‏“‏Al-Khaleej Training” records SR 1.4 mln profit during Q1‎

Al-Khaleej Training and Education Company recorded a net profit after zakat and tax in the first quarter of 1.4 million riyals, compared to a loss of 12 million riyals in the same quarter of last year. This came after today’s announcement of the preliminary financial results for the period ending on 03-31-2023 (three months).

The operational profit amounted to 16.1 million riyals in the first quarter, compared to a loss of 4.1 million riyals in the same quarter of the previous year.

The total shareholders’ equity “without minority rights” amounted to 695 million riyals in the current period, compared to 813.7 million riyals in the same period last year, an increase of 14.5%.

Earnings per share in the current period reached 0.02 riyals, compared to a loss of 0.18 riyals in the same period last year.

The company achieved profits during the current quarter compared to the losses achieved in the similar quarter of the previous year. This is due to the company’s success in reducing the cost of revenues in the current quarter compared to the same quarter of the previous year by 15% and also reducing the cost of selling and distribution by 20% compared to the same quarter of the previous year. In addition to the positive impact of the acquired schools

The company also achieved profits during the current quarter compared to the losses achieved during the previous quarter, which was due to the re-measurement of some of the international reporting standards in the previous quarter. In the current year, the company was able to reduce the cost of sales as well as the selling and marketing expenses in most of the company’s sectors, which It had a positive impact on profitability.