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 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	170.22	163.52	(3.9 %)
Gross Income	39.49	40.26	2.0 %
Operating Income	25.21	24.67	(2.1 %)
Net Income	11.46	10.90	(4.9 %)
Average Shares	42.09	42.09	-
EPS (Riyals)	0.27	0.26	(4.9 %)

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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