Alkhaleej Training earns SAR 68.3M in H1 2024; SAR 3.3M in Q2

01/08/2024 Argaam Exclusive

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Alkhaleej Training and Training Co. posted a net profit of SAR 68.3 million in H1 2024, compared with SAR 4 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	420.18	539.46	28.4 %
Gross Income	79.99	95.31	19.2 %
Operating Income	26.46	28.09	6.1 %
Net Income	4.04	68.31	1592.4 %
Average Shares	65.00	65.00	-
EPS (Riyals)	0.06	1.05	1592.4 %

The six-month revenues grew by 28% year-on-year (YoY) to SAR 119 million, driven mainly by a 42% leap in revenues from the call center segment, a 24% increase in revenues from the schools segment and an 83% leap in revenues from the project management division.

Meanwhile, the universities segment fell by 4% YoY due to a decrease in the services provided to clients as compared to H1 2023.

In the second quarter, the company reported a surge in net profit to SAR 3.3 million from SAR 320,000 in Q2 2023.

Meanwhile, Q2 2024 net earnings dropped 94.9% from SAR 65.02 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	211.86	262.97	24.1 %
Gross Income	39.44	48.41	22.8 %
Operating Income	13.10	19.32	47.5 %
Net Income	0.32	3.29	944.6 %
Average Shares	65.00	65.00	-
EPS (Riyals)	0.00	0.05	944.6 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	276.48	262.97	(4.9 %)
Gross Income	46.90	48.41	3.2 %
Operating Income	8.77	19.32	120.2 %
Net Income	65.02	3.29	(94.9 %)
Average Shares	65.00	65.00	-
EPS (Riyals)	1.00	0.05	(94.9 %)

Total shareholders’ equity, after minority interest, reached SAR 513.77 million as of June 30, 2024, down from SAR 555.33 million a year earlier.

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