National Learning profit leaps 47% to SAR 80.9 mln in 9M 2022/23; Q3 at SAR 27.6 mln

18/07/2023 Argaam Exclusive

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National Co. for Learning and Education reported a net profit of SAR 80.9 million for the nine months ended May 31, 2023, a 47% increase from SAR 54.9 million in the same period a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	233.72	342.61	46.6 %
Gross Income	92.17	142.93	55.1 %
Operating Income	60.71	88.73	46.2 %
Net Income	54.87	80.86	47.4 %
Average Shares	43.00	43.00	-
EPS (Riyals)	1.28	1.88	47.4 %

The profit growth is mainly due to a 45% rise in revenue, as the number of students enrolled in the company’s schools grew by 37% to 23,400 from 17,100 in the same period of the previous year.

National Learning posted a net profit of SAR 27.6 million for Q3 2022/2023, an increase of 49% from SAR 18.56 million in the same period last year, driven by higher revenue.

Sequentially, net profit rose slightly compared to SAR 27.37 million in Q2 2022/2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	82.05	117.70	43.5 %
Gross Income	31.99	49.79	55.7 %
Operating Income	20.60	31.07	50.8 %
Net Income	18.56	27.62	48.8 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.43	0.64	48.8 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	116.81	117.70	0.8 %
Gross Income	48.51	49.79	2.6 %
Operating Income	30.05	31.07	3.4 %
Net Income	27.37	27.62	0.9 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.64	0.64	0.9 %

Total shareholders’ equity, no minority interest, stood at SAR 681.43 million as of May 31, 2023, rising from SAR 635.67 million a year earlier.

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