Ataa Educational net profit surges to SAR 71.3 mln in 9M 2021/22; Q3 down 43% to SAR 3.6 mln

09/06/2022 Argaam Exclusive

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Ataa Educational Co. reported a net profit after Zakat and tax of SAR 71.3 million for the first nine months of 2021/22 ending on April 30, 2022, a sharp rise from SAR 17.7 million in the year earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	186.95	418.60	123.9 %
Gross Income	45.99	87.77	90.8 %
Operating Income	27.97	38.97	39.3 %
Net Income	17.65	55.57	214.9 %
Average Shares	40.00	42.09	5.2 %
EPS (Riyals)	0.44	1.32	199.2 %

The profit jump followed a 121% year-on-year (YoY) rise in revenues, and 233% YoY increase in other revenue.

The company also noted non-recurring profits resulting from the acquisition of Arabian Education and Training Group Holding Co., amounting to SAR 52.5 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	62.53	142.89	128.5 %
Gross Income	15.62	23.72	51.8 %
Operating Income	10.10	9.49	(6.1 %)
Net Income	6.34	3.15	(50.4 %)
Average Shares	40.00	42.09	5.2 %
EPS (Riyals)	0.16	0.07	(52.9 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	135.97	142.89	5.1 %
Gross Income	25.45	23.72	(6.8 %)
Operating Income	8.54	9.49	11.1 %
Net Income	1.01	3.15	210.9 %
Average Shares	42.09	42.09	-
EPS (Riyals)	0.02	0.07	210.9 %

The net profit after Zakat and tax slumped 43.1% YoY to SAR 3.61 million in Q3 2021/22, as administrative expenses increased due to the consolidation of the financial statements with the acquired companies.

Ataa Educational also noted a rise in financing costs.

On a sequential basis, net profit jumped from SAR 1.48 million in Q2 2021/22.

Shareholders’ equity, after minority interest, increased to SAR 776.1 million as of April 30, 2022, from SAR 727.4 million a year earlier.

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