Financial Results : Alkhaleej Training turns to profit of SAR 1.5 mln Q1 2023

Alkhaleej Training turns to profit of SAR 1.5 mln Q1 2023

19/06/2023 Argaam Exclusive

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Alkhaleej Training and Education Co. reported a net profit of SAR 1.5 million in Q1 2023, against a net loss of SAR 12 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 219.41 208.32 (5.1 %)
Gross Income 26.21 40.55 54.7 %
Operating Income (4.11) 13.37 424.9 %
Net Income (12.01) 3.72 131.0 %
Average Shares 65.00 65.00 -
EPS (Riyals) (0.18) 0.06 131.0 %

The profit was driven by 15% YoY decline in cost of revenues and 20% YoY decline in selling and distribution expenses. In addition, the school acquisitions had a positive impact on earnings.

 

Compared to Q4 2022, the company turned to profit against a loss of SAR 13.1 million.

 

Shareholders’ equity, no minority interest, rose to SAR 694.97 million as of March 31, 2023, from SAR 813.70 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 176.11 20.7 % 39.52 19.1 % 16.81 41.0 %
Q2 2014 182.67 9.1 % 44.58 10.6 % 23.30 13.6 %
Q3 2014 167.34 11.1 % 45.11 3.9 % 23.70 5.9 %
Q4 2014 197.43 (1.5 %) 65.15 1.1 % 34.95 (1.3 %)
Q1 2015 187.25 6.3 % 42.51 7.6 % 18.81 11.9 %
Q2 2015 183.90 0.7 % 40.83 (8.4 %) 20.25 (13.1 %)
Q3 2015 175.01 4.6 % 41.15 (8.8 %) 18.54 (21.8 %)
Q4 2015 179.97 (8.8 %) 56.19 (13.8 %) 24.68 (29.4 %)
Q1 2016 166.17 (11.3 %) 35.29 (17.0 %) 11.18 (40.6 %)
Q2 2016 145.22 (21.0 %) 21.42 (47.5 %) 0.46 (97.7 %)
Q3 2016 151.83 (13.2 %) 39.82 (3.2 %) 17.04 (8.1 %)
Q4 2016 166.74 (7.4 %) 49.06 (12.7 %) 20.69 (16.2 %)
Q1 2017 167.57 0.8 % 30.41 (13.8 %) 9.75 (12.7 %)
Q2 2017 171.73 18.3 % 35.30 64.8 % 14.41 3053.8 %
Q3 2017 187.45 23.5 % 48.44 21.6 % 27.43 61.0 %
Q4 2017 183.24 9.9 % 69.10 40.8 % 30.01 45.1 %
Q1 2018 198.37 18.4 % 37.77 24.2 % 10.58 8.5 %
Q2 2018 175.55 2.2 % 10.72 (69.6 %) (1.15) (108.0 %)
Q3 2018 212.03 13.1 % 56.37 16.4 % 28.22 2.9 %
Q4 2018 216.56 18.2 % 50.87 (26.4 %) 28.45 (5.2 %)
Q1 2019 214.15 8.0 % 41.42 9.7 % 17.38 64.2 %
Q2 2019 201.24 14.6 % 18.04 68.3 % 7.01 710.2 %
Q3 2019 208.82 (1.5 %) 50.69 (10.1 %) 23.16 (17.9 %)
Q4 2019 239.98 10.8 % 27.04 (46.8 %) (5.78) (120.3 %)
Q1 2020 213.76 (0.2 %) 42.82 3.4 % 14.58 (16.1 %)
Q2 2020 181.59 (9.8 %) 26.09 44.7 % 15.76 124.8 %
Q3 2020 183.97 (11.9 %) 42.49 (16.2 %) 15.38 (33.6 %)
Q4 2020 208.00 (13.3 %) 12.70 (53.0 %) (38.02) (557.7 %)
Q1 2021 205.87 (3.7 %) 32.31 (24.5 %) 0.83 (94.3 %)
Q2 2021 193.40 6.5 % 29.41 12.7 % 10.53 (33.2 %)
Q3 2021 211.24 14.8 % 36.43 (14.3 %) 16.32 6.1 %
