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National Company for Learning and Education announces its Interim Financial Results for the Period Ending on 2023-05-31 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 113,801,594 | 79,163,373 | 43.76 | 113,354,185 | 0.39 |
| Gross Profit (Loss) | 49,791,422 | 31,987,179 | 55.66 | 48,512,004 | 2.64 |
| Operational Profit (Loss) | 31,685,660 | 20,855,387 | 51.93 | 31,126,424 | 1.8 |
| Net Profit (Loss) after Zakat and Tax | 27,618,178 | 18,559,620 | 48.81 | 27,374,581 | 0.89 |
| Total Comprehensive Income | 27,162,753 | 20,603,343 | 31.84 | 27,078,634 | 0.31 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 332,201,887 | 229,207,036 | 44.94 |
| Gross Profit (Loss) | 142,925,426 | 92,165,515 | 55.07 |
| Operational Profit (Loss) | 90,931,477 | 61,883,827 | 46.94 |
| Net Profit (Loss) after Zakat and Tax | 80,864,774 | 54,868,865 | 47.38 |
| Total Comprehensive Income | 82,486,618 | 55,075,775 | 49.77 |
| Total Share Holders Equity (after Deducting Minority Equity) | 681,434,454 | 635,674,416 | 7.2 |
| Profit (Loss) per Share | 1.88 | 1.28 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit during the current quarter compared to the same quarter of the previous year is due to an increase in revenue by 44% compared to the same quarter of the previous year which resulted mainly from the increase in the number of students enrolled in the company’s schools by 37% from 17.1 thousand students in the same quarter of the previous year to 23.4 thousand students during the current quarter.
All educational campuses of the company witnessed a growth in the number of students during the current year compared to the previous year. In addition, a new educational campus for TNIS was opened in the city of Dhahran in the Eastern Province at the beginning of the current year 2022-2023. Also, the acquisition of Al-Salam Private Schools during the current period contributed to an increase in revenue and the number of students. The government grants and subsidies also have increased during the current quarter compared to the same quarter of the previous year as a result of the increase in the company's benefiting during the current quarter from the initiative of wages subsidies for the Saudi teachers from the Human Resources Development Fund. The financing costs have increased during the current quarter compared to the same quarter of the previous year due to the obtaining of a new loan during the current period to finance part of the acquisition transaction of Al-Salam Education and Training Company, in addition to the beginning of the impact related to the lease contracts of the new projects in Hetteen, Al-Narjis and Qurtubah. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The slight increase in the net profit during the current quarter compared to the previous quarter of the current year is due to an improvement in the profit margin ratios. This is despite the increase in the financing costs during the current quarter compared to the previous quarter as a result of the beginning of the impact related to the lease contracts of the new projects in Hetteen, Al-Narjis and Qurtubah. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The increase in net profit during the current period compared to the same period of the previous year is due to an increase in revenue by 45% which resulted mainly from the increase in the number of students enrolled in the company’s schools by 37% from 17.1 thousand students in the same period of the previous year to 23.4 thousand students during the current period. All educational campuses of the company witnessed a growth in the number of students during the current year compared to the previous year. In addition, a new educational campus for TNIS was opened in the city of Dhahran in the Eastern Province at the beginning of the current year 2022-2023. Also, the acquisition of Al-Salam Private Schools during the current period contributed to an increase in revenue and the number of students. The government grants and subsidies also have increased during the current period compared to the same period of the previous year as a result of the increase in the company’s benefiting during the current period from the initiative of wages subsidies for the Saudi teachers from the Human Resources Development Fund. The financing costs have increased during the current period compared to the same period of the previous year due to the obtaining of a new loan during the current period to finance part of the acquisition transaction of Al-Salam Education and Training Company, in addition to the beginning of the impact related to the lease contracts of the new projects in Hetteen, Al-Narjis and Qurtubah. This is despite the increase in the realized return from short-term Islamic Murabaha during the current period compared to the same period of the previous year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | - |
| Additional Information | During the current period, National Company for Learning and Education has acquired Al-Salam Education and Training Company (the owner of Al-Salam Private Schools in Al-Khobar) - a limited liability company, which resulted in consolidating the financial statements of both companies. The fair value of identifiable net assets of Al-Salam Education and Training Company has been measured provisionally until the completion of the independent valuation process and the goodwill arising from the acquisition has been allocated as a cash-generating unit. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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