Academy of Learning H1 net profit up 74% to SAR 14.2 mln

30/07/2023 Argaam Exclusive

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Academy of Learning (AoL) reported a net profit of SAR 14.2 million by the end of H1 2023, an increase of 74% year-on-year (YoY) from SAR 8.2 million in a year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	26.21	38.82	48.1 %
Gross Income	16.70	25.44	52.4 %
Operating Income	9.20	14.00	52.1 %
Net Income	8.16	14.20	74.1 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.09	0.16	74.1 %

This was driven by a 48% YoY increase in revenue on higher occupancy rates in branches and the opening of the third branch in Dammam in September last year.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	26.21	38.82	48.1 %
Gross Income	16.70	25.44	52.4 %
Operating Income	9.20	14.00	52.1 %
Net Income	8.16	14.20	74.1 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.09	0.16	74.1 %

Item	H2 2022	H1 2023	Change‬
Revenues	36.71	38.82	5.8 %
Gross Income	22.95	25.44	10.9 %
Operating Income	13.75	14.00	1.8 %
Net Income	13.20	14.20	7.6 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.15	0.16	7.6 %

Shareholders’ equity, excluding minority interest, increased in H1 2023 to SAR 107.769 million from SAR 101.317 million in H1 2022.

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