Q4 2021 232.29 11.7 % 64.13 404.8 % (27.73) 27.1 %
Q1 2022 219.41 6.6 % 26.21 (18.9 %) (4.11) (593.9 %)
Q2 2022 205.31 6.2 % 29.04 (1.2 %) 2.55 (75.8 %)
Q3 2022 220.40 4.3 % 41.44 13.7 % 18.20 11.6 %
Q4 2022 232.90 0.3 % 45.58 (28.9 %) 10.04 136.2 %
Q1 2023 208.32 (5.1 %) 40.55 54.7 % 13.37 424.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 15.61 49.5 % 0.28 - 15.61 0.28
Q2 2014 21.51 17.4 % 0.39 - 21.51 0.39
Q3 2014 19.94 7.2 % 0.36 - 19.94 0.36
Q4 2014 32.17 2.2 % 0.58 - 32.17 0.58
Q1 2015 15.64 0.2 % 0.28 - 15.64 0.28
Q2 2015 16.74 (22.2 %) 0.30 - 16.74 0.30
Q3 2015 16.45 (17.5 %) 0.30 - 16.45 0.30
Q4 2015 21.56 (33.0 %) 0.39 - 21.56 0.39
Q1 2016 7.96 (49.1 %) 0.14 - 7.96 0.14
Q2 2016 (3.37) (120.2 %) (0.06) - (3.37) (0.06)
Q3 2016 19.77 20.2 % 0.36 - 19.77 0.36
Q4 2016 17.65 (18.1 %) 0.32 - 17.65 0.32
Q1 2017 6.38 (19.9 %) 0.12 - 6.38 0.12
Q2 2017 10.35 406.6 % 0.19 - 10.35 0.19
Q3 2017 20.80 5.3 % 0.38 - 20.80 0.38
Q4 2017 14.17 (19.7 %) 0.26 - 14.17 0.26
Q1 2018 4.26 (33.2 %) 0.08 - 4.26 0.08
Q2 2018 (7.69) (174.4 %) (0.14) - (7.69) (0.14)
Q3 2018 17.31 (16.8 %) 0.31 - 17.31 0.31
Q4 2018 18.48 30.4 % 0.33 - 18.48 0.33
Q1 2019 7.32 71.8 % 0.13 - 7.32 0.13
Q2 2019 (3.58) 53.5 % (0.06) - (3.58) (0.06)
Q3 2019 13.14 (24.1 %) 0.24 - 13.14 0.24
Q4 2019 42.49 129.9 % 0.77 68.62 (26.13) (0.47)
Q1 2020 4.39 (40.0 %) 0.08 - 4.39 0.08
Q2 2020 4.66 230.2 % 0.08 - 4.66 0.08
Q3 2020 6.53 (50.3 %) 0.12 - 6.53 0.12
Q4 2020 (36.61) (186.2 %) (0.66) - (36.61) (0.66)
Q1 2021 (7.60) (273.1 %) (0.14) - (7.60) (0.14)
Q2 2021 0.00 (100.1 %) 0.00 - 0.00 0.00
Q3 2021 7.94 21.5 % 0.14 - 7.94 0.14
Q4 2021 (36.18) 1.2 % (0.56) (0.63) (35.55) (0.55)
Q1 2022 (12.01) (58.0 %) (0.18) - (12.01) (0.18)
Q2 2022 (10.70) (356,666.7 %) (0.16) - (10.70) (0.16)
Q3 2022 13.80 73.8 % 0.21 - 13.80 0.21
Q4 2022 (8.71) 75.9 % (0.13) - (8.71) (0.13)
Q1 2023 3.72 131.0 % 0.06 - 3.72 0.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 27.02 % 16.22 % 12.16 %
Q2 2014 27.05 % 16.20 % 12.35 %
Q3 2014 26.66 % 15.78 % 12.18 %
Q4 2014 26.86 % 15.88 % 12.33 %
Q1 2015 26.86 % 16.14 % 12.15 %
Q2 2015 26.31 % 15.74 % 11.48 %
Q3 2015 25.50 % 15.03 % 10.89 %
Q4 2015 24.88 % 14.32 % 9.69 %
Q1 2016 24.60 % 13.91 % 8.89 %
Q2 2016 23.12 % 12.00 % 6.39 %
Q3 2016 23.74 % 12.50 % 7.14 %
Q4 2016 23.11 % 11.74 % 6.67 %
Q1 2017 22.29 % 11.39 % 6.40 %
Q2 2017 23.50 % 12.64 % 8.23 %
Q3 2017 23.53 % 13.71 % 7.96 %
Q4 2017 25.81 % 15.15 % 7.28 %
Q1 2018 25.73 % 14.72 % 6.69 %
Q2 2018 22.30 % 12.86 % 4.24 %
Q3 2018 22.61 % 12.31 % 3.65 %
Q4 2018 19.40 % 11.00 % 4.03 %
Q1 2019 19.48 % 12.19 % 4.33 %
Q2 2019 19.75 % 13.54 % 4.68 %
