Financial Results : Ataa Educational profit up 5% to SAR 22.1M in Q1 2023/24

Ataa Educational profit up 5% to SAR 22.1M in Q1 2023/24

12/12/2023 Argaam Exclusive

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Ataa Educational Co. reported a net profit of SAR 22.1 million for the first quarter ended Oct. 31, 2023, compared to SAR 21.1 million in the same period the previous year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 171.53 173.74 1.3 %
Gross Income 49.97 55.40 10.9 %
Operating Income 29.59 32.98 11.5 %
Net Income 21.06 22.05 4.7 %
Average Shares 42.09 42.09 -
EPS (Riyals) 0.50 0.52 4.7 %

The profit growth was driven by higher tuition fees in some of the company’s complexes, which resulted in a 2% increase in revenues year-on-year (YoY).

 

The company also cited a 1% rise in other revenues, as well as an acquisition of minority rights in the subsidiaries, Al Yasmin, Al-Alson and Glory Generation.

 

This was despite a 42% increase YoY in financing costs due to borrowing related to the purchase of minority rights in the subsidiaries, Al Yasmin, Al-Alson and Glory Generation, as well as the purchase of Irqa land and higher SAIBOR rates.

 

Marketing expenses also leapt by 44% YoY.

 

Shareholders’ equity, after minority rights, reached SAR 808.82 million by the end of the three-month period, compared to SAR 842.58 million a year before.

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