Financial Results : National Learning net profit leaps 43% to SAR 25.9 mln in Q1 2022/23

National Learning net profit leaps 43% to SAR 25.9 mln in Q1 2022/23

10/01/2023 Argaam Exclusive

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National Company for Learning and Education (NCLE) reported a net profit after Zakat and tax of SAR 25.9 million for the first quarter ending Nov. 30, 2022, leaping 43% from SAR 18.1 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 74.38 105.05 41.2 %
Gross Income 30.38 44.62 46.9 %
Operating Income 20.41 28.12 37.8 %
Net Income 18.10 25.87 42.9 %
Average Shares 43.00 43.00 -
EPS (Riyals) 0.42 0.60 42.9 %

The net profit increase was due to a 43% rise year-on-year (YoY) in revenue, which resulted mainly from a 40% growth in the number of students enrolled in the company’s schools to 21,600 from 15,500 in the same quarter of the previous year. In addition, all educational campuses witnessed growth in the number of students during the current year compared to the previous year.

 

On a sequential basis, Q1 2022/23 net profit after Zakat and tax climbed 59.9% from SAR 16.18 million, driven by a 32% increase in revenue.

 

Total shareholders’ equity, with no minority equity, rose 7.54% YoY to SAR 678.79 million for Q1 2022/23, compared with SAR 631.18 million a year earlier.

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