National Learning net profit falls 53% to SAR 17.5 mln in 9M 2020/2021

08/07/2021 Argaam Exclusive

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National Company for Learning and Education (NCLE) reported a net profit after Zakat and tax of SAR 17.5 million for the nine month-period ended May 31, 2021, a decline of 53% year-on-year (YoY).

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	165.79	139.90	(15.6 %)
Gross Income	68.88	48.94	(28.9 %)
Operating Income	40.76	23.02	(43.5 %)
Net Income	37.21	17.50	(53.0 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	0.87	0.41	(53.0 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	57.21	48.85	(14.6 %)
Gross Income	24.44	18.52	(24.2 %)
Operating Income	14.23	10.97	(22.9 %)
Net Income	12.13	9.15	(24.6 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	0.28	0.21	(24.6 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	46.60	48.85	4.8 %
Gross Income	16.51	18.52	12.1 %
Operating Income	6.76	10.97	62.2 %
Net Income	4.56	9.15	100.4 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.11	0.21	100.4 %

The profit decline was attributed to a decrease in revenue, mainly due to providing discounts with different rates from 10% to 50% on the tuitions of the current academic year concurring with the Ministry of Education announcement about online education.

Moreover, the total number of students enrolled in the current period decreased by 8% year-on-year (YoY), with 76 % of the decrease resulting from the newly enrolled students for kindergarten and first grade of primary school.

NCLE also reported an increase in the finance cost during the current period on a decline in earned revenue of short-term Islamic Murabaha.

The third-quarter net profit after Zakat and tax dropped 25% YoY to SAR 9.2 million, driven by lower revenue on tuition discounts amid the implementation of the online learning for 2020/2021.

When compared to the previous quarter, NCLE’s net profit more than doubled from SAR 4.6 million.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	164.80	-	68.77	-	51.06	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	201.61	22.3 %	88.94	29.3 %	65.99	29.2 %
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	226.52	12.4 %	94.98	6.8 %	69.73	5.7 %
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	-
2017	236.72	4.5 %	101.16	6.5 %	74.52	6.9 %
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 %)
2018	219.96	(7.1 %)	82.34	(18.6 %)	54.71	(26.6 %)
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 %)
Q3 2019	51.36	(8.9 %)	21.32	(3.3 %)	10.86	(24.9 %)
Q4 2019	51.22	(5.3 %)	23.56	12.5 %	13.35	(7.8 %)
2019	207.34	(5.7 %)	87.33	6.1 %	49.14	(10.2 %)
Q1 2020	52.10	(0.8 %)	20.23	(4.0 %)	12.34	(4.0 %)
Q2 2020	56.49	8.2 %	24.22	13.3 %	14.18	17.5 %
Q3 2020	57.21	11.4 %	24.44	14.6 %	14.23	31.1 %
Q4 2020	59.49	16.1 %	36.35	54.3 %	24.40	82.7 %
2020	225.27	8.7 %	105.23	20.5 %	65.15	32.6 %
Q1 2021	44.45	(14.7 %)	13.91	(31.2 %)	5.29	(57.1 %)
Q2 2021	46.60	(17.5 %)	16.51	(31.8 %)	6.76	(52.3 %)
Q3 2021	48.85	(14.6 %)	18.52	(24.2 %)	10.97	(22.9 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	164.80	-	68.77	-	51.06	-
2015	201.61	22.3 %	88.94	29.3 %	65.99	29.2 %
2016	226.52	12.4 %	94.98	6.8 %	69.73	5.7 %
2017	236.72	4.5 %	101.16	6.5 %	74.52	6.9 %
2018	219.96	(7.1 %)	82.34	(18.6 %)	54.71	(26.6 %)
2019	207.34	(5.7 %)	87.33	6.1 %	49.14	(10.2 %)
2020	225.27	8.7 %	105.23	20.5 %	65.15	32.6 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	51.41	-	1.71	-	51.41	1.71
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	63.55	23.6 %	2.12	-	63.55	2.12
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	66.51	4.7 %	2.22	-	66.51	2.22
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
2017	67.89	2.1 %	2.26	-	67.89	2.26
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
2018	48.87	(28.0 %)	1.63	-	48.87	1.63
Q1 2019	11.48	4.2 %	0.27	-	11.48	0.27
Q2 2019	12.17	6.6 %	0.28	-	12.17	0.28
Q3 2019	13.46	4.7 %	0.31	2.50	10.96	0.25
Q4 2019	13.29	(2.2 %)	0.31	-	13.29	0.31
2019	50.39	3.1 %	1.17	2.50	47.89	1.11
Q1 2020	11.64	1.4 %	0.27	-	11.64	0.27
Q2 2020	13.44	10.5 %	0.31	-	13.44	0.31
Q3 2020	12.13	(9.9 %)	0.28	-	12.13	0.28
Q4 2020	20.59	54.9 %	0.48	-	20.59	0.48
2020	57.80	14.7 %	1.34	-	57.80	1.34
Q1 2021	3.79	(67.5 %)	0.09	-	3.79	0.09
Q2 2021	4.56	(66.0 %)	0.11	-	4.56	0.11
Q3 2021	9.15	(24.6 %)	0.21	-	9.15	0.21

