Financial Results : Ataa Educational net profit drops 62% to SAR 17.7 mln in 9M 2020/21

Ataa Educational net profit drops 62% to SAR 17.7 mln in 9M 2020/21

10/06/2021 Argaam Exclusive

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Ataa Educational Co. reported a net profit after Zakat and tax of SAR 17.7 million for the first nine months of 2020/21 ending on April 30, 2021, down 62%, compared to a net profit of SAR 45.9 million a year earlier.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 249.68 186.95 (25.1 %)
Gross Income 75.56 45.99 (39.1 %)
Operating Income 52.80 27.97 (47.0 %)
Net Income 45.88 17.65 (61.5 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 1.15 0.44 (61.5 %)

The decrease in profit was attributed to a 26% drop in revenue year-on-year (YoY) on higher discounts, up 60% YoY, due to school closures and online learning and 8% lower students count compared to same period last year.

 

In addition, other revenue decreased by 50% due to the suspension of student activities and operation of canteens, as a result of school closures, despite operating cost falling by 20% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 84.09 62.53 (25.6 %)
Gross Income 25.15 15.62 (37.9 %)
Operating Income 15.73 10.10 (35.8 %)
Net Income 12.34 6.34 (48.6 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 0.31 0.16 (48.6 %)

The company’s net profit after Zakat and tax fell 49% to SAR 6.3 million YoY in Q3 2020/21, on the back of lower revenue and higher operating expenses.

 

On a sequential basis, net profit was down marginally.

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