Al-Khaleej Training profits increased to SR7.9 mln during the 3Q by 21%

The net profit after zakat and tax for the Gulf Training and Education Company increased to 7.94 million riyals during the third quarter, compared to a profit of 6.53 million riyals during the same quarter of the previous year, an increase of 21.47%.

This came after the announcement today of the consolidated preliminary financial results for the period ending on September 30, 2021 AD (9 months).

The operational profit amounted to SR16.3 million during the third quarter, compared to SR15.38 million during the same quarter of the previous year, a decrease of 6%.

The total profit amounted to SR36.43 million during the third quarter, compared to SR42.49 million during the same quarter of the previous year, a decrease of 14.27%.

The net profit after zakat and tax during the current period amounted to SR331.52 thousand, compared to a profit of SR15.58 million during the same period of the previous year.

The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to the increase in revenues in this quarter compared to the same quarter of the previous year, in addition to the improvement in results mainly in most of the company’s sectors such as training, call centers, universities and schools.

The company achieved profits in the current quarter compared to realizing a net loss in the previous quarter. This is due to the improvement in economic activity in this quarter compared to the previous quarter due to seasonal market conditions, which led to higher revenues. In addition to improving results in most of the company’s sectors such as training, call centers, schools and subsidiaries.

The reason for the decrease in net profit during the current period compared to the same period of the previous year is due to the decrease in the cost of revenues, financing expenses and general and administrative expenses during the same period of the previous year due to the presence of government subsidy.

The consolidated financial statements of the Company for the year ended 31 December 2020 were audited by another auditor, who expressed a modified opinion dated 31 March 2021 due to the Company did not provide the fair value of investments amounting to SAR 15.6 million carried at Fair Value through Other Comprehensive Income.

Certain comparative figures have been reclassified wherever necessary for better presentation , however profit and retained earnings have not been affected in these interim condescend financial statement; disclosure number 19.2

Profits per share is calculated by dividing the profit/loss for the period attributable to the shareholders of the parent company by the weighted average number of ordinary shares during the period.