Ataa Educational net profit down 8% to SAR 75.8 mln in FY 2019/2020

26/10/2020 Argaam Exclusive

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Ataa Educational Co. reported a net profit after Zakat and tax of SAR 75.8 for the fiscal year ended July 31, 2020, an 8.4% year-on-year (YoY) decline.

Financials (M)

Item	2019	2020	Change‬
Revenues	320.59	336.38	4.9 %
Gross Income	107.85	116.26	7.8 %
Operating Income	85.42	85.75	0.4 %
Net Income	82.75	75.80	(8.4 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	2.07	1.89	(8.4 %)

The decline in net profit was attributed to the increase in allowance for doubtful debts as the company booked additional provisions to meet expected economic impacts of the global outbreak. The company also cited the increase in financing charges as a result of implementing IFRS (16) related to rent contracts starting from August 1, 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	82.94	86.70	4.5 %
Gross Income	43.69	40.70	(6.9 %)
Operating Income	38.87	32.95	(15.2 %)
Net Income	37.97	29.92	(21.2 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.95	0.75	(21.2 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	84.09	86.70	3.1 %
Gross Income	25.15	40.70	61.8 %
Operating Income	15.73	32.95	109.4 %
Net Income	12.34	29.92	142.4 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.31	0.75	142.4 %

The company reported a net profit of SAR 29.92 in Q4 ended July 31, 2020, a 21.2% YoY decrease.

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