National Learning net profit soars to SAR 71.1 mln in FY 2021/22; Q4 at SAR 16.2 mln

16/11/2022 Argaam Exclusive

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National Company for Learning and Education (NCLE) reported a net profit after Zakat and tax of SAR 71.1 million for the fiscal year ended Aug. 31, 2022, compared to SAR 24.5 million in the year-earlier period.

Financials (M)

Item	2021	2022	Change‬
Revenues	187.19	315.69	68.6 %
Gross Income	70.41	126.51	79.7 %
Operating Income	33.04	78.99	139.1 %
Net Income	24.46	71.05	190.5 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.57	1.65	190.5 %

The company reported a 75% increase year-on-year (YoY) in revenue, mainly from a 29% rise in student count enrolled from 13,300 students a year earlier to 17,100 by the end of the current year. Further, tuition fees rose from the previous year, including exceptional discounts related to the repercussions of the COVID-19 pandemic that the company announced at that time.

In Q4 2021/22, net profit after Zakat and tax more than doubled to SAR 16.2 million, from SAR 6.96 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	47.30	81.97	73.3 %
Gross Income	21.47	34.34	59.9 %
Operating Income	10.02	18.28	82.5 %
Net Income	6.96	16.18	132.5 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.16	0.38	132.5 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	82.05	81.97	(0.1 %)
Gross Income	31.99	34.34	7.4 %
Operating Income	20.60	18.28	(11.2 %)
Net Income	18.56	16.18	(12.8 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	0.43	0.38	(12.8 %)

Compared to the previous quarter, NCLE’s net profit dropped 12.8% from SAR 18.56 million.

Total shareholders’ equity, no minority interest, increased to SAR 650.548 million by the end of the fiscal year, from SAR 614.999 million a year earlier.

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