Financial Results : Ataa Educational net profit plunges 70% to SAR 4.9 mln in Q1 2020/21

Ataa Educational net profit plunges 70% to SAR 4.9 mln in Q1 2020/21

09/12/2020 Argaam Exclusive

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Ataa Educational Co. reported a net profit after Zakat and tax of SAR 4.9 million for Q1 2020/21 ending on Oct. 31, 2020, compared to a net profit of SAR 16.2 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 81.11 61.23 (24.5 %)
Gross Income 25.53 13.71 (46.3 %)
Operating Income 18.50 7.86 (57.5 %)
Net Income 16.25 4.92 (69.7 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 0.41 0.12 (69.7 %)

The drop in net profit was attributed to a 25% decline year-on-year (YoY) in revenue, as Ataa offered additional discounts amid suspension of education at schools and the implementation of distance learning. In addition, the student count decreased by 8% YoY.

 

Moreover, other revenues fell by 44% YoY due to the suspension of student activities, closure of schools amid the COVID-19 outbreak.

 

Total shareholders’ equity, excluding minority, stood at SAR 754.118 million for the same period, a rise of 2.7% YoY.

 

When compared to the previous quarter, net profit slumped 83.6%, due to a 29% decline in revenue, as Ataa offered additional discounts amid suspension of education at schools and the implementation of distance learning. In addition, the student count decreased by 8% on a sequential basis.

 

Other revenues also shrank by 17% quarter-on-quarter.

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