Financial Results : Ataa Educational profit grows 7% to SAR 44.4M in 9M 2023/24; Q3 at SAR 10.9M

Ataa Educational profit grows 7% to SAR 44.4M in 9M 2023/24; Q3 at SAR 10.9M

02/06/2024 Argaam Exclusive

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Ataa Educational Co. posted a net profit rise of 7% to SAR 44.4 million for the nine-month period ended April 30, 2024, from SAR 41.3 million in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 501.94 507.48 1.1 %
Gross Income 122.52 135.15 10.3 %
Operating Income 69.02 82.85 20.0 %
Net Income 41.34 44.41 7.4 %
Average Shares 42.09 42.09 -
EPS (Riyals) 0.98 1.06 7.4 %

The company cited higher revenue from the education segment. It also acquired minority stakes in Al Yasmin International Co., Glory Generation International Co. and Al-Alsun International Private Schools Co. and reported a 4% year-on-year (YoY) rise in revenue from the education segment. Operating expenses declined by 2% YoY despite a 24% increase in finance costs, due to the abovementioned acquisition and the purchase of Irqah land. The nine-month results were also hurt by higher SAIBOR rates.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 159.89 163.52 2.3 %
Gross Income 36.07 40.26 11.6 %
Operating Income 20.65 24.67 19.5 %
Net Income 10.73 10.90 1.6 %
Average Shares 42.09 42.09 -
EPS (Riyals) 0.25 0.26 1.6 %

The third-quarter net profit increased by 2% to SAR 10.9 million from SAR 10.7 million in Q3 2022/23, thanks to a 7% YoY rise in revenue from the education segment, despite a decline in topline from the training and recruitment segments.

 

Shareholders’ equity, after minority interest, reached SAR 784.88 million by the end of the nine-month period, compared to SAR 858.89 million a year earlier.

 

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