Academy of Learning profit leaps 34% to SAR 28.7M in 2023

18/02/2024 Argaam Exclusive

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Academy of Learning Co. (AOL) reported a net profit of SAR 28.7 million for 2023, a 34% increase from SAR 21.4 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	62.91	92.91	47.7 %
Gross Income	39.65	57.56	45.2 %
Operating Income	22.96	28.58	24.5 %
Net Income	21.36	28.67	34.2 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.24	0.32	34.2 %

The profit growth was driven by higher revenues as the company adopted an expansion policy through the opening of new branches. The firm continuously added new diplomas and training programs that align with the needs of the job market. In addition, it adopted diversification and innovation in marketing strategies.

Shareholders’ equity, no minority interest, stood at SAR 113.07 million as of Dec. 31, 2023, increasing from SAR 105.56 million a year before.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	36.71	54.08	47.3 %
Gross Income	22.95	32.12	40.0 %
Operating Income	13.75	14.58	6.0 %
Net Income	13.20	14.47	9.6 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.15	0.16	9.6 %

Item	H1 2023	H2 2023	Change‬
Revenues	38.82	54.08	39.3 %
Gross Income	25.44	32.12	26.3 %
Operating Income	14.00	14.58	4.1 %
Net Income	14.20	14.47	1.9 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.16	0.16	1.9 %

Historical Change of Financial Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	Earnings Per Share (SAR/Share)
H1 2021	18.00	7.40	0.12
H2 2021	24.28	8.8	0.15
H1 2022	26.21	8.16	0.14
H2 2022	36.70	13.20	0.22
H1 2023	38.82	14.20	0.24
H2 2023	54.09	14.47	0.24

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