Q3 2019 19.15 % 13.60 % 4.20 %
Q4 2019 15.87 % 9.73 % (1.07 %)
Q1 2020 16.04 % 9.35 % (1.41 %)
Q2 2020 17.37 % 10.66 % (0.47 %)
Q3 2020 16.90 % 10.12 % (1.29 %)
Q4 2020 15.76 % 8.15 % (2.67 %)
Q1 2021 14.57 % 6.88 % (4.24 %)
Q2 2021 14.78 % 5.85 % (4.76 %)
Q3 2021 13.54 % 6.47 % (4.43 %)
Q4 2021 19.25 % 8.04 % (4.18 %)
Q1 2022 18.24 % 7.58 % (4.63 %)
Q2 2022 17.95 % 7.37 % (5.80 %)
Q3 2022 18.33 % 7.36 % (5.07 %)
Q4 2022 16.20 % 11.97 % (2.01 %)
Q1 2023 18.07 % 14.48 % (0.22 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 55.42 1.52 1.52 8.03
Q2 2014 55.42 1.57 1.58 7.86
Q3 2014 55.42 1.60 1.60 8.22
Q4 2014 55.42 1.61 1.61 8.75
Q1 2015 55.42 1.61 1.61 9.04
Q2 2015 55.42 1.52 1.52 8.80
Q3 2015 55.42 1.46 1.46 9.11
Q4 2015 55.42 1.27 1.27 9.47
Q1 2016 55.42 1.13 1.13 9.62
Q2 2016 55.42 0.77 0.77 8.83
Q3 2016 55.42 0.83 0.83 9.19
Q4 2016 55.42 0.76 0.76 9.47
Q1 2017 55.42 0.73 0.73 9.58
Q2 2017 55.42 0.98 0.98 9.38
Q3 2017 55.42 1.00 1.00 9.75
Q4 2017 55.42 0.93 0.93 9.80
Q1 2018 55.42 0.89 0.89 10.11
Q2 2018 55.42 0.57 0.57 9.35
Q3 2018 55.42 0.51 0.51 9.66
Q4 2018 55.42 0.58 0.58 9.87
Q1 2019 55.42 0.64 0.64 10.02
Q2 2019 55.42 0.71 0.71 9.97
Q3 2019 55.42 0.64 0.64 10.20
Q4 2019 55.42 1.07 (0.17) 10.84
Q1 2020 55.42 1.02 (0.22) 10.68
Q2 2020 55.42 1.17 (0.07) 10.59
Q3 2020 55.42 1.05 (0.19) 11.54
Q4 2020 55.42 (0.38) (0.38) 10.70
Q1 2021 55.42 (0.60) (0.60) 10.79
Q2 2021 55.42 (0.68) (0.68) 11.48
Q3 2021 55.42 (0.65) (0.65) 11.94
Q4 2021 65.00 (0.55) (0.54) 11.34
Q1 2022 65.00 (0.62) (0.61) 12.52
Q2 2022 65.00 (0.78) (0.77) 10.35
Q3 2022 65.00 (0.69) (0.68) 10.84
Q4 2022 65.00 (0.27) (0.27) 8.80
Q1 2023 65.00 (0.03) (0.03) 8.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 26.38 26.24 4.98
Q2 2014 28.03 27.89 5.61
Q3 2014 32.00 32.00 6.22
Q4 2014 30.21 30.21 5.56
Q1 2015 28.28 28.28 5.04
Q2 2015 30.22 30.22 5.24
Q3 2015 26.60 26.60 4.27
Q4 2015 22.98 22.98 3.08
Q1 2016 21.78 21.78 2.56
Q2 2016 30.63 30.63 2.67
Q3 2016 14.79 14.79 1.33
Q4 2016 22.20 22.20 1.78
Q1 2017 22.04 22.04 1.68
Q2 2017 14.46 14.46 1.51
Q3 2017 17.95 17.95 1.83
Q4 2017 18.02 18.02 1.72
Q1 2018 18.39 18.39 1.63
Q2 2018 26.16 26.16 1.59
Q3 2018 22.76 22.76 1.19
Q4 2018 21.23 21.23 1.26
Q1 2019 20.47 20.47 1.31
Q2 2019 17.54 17.54 1.26
Q3 2019 19.64 19.64 1.23
Q4 2019 12.34 NEG 1.22
Q1 2020 12.28 NEG 1.17
Q2 2020 10.93 NEG 1.20
Q3 2020 23.44 NEG 2.13
Q4 2020 NEG NEG 2.00
Q1 2021 NEG NEG 2.20
Q2 2021 NEG NEG 2.56
Q3 2021 NEG NEG 2.27
Q4 2021 NEG NEG 1.62
Q1 2022 NEG NEG 1.49
Q2 2022 NEG NEG 1.39
Q3 2022 NEG NEG 1.33
Q4 2022 NEG NEG 1.56
Q1 2023 NEG NEG 1.87

