Alkhaleej Training net profit drops 98% to SAR 332,000 in 9M 2021

03/11/2021 Argaam Exclusive

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Alkhaleej Training and Education Co.’s net profit after Zakat and tax plunged 98% to SAR 332,000 in 9M 2021, from SAR 15.6 million in the year-earlier period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	579.33	610.51	5.4 %
Gross Income	111.41	82.76	(25.7 %)
Operating Income	45.72	27.72	(39.4 %)
Net Income	15.59	0.33	(97.9 %)
Average Shares	55.42	55.42	-
EPS (Riyals)	0.28	0.01	(97.9 %)

The company noted a decrease in cost of revenue, financing expenses and general and administrative expenses, despite the SANED subsidy.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	183.97	211.24	14.8 %
Gross Income	42.49	36.43	(14.3 %)
Operating Income	15.38	16.32	6.1 %
Net Income	6.53	7.94	21.5 %
Average Shares	55.42	55.42	-
EPS (Riyals)	0.12	0.14	21.5 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	193.40	211.24	9.2 %
Gross Income	29.41	36.43	23.9 %
Operating Income	10.53	16.32	55.0 %
Net Income	0.00	7.94	264666.7 %
Average Shares	55.42	55.42	-
EPS (Riyals)	0.00	0.14	264666.7 %

The net profit after Zakat and tax rose 22% year-on-year (YoY) to SAR 8 million in Q3 2021, due to higher revenue.

On a sequential basis, the firm swung to net profit from a loss of SAR 3,416.

Shareholders’ equity, after minority interest, increased to SAR 661.82 million as of Sept. 30, 2021, from SAR 639.42 million a year earlier.

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