Alkhaleej Training turns to SAR 8.6 mln in H1 2023, Q2 at SAR 2.4 mln

24/08/2023 Argaam Exclusive

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Alkhaleej Training and Training Co. turned to a net profit of SAR 8.6 million in H1 2023, against a net loss of SAR 19 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	421.76	420.18	(0.4 %)
Gross Income	55.19	79.99	44.9 %
Operating Income	0.04	26.46	67756.7 %
Net Income	(19.02)	4.04	121.2 %
Average Shares	65.00	65.00	-
EPS (Riyals)	(0.29)	0.06	121.2 %

The half-year results were triggered by the positive contribution of the newly-acquired schools and the significant improvement in the training segment’s profit and revenue.

In the second quarter, the company reported a net profit of SAR 2.39 million, against a net loss of SAR 10.70 million in Q2 2022, attributed to the same reasons for the positive half-year earnings.

On a quarterly basis, the net profit jumped 64.1% from SAR 1.46 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	205.31	211.86	3.2 %
Gross Income	29.04	39.44	35.8 %
Operating Income	2.55	13.10	413.0 %
Net Income	(10.70)	0.32	102.9 %
Average Shares	65.00	65.00	-
EPS (Riyals)	(0.16)	0.00	102.9 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	208.32	211.86	1.7 %
Gross Income	40.55	39.44	(2.8 %)
Operating Income	13.37	13.10	(2.0 %)
Net Income	3.72	0.32	(91.5 %)
Average Shares	65.00	65.00	-
EPS (Riyals)	0.06	0.00	(91.5 %)

Total shareholders’ equity, after minority interest, reached SAR 677.2 million as of June 30, 2023, down from SAR 680.8 million a year earlier.

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