Business Segments (Million)

Compared With The
Period Call Centers Schools management projects training University Language Financial & Administrational Training Computer Others
Q1 2014 46.42 7.86 - - 47.09 19.61 14.35 40.77 -
Q2 2014 46.20 8.59 - - 49.31 21.01 16.14 41.41 -
Q3 2014 54.77 9.58 - - 129.35 18.06 12.32 39.66 -
Q4 2014 61.98 8.99 - - 44.12 24.26 17.24 41.32 -
Q1 2015 57.62 11.15 - - 44.01 20.49 14.73 39.26 -
Q2 2015 58.22 9.70 - - 45.12 17.11 16.31 37.44 -
Q3 2015 63.42 11.49 - - 35.92 16.86 14.45 32.86 -
Q4 2015 49.83 15.99 - - 32.77 24.05 8.68 48.46 -
Q1 2016 61.74 15.00 - - 29.04 15.16 16.68 28.54 -
Q2 2016 - 13.86 - - 24.34 11.06 10.06 26.55 -
Q3 2016 - 17.93 - - 19.50 17.30 8.00 28.70 -
Q4 2016 - 22.83 - - 20.07 12.62 26.13 24.02 -
Q1 2017 73.65 27.36 - - 18.81 13.02 13.85 20.87 -
Q2 2017 - 18.14 - - 17.00 23.53 14.16 20.55 -
Q3 2017 - 21.81 - - 13.02 33.97 12.88 28.68 -
Q4 2017 - 28.64 - - 26.12 28.74 20.53 34.39 -
Q1 2018 82.49 30.74 - - 22.33 16.31 23.45 23.06 -
Q2 2018 - 17.14 - - 20.37 11.69 23.16 20.73 -
Q3 2018 - 34.70 - - 15.97 22.10 25.05 31.84 -
Q4 2018 - 26.19 - - 25.98 19.17 26.65 30.78 -
Q1 2019 92.61 30.18 - - 25.66 15.59 18.76 31.35 -
Q2 2019 90.81 30.32 - - 22.23 10.39 17.79 29.71 -
Q3 2019 87.75 33.86 - - 18.69 22.50 18.78 27.23 -
Q4 2019 93.82 32.73 - - 27.28 16.14 26.87 43.14 -
Q1 2020 88.62 43.44 - - 26.72 13.31 17.03 24.63 -
Q2 2020 - 34.17 - - 22.27 7.41 10.90 13.04 -
Q3 2020 - 24.65 - - 19.08 6.03 16.91 25.39 -
Q1 2021 101.20 25.91 20.49 36.10 22.17 - - - -
Q2 2021 - 26.01 5.36 46.11 18.21 - - - -
Q3 2021 - 30.94 15.79 57.03 17.64 - - - -
Q4 2021 - 35.83 60.15 (19.67) 62.96 - - - -
Q1 2022 96.73 36.81 25.63 19.58 40.67 - - - -
Q1 2023 81.90 53.44 8.07 31.12 33.80 - - - -


Financial Ratios
Current
Market Cap (M Riyal) 1,725.75
Enterprise Value (EV) (M) 2,241.54
Shares Outstanding ((M)) 65.00
EPS ( Riyal) (TTM) 0.25
Book Value (BV) ( Riyal) 7.90
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) More than 100
Price/book 3.36
Return on Average Assets (%) (TTM) 0.8
Return on Average Equity (%) (TTM) 3.0
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Share Price

Alkhaleej Training and Education Co.
26.55
0.40 1.53 %

Alkhaleej Training and Education Co. (ALKHALEEJ TRNG)

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