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	51.41	-	1.71	-	51.41	1.71
2015	63.55	23.6 %	2.12	-	63.55	2.12
2016	66.51	4.7 %	2.22	-	66.51	2.22
2017	67.89	2.1 %	2.26	-	67.89	2.26
2018	48.87	(28.0 %)	1.63	-	48.87	1.63
2019	50.39	3.1 %	1.17	2.50	47.89	1.11
2020	57.80	14.7 %	1.34	-	57.80	1.34

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	41.73 %	38.67 %	31.19 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	44.12 %	39.32 %	31.52 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	41.93 %	36.52 %	29.36 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	42.73 %	34.24 %	28.68 %
2017	42.73 %	37.00 %	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 %
2018	37.43 %	31.21 %	22.22 %
Q1 2019	38.27 %	31.36 %	22.73 %
Q2 2019	39.70 %	31.02 %	23.27 %
Q3 2019	40.30 %	29.79 %	22.93 %
Q4 2019	42.12 %	29.36 %	23.10 %
2019	42.12 %	29.36 %	23.10 %
Q1 2020	41.80 %	29.20 %	23.23 %
Q2 2020	42.30 %	29.27 %	23.36 %
Q3 2020	42.60 %	29.89 %	23.27 %
Q4 2020	46.71 %	32.78 %	25.66 %
2020	46.71 %	32.78 %	25.66 %
Q1 2021	45.45 %	31.09 %	22.95 %
Q2 2021	43.91 %	29.84 %	19.77 %
Q3 2021	42.78 %	30.15 %	19.10 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	41.73 %	38.67 %	31.19 %
2015	44.12 %	39.32 %	31.52 %
2016	41.93 %	36.52 %	29.36 %
2017	42.73 %	37.00 %	28.68 %
2018	37.43 %	31.21 %	22.22 %
2019	42.12 %	29.36 %	23.10 %
2020	46.71 %	32.78 %	25.66 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	39.03 %	33.16 %	25.21 %
Q2 2017	36.64 %	-	26.18 %
Q3 2017	38.44 %	-	22.86 %
Q4 2017	57.07 %	50.19 %	40.59 %
Q1 2018	36.70 %	29.63 %	19.85 %
Q2 2018	35.15 %	30.19 %	21.14 %
Q3 2018	39.10 %	31.76 %	22.79 %
Q4 2018	38.74 %	33.27 %	25.13 %
Q1 2019	40.12 %	30.18 %	21.84 %
Q2 2019	40.92 %	28.73 %	23.30 %
Q3 2019	41.52 %	26.81 %	21.33 %
Q4 2019	45.99 %	31.71 %	25.95 %
Q1 2020	38.82 %	29.56 %	22.34 %
Q2 2020	42.87 %	29.01 %	23.80 %
Q3 2020	42.72 %	29.41 %	21.20 %
Q4 2020	61.11 %	42.40 %	34.61 %
Q1 2021	31.29 %	20.76 %	8.52 %
Q2 2021	35.44 %	22.99 %	9.79 %
Q3 2021	37.91 %	30.62 %	18.72 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2019	43.00	1.18	1.12	13.78
Q4 2019	43.00	1.17	1.11	14.08
Q1 2020	43.00	1.18	1.12	14.44
Q2 2020	43.00	1.21	1.15	13.83
Q3 2020	43.00	1.17	1.17	14.13
Q4 2020	43.00	1.34	1.34	14.53
Q1 2021	43.00	1.16	1.16	14.59
Q2 2021	43.00	0.96	0.96	13.89
Q3 2021	43.00	0.89	0.89	14.14

