Alkhaleej Training widens loss to SAR 42M in 2023, SAR 67M in Q4

31/03/2024 Argaam Exclusive

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Alkhaleej Training and Education Co. deepened net losses to SAR 42 million in 2023, compared to SAR 15.3 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	877.22	983.65	12.1 %
Gross Income	145.28	224.49	54.5 %
Operating Income	30.33	59.44	96.0 %
Net Income	(15.31)	(42.02)	(174.4 %)
Average Shares	65.00	65.00	-
EPS (Riyals)	(0.24)	(0.65)	(174.4 %)

The company cited an increase in provisions for expected credit losses, Zakat and impairment of goodwill.

On the other hand, the annual sales improved, compared to 2022, buoyed by the sales of the training, schools and call centers segments.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	232.90	290.37	24.7 %
Gross Income	45.58	77.34	69.7 %
Operating Income	10.04	(9.34)	(193.1 %)
Net Income	(8.71)	(67.01)	(669.8 %)
Average Shares	65.00	65.00	-
EPS (Riyals)	(0.13)	(1.03)	(669.8 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	271.58	290.37	6.9 %
Gross Income	78.40	77.34	(1.3 %)
Operating Income	34.53	(9.34)	(127.0 %)
Net Income	13.48	(67.01)	(597.2 %)
Average Shares	65.00	65.00	-
EPS (Riyals)	0.21	(1.03)	(597.2 %)

The fourth-quarter net losses also increased to SAR 67 million from SAR 8.7 million in Q4 2022.

The company reported a net profit of SAR 14.97 million in Q3 2023.

Total shareholders’ equity, after minority interest, dropped to SAR 460.63 million as of Dec. 31, 2023, from SAR 572.04 million a year earlier.

Accumulated losses reached SAR 186.72 million by the end of the 12-month period, representing 29% of the company’s capital.

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