Ataa Educational net profit slumps 66% to SAR 11.3 mln in H1 2020/21

07/03/2021 Argaam Exclusive

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Ataa Educational Co. reported a net profit after Zakat and tax of SAR 11.3 million for H1 2020/21 ending on Jan. 31, 2021, down 66%, compared to a net profit of SAR 33.5 million a year earlier.

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 10% YoY. Other revenues also fell by 57% YoY due to the suspension of student activities, closure of schools amid the COVID-19 outbreak.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	165.59	124.41	(24.9 %)
Gross Income	50.41	30.37	(39.8 %)
Operating Income	37.07	17.87	(51.8 %)
Net Income	33.54	11.31	(66.3 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.84	0.28	(66.3 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	84.48	63.19	(25.2 %)
Gross Income	24.89	16.66	(33.0 %)
Operating Income	18.57	10.01	(46.1 %)
Net Income	17.28	6.39	(63.0 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.43	0.16	(63.0 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	61.23	63.19	3.2 %
Gross Income	13.71	16.66	21.6 %
Operating Income	7.86	10.01	27.3 %
Net Income	4.92	6.39	30.0 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.12	0.16	30.0 %

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