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	-	-	-	-
2012	-	-	-	-
2013	-	-	-	-
2014	30.00	1.71	1.71	9.27
2015	30.00	2.12	2.12	10.02
2016	30.00	2.22	2.22	10.77
2017	30.00	2.26	2.26	11.30
2018	30.00	1.63	1.63	11.42
2019	43.00	1.17	1.11	14.08
2020	43.00	1.34	1.34	14.53

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2019	22.31	23.47	1.91
Q4 2019	24.40	25.68	2.03
Q1 2020	25.09	26.40	2.04
Q2 2020	37.33	39.22	3.25
Q3 2020	41.34	41.34	3.44
Q4 2020	38.83	38.83	3.59
Q1 2021	40.85	40.85	3.25
Q2 2021	64.18	64.18	4.41
Q3 2021	71.80	71.80	4.50

Period	P/E	Adjusted P/E	Price/book
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	19.90	19.90	2.84
2019	24.40	25.68	2.03
2020	38.84	38.84	3.59

Business Segments (Million)

Compared With The

Period	EL Rayan School	EL Rowaby School	Al Qairwan schools	Al Nozaha school	Al Ghad National Schools	Breda Schools	Qortoba School	Al-Khoarizmy Schools	Other activities	Consolidation adjustments & eliminations
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	-	-	-
Q3 2019	17.22	18.27	-	14.95	-	-	0.92	-	-	-
Q4 2019	17.30	18.47	-	14.70	-	-	0.75	-	-	-
Q1 2020	17.68	18.92	-	13.42	-	0.44	1.64	-	-	-
Q2 2020	15.42	19.03	-	15.89	-	0.49	1.67	3.98	-	-
Q3 2020	16.15	18.49	-	14.35	2.18	0.48	1.62	3.93	-	-
Q4 2020	15.40	17.81	-	13.86	6.23	0.63	1.64	3.92	-	-
Q1 2021	10.16	12.22	2.37	9.42	5.39	1.00	1.01	2.90	-	-
Q2 2021	10.49	12.74	2.47	9.61	5.29	1.24	1.13	2.85	0.78	-
Q3 2021	11.05	13.52	3.06	10.15	5.89	1.18	1.16	2.83	1.32	(1.33)

Period	EL Rayan School	EL Rowaby School	Al Qairwan schools	Al Nozaha school	Al Ghad National Schools	Breda Schools	Qortoba School	Al-Khoarizmy Schools	Other activities	Consolidation adjustments & eliminations
2015	85.42	76.15	-	37.00	-	-	-	-	-	-
2016	83.57	75.41	-	48.79	-	-	-	-	-	-
2017	79.18	76.70	-	59.54	-	-	-	-	-	-
2018	72.47	74.07	-	56.19	-	-	1.55	-	-	-
2019	69.51	74.56	-	59.81	-	-	3.46	-	-	-
2020	64.65	74.25	-	57.51	8.41	2.05	6.57	11.83	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	9,245.00
Enterprise Value (EV) (M)	9,240.20
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	11.65
Return on Average Assets (%) (TTM)	12.0
Return on Average Equity (%) (TTM)	21.1

National Company for Learning and Education (NCLE)

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National Learning net profit falls 53% to SAR 17.5 mln in 9M 2020/2021

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q3

Financial Ratios

Share Price

National Company for Learning and Education (NCLE)

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National Learning net profit falls 53% to SAR 17.5 mln in 9M 2020/2021

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2021

Revenue by Business Segment (Latest) 2021 Q3

Financial Ratios

Share Price

National Company for Learning and Education (NCLE)

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Business Segments (Million)