Financial Results : National Learning posts 5% profit rise in H1 2018-19

National Learning posts 5% profit rise in H1 2018-19

09/04/2019 Argaam Exclusive

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National Company for Learning and Education’s (NCLE) net profit after zakat and tax rose 5.4 percent year-on-year (YoY) to SAR 23.6 million for the first half ended Feb. 28, 2019.

 

The profit rise was attributed to improved profit margins and other income, along with a decline in the cost of sales and zakat expenses. 



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 109.47 104.75 (4.3 %)
Gross Income 39.34 42.45 7.9 %
Operating Income 25.76 24.93 (3.2 %)
Net Income 22.43 23.64 5.4 %
Average Shares 30.00 43.00 43.3 %
EPS (Riyals) 0.75 0.55 (26.4 %)

The second-quarter net profit after zakat and tax grew by 6.6 percent YoY to SAR 12.2 million, driven by higher profit margins and other income.

 

When compared to the previous quarter, NCLE’s net profit increased 6 percent. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 54.00 52.22 (3.3 %)
Gross Income 18.98 21.37 12.6 %
Operating Income 12.85 12.07 (6.1 %)
Net Income 11.42 12.17 6.6 %
Average Shares 30.00 43.00 43.3 %
EPS (Riyals) 0.38 0.28 (25.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 59.74 - 23.32 - 16.56 -
Q2 2017 60.43 - 22.14 - 17.17 -
Q3 2017 58.07 - 22.32 - 14.73 -
Q4 2017 58.48 - 33.38 - 26.07 -
Q1 2018 55.47 (7.2 %) 20.36 (12.7 %) 12.91 (22.0 %)
Q2 2018 54.00 (10.6 %) 18.98 (14.3 %) 12.85 (25.2 %)
Q3 2018 56.41 (2.9 %) 22.05 (1.2 %) 14.46 (1.8 %)
Q4 2018 54.08 (7.5 %) 20.95 (37.2 %) 14.49 (44.4 %)
Q1 2019 52.53 (5.3 %) 21.08 3.5 % 12.86 (0.4 %)
Q2 2019 52.22 (3.3 %) 21.37 12.6 % 12.07 (6.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 15.06 - 0.50 - 15.06 0.50
Q2 2017 15.82 - 0.53 - 15.82 0.53
Q3 2017 13.27 - 0.44 - 13.27 0.44
Q4 2017 23.74 - 0.79 - 23.74 0.79
Q1 2018 11.01 (26.9 %) 0.37 - 11.01 0.37
Q2 2018 11.42 (27.9 %) 0.38 - 11.42 0.38
Q3 2018 12.86 (3.1 %) 0.43 - 12.86 0.43
Q4 2018 13.59 (42.7 %) 0.45 - 13.59 0.45
Q1 2019 11.48 4.2 % 0.27 - 11.48 0.27
Q2 2019 12.17 6.6 % 0.28 - 12.17 0.28

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 42.73 % 34.24 % 28.68 %
Q1 2018 42.25 % 33.42 % 27.47 %
Q2 2018 42.05 % 33.99 % 26.30 %
Q3 2018 42.24 % 35.66 % 26.31 %
Q4 2018 37.43 % 31.21 % 22.22 %
Q1 2019 38.27 % 31.36 % 22.73 %
Q2 2019 39.70 % 31.02 % 23.27 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 30.00 - - 10.20
Q2 2017 30.00 - - -
Q3 2017 30.00 - - 10.58
Q4 2017 30.00 2.26 2.26 11.30
Q1 2018 30.00 2.13 2.13 11.63
Q2 2018 30.00 1.98 1.98 11.22
Q3 2018 30.00 1.97 1.97 11.65
Q4 2018 30.00 1.63 1.63 11.42
Q1 2019 43.00 1.15 1.15 13.51
Q2 2019 43.00 1.16 1.16 13.44

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 19.90 19.90 2.84
Q1 2019 19.92 19.92 1.69
Q2 2019 19.31 19.31 1.67

Business Segments (Million)

Compared With The
Period EL Rayan School EL Rowaby School Al Nozaha school Qortoba School
Q1 2017 19.87 19.13 14.95 -
Q4 2017 20.23 19.48 14.97 -
Q1 2018 18.99 17.68 14.15 0.33
Q2 2018 17.64 18.36 14.22 0.31
Q3 2018 17.24 20.04 14.15 0.43
Q4 2018 18.60 17.98 13.67 0.48
Q1 2019 18.62 17.86 15.27 0.78
Q2 2019 16.37 19.95 14.89 1.01


Financial Ratios
Current
Market Cap (M Riyal) 9,210.60
Enterprise Value (EV) (M) 9,205.80
Shares Outstanding ((M)) 43.00
EPS ( Riyal) (TTM) 3.67
Book Value (BV) ( Riyal) 18.45
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 11.61
Return on Average Assets (%) (TTM) 12.0
Return on Average Equity (%) (TTM) 21.1
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Share Price

National Company for Learning and Education
214.20
4.00 1.90 %

National Company for Learning and Education (NCLE)

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