Alkhaleej Training reports SR21mln profit in 2021

Alkhaleej Training and Education Co. reported net profit (after zakat and tax) of SR 21 million in 2021 against loss at SR 21 million in 2020.

The company said in a financial statement published on Tadawul that it recorded operational profit surge of 587% to 53 million from SR 8 million in 2020.

Gross profits rose 10% to SR 137 million in 2021 from SR 124 million in the year before, while it reported profit per share at SR 0.48 compared to loss per share at 0.46 during 2020.

Turning to net profit last year was due to improvement in the operational results of the company’s sectors such as call centers, training, universities and schools as well as the improvement in the performance of investments of subsidiaries.

The comparative figures for the prior 2021 years have been modified and reclassified for gross profit, net profit, other comprehensive income and retained earnings, as a result of amending the calculation of right of use assets and lease liabilities in line with International Financial Reporting Standard No. 16, which resulted in an increase in 2019 profits and a decrease in 2020 profits, and this was clarified in notes of the financial statements.

Additional Information:

Net earnings per share is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent company by the weighted average number of ordinary shares outstanding during the year.