Ataa profit down 7% to SAR 63.4M in FY2023/24; Q4 at SAR 19M

04/09/2024 Argaam Exclusive

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Ataa Educational Co. reported a net profit of SAR 63.4 million for the fiscal year ended July 31, 2024, compared to SAR 67.8 million the previous year.

Financials (M)

Item	2023	2024	Change‬
Revenues	680.36	678.64	(0.3 %)
Gross Income	195.24	196.41	0.6 %
Operating Income	106.75	118.74	11.2 %
Net Income	67.79	63.37	(6.5 %)
Average Shares	42.09	42.09	-
EPS (Riyals)	1.61	1.51	(6.5 %)

The profit decline is attributed to losses in the training and employment segments, in addition to a 19% year-on-year (YoY) increase in loan financing costs, related to the purchase of minority rights in Al-Yasmeen, Al-Alson, and Jeel Al-Majd complexes.

Meanwhile, Ataa noted an 8% YoY growth in the education segment’s net profit.

The company's Q4 2023/24 earnings fell 28% to SAR 19 million, compared to SAR 26.45 million a year before.

On a sequential basis, Ataa's fourth-quarter earnings soared 74% from SAR 10.9 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	178.42	168.03	(5.8 %)
Gross Income	72.72	61.26	(15.8 %)
Operating Income	37.73	35.89	(4.9 %)
Net Income	26.45	18.96	(28.3 %)
Average Shares	42.09	42.09	-
EPS (Riyals)	0.63	0.45	(28.3 %)

Item	Q3 2024	Q4 2024	Change‬
Revenues	163.52	168.03	2.8 %
Gross Income	40.26	61.26	52.1 %
Operating Income	24.67	35.89	45.5 %
Net Income	10.90	18.96	74.0 %
Average Shares	42.09	42.09	-
EPS (Riyals)	0.26	0.45	74.0 %

Shareholders’ equity, no minority rights, reached SAR 801.32 million by the end of FY2023/24, compared to SAR 786.76 million a year before.

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