National Education profits jump 190% during year ending on August 31, 2022, to reach SR71 mln

The National Learning and Education Company revealed an increase in net profit after zakat and tax during the year ending at the end of August 2022 to SR71 million, compared to SR24.4 million in the previous year, at a rate of 190.4%.
This came after announcement on Wednesday of the annual financial results ending on 08-31-2022.
The operational profit amounted to SR80.1 million during the year ending at the end of August 2022, compared to SR34.1 million in the previous year, with a growth of 134.6%.
As for the gross shareholders’ equity “without minority rights”, it amounted to SR650.5 million in the current year, compared to SR614.9 million in the previous year, an increase of 5.7%.
Profits per share during the current year reached SR1.65, compared to SR0.57 in the previous year.
The reason for the increase (decrease) in the net profit during the current year compared to the last year is:
The increase in net profit during the current year compared to the previous year is due to increase in revenue by 75% compared to the previous year which resulted mainly from the increase in the number of students enrolled in the company’s schools by 29% from 13.3 thousand students in last year to 17.1 thousand students at the end of the current year.
In addition to the increase in tuition fees from the previous year which included exceptional discounts related to the repercussions of the Corona pandemic that the company announced at that time.
This is despite the decrease in government grants and subsidies during the current year compared to the previous year, which is mainly due to the company’s benefiting from the government initiative “Saned” related to mitigating the financial implications of the Corona virus during the previous year.
The company is continuing in achieving its growth targets, as a new educational campus was opened- Tarbyh Namouthajiyah Schools (TNS) in Al-Arid district at the beginning of the current year 2021-2022, which contributed to the increase in the number of students during the current year, in addition to the growth in the number of students in the newly operated educational campuses (TNS – Al-Qairawan campus and TNS – Buraidah campus). During the current year, the company achieved the profitability rates before the Corona pandemic, despite the high operational costs of operating new complexes.