National Company for Learning and Education (NCLE) reported a net profit after Zakat and tax of SAR 24.5 million for the fiscal year ended Aug. 31, 2021, a 58% decline compared to SAR 57.8 million in the previous year.
The company attributed the decrease in net profit to lower revenue, mainly due to offering tuition discounts ranging between 10% and 50% during the current academic year, concurring with the Ministry of Education announcement of the online education for the 2020/2021. In addition, the total number of students enrolled in the current year decreased by 8% compared to the previous year. Moreover, a decline in revenues aligned with the educational process as a result of the suspension of school transportation services and canteens also weighed on NCLE’s results.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 225.27 | 187.19 | (16.9 %) |
| Gross Income | 105.23 | 70.41 | (33.1 %) |
| Operating Income | 65.15 | 33.04 | (49.3 %) |
| Net Income | 57.80 | 24.46 | (57.7 %) |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 1.34 | 0.57 | (57.7 %) |
The company reported a net profit after Zakat and tax of nearly SAR 7 million for Q4 2020/2021, a 66% YoY decline.
On a sequential basis, net profit for Q4 2020/2021 fell almost 24% compared to the previous quarter net profit of SAR 9.15 million.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 59.49 | 47.30 | (20.5 %) |
| Gross Income | 36.35 | 21.47 | (40.9 %) |
| Operating Income | 24.40 | 10.02 | (58.9 %) |
| Net Income | 20.59 | 6.96 | (66.2 %) |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.48 | 0.16 | (66.2 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 48.85 | 47.30 | (3.2 %) |
| Gross Income | 18.52 | 21.47 | 16.0 % |
| Operating Income | 10.97 | 10.02 | (8.6 %) |
| Net Income | 9.15 | 6.96 | (23.9 %) |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.21 | 0.16 | (23.9 %) |
Shareholders’ equity, excluding minority interest, reached SAR 614.998 million by Aug. 31, 2021, compared to SAR 624.853 million a year earlier.
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