124.11	(9.5 %)
Operating Income	41.78	7.71	(81.6 %)
Net Income	59.36	(21.03)	(135.4 %)
Average Shares	55.42	55.42	-
EPS (Riyals)	1.07	(0.38)	(135.4 %)

The company attributed the decline in net profit to a drop in sales due to COVID-19. Moreover, other income from sale and leaseback of buildings was recognized last year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	239.98	208.00	(13.3 %)
Gross Income	27.04	12.70	(53.0 %)
Operating Income	(5.78)	(38.02)	(557.7 %)
Net Income	42.49	(36.61)	(186.2 %)
Average Shares	55.42	55.42	-
EPS (Riyals)	0.77	(0.66)	(186.2 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	183.97	208.00	13.1 %
Gross Income	42.49	12.70	(70.1 %)
Operating Income	15.38	(38.02)	(347.1 %)
Net Income	6.53	(36.61)	(660.4 %)
Average Shares	55.42	55.42	-
EPS (Riyals)	0.12	(0.66)	(660.4 %)

In Q4 2020, the company swung to a net loss after Zakat and tax of SAR 4.8 million, against a net profit of SAR 42.49 million in prior-year period.

Shareholders’ equity, excluding minority interest, edged down 0.66% to SAR 596.79 million in 2020, from SAR 600.72 million a year earlier.

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