Horizon Educational Co.’s earnings increased by 25% to SAR 8.9 million for the fiscal year (FY) ended June 30, 2023, compared to SAR 7.1 million in the year-earlier period.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 32.32 | 36.76 | 13.7 % |
| Gross Income | 11.54 | 13.52 | 17.1 % |
| Operating Income | 7.23 | 8.47 | 17.2 % |
| Net Income | 7.14 | 8.94 | 25.1 % |
| Average Shares | 2.00 | 2.00 | - |
| EPS (Riyals) | 3.57 | 4.47 | 25.1 % |
The earnings increase was spurred by 14% growth year-on-year (YoY) in revenue to SAR 36.8 million, from SAR 32.3 million a year ago, due to higher tuition fees. In addition, the annual operating profit margins rose from 22% to 23%, despite higher general and administrative expenses (G&As).
The company also cited lower Zakat expenses and an increase in other revenues.
Shareholders’ equity, no minority interest, stood at SAR 43.5 million by June 30, 2022/2023, compared to SAR 43.6 million a year earlier.
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