Alkhaleej Training narrows 2022 loss to SAR 2.8 mln, Q4 at SAR 13.1 mln

25/04/2023 Argaam Exclusive

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Alkhaleej Training and Education Co. narrowed its loss in 2022 to SAR 2.8 million, from SAR 35.9 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	842.80	877.22	4.1 %
Gross Income	146.90	145.28	(1.1 %)
Operating Income	(0.01)	30.33	379237.5 %
Net Income	(35.85)	(15.31)	57.3 %
Average Shares	65.00	65.00	-
EPS (Riyals)	(0.55)	(0.24)	57.3 %

he positive results were buoyed by revenue, which increased by SAR 38.1 million compared to 2021, mainly from the schools segment, where number of students soared 100% from 4,600 in 2021 to 9,250 in 2022.

By the end of 2022, some adjustments and recalculations were made according to the IFRS 9 requirements. Accordingly, the company raised the value of customer debt provisions for one time, which had a negative impact on the 2022 profits and the comparative years.

In Q4 2022, the company narrowed net losses by 63.8% to SAR 13.10 million, from SAR 36.18 million in Q4 2021.

The company reported a net profit of SAR 9.24 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	232.29	232.90	0.3 %
Gross Income	64.13	45.58	(28.9 %)
Operating Income	(27.73)	10.04	136.2 %
Net Income	(36.18)	(8.71)	75.9 %
Average Shares	65.00	65.00	-
EPS (Riyals)	(0.56)	(0.13)	75.9 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	220.40	232.90	5.7 %
Gross Income	41.44	45.58	10.0 %
Operating Income	18.20	10.04	(44.9 %)
Net Income	13.80	(8.71)	(163.1 %)
Average Shares	65.00	65.00	-
EPS (Riyals)	0.21	(0.13)	(163.1 %)

Shareholders’ equity, excluding minority interest, fell to SAR 696.62 million as of Dec. 31, 2022, compared to SAR 736.87 million a year earlier.

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