National Company for Learning and Education announces its interim Financial results for the period ending on 2019-02-28 ( Six Months )

NCEL 4291 -2.24% 21.80 -0.50
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 49,350,805 50,536,926 -2.347 49,877,883 -1.056
Total Profit (Loss) 21,369,692 18,977,787 12.603 21,075,454 1.396
Profit (Loss) Operational 13,908,881 13,422,599 3.622 13,438,983 3.496
Net Profit (Loss) after Zakat and Tax 12,167,328 11,415,352 6.587 11,475,227 6.031
Total Comprehensive Income 14,387,328 12,817,309 12.249 12,430,227 15.744
All figures are in (Actual) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 99,228,688 101,672,910 -2.404
Total Profit (Loss) 42,445,146 39,335,873 7.904
Profit (Loss) Operational 27,347,864 26,978,776 1.368
Net Profit (Loss) after Zakat and Tax 23,642,555 22,425,774 5.425
Total Comprehensive Income 26,817,555 22,702,731 18.124
Total Share Holders Equity (after deducting minority equity) 578,114,676 336,662,318 71.719
Profit (Loss) per Share 63 75
All figures are in (Actual) Saudi Arabia, Riyals
Accumulated Losses Capital
0 430,000,000
Element List Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year The increase in net profit for current quarter compared to the same quarter of the previous year is due to:

- improved profit margin as a result of decrease in cost of revenue for current quarter compared to the same quarter of the previous year.

- increase in other income during the current quarter which resulted from the earned revenue of Islamic murabaha .

Moreover, the net profit has improved despite the increase in general and administrative expenses, and providing a provision for receivables impairment losses, as a result of the Company’s adoption of IFRS 9 during the current quarter.

Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The increase in net profit for current quarter compared to the previous quarter is due to increase in other income during the current quarter which resulted from the earned revenue of Islamic murabaha, despite of the slight increase in general and administrative expenses.
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year The increase in net profit for current period compared to the same period of the previous year is due to:

- improved profit margin as a result of decrease in cost of revenue for current period compared to the same period of the previous year.

- increase in other income during the current period which resulted from the earned revenue of Islamic murabaha .

- decrease in zakat expense for current period compared to the same period of the previous year.

Moreover, the net profit has improved despite the increase in general and administrative expenses, and providing a provision for receivables impairment losses, as a result of the Company’s adoption of IFRS 9 during the current period.

Type of the external auditor's opinion Unmodified opinion
Additional Information Basic earnings per share is calculated by dividing income for the period attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The weighted average number of shares as of February 28, 2019 is 37, 397,791 (February 28, 2018: 30,000,000), as a result of the increase in number of shares from 30 million shares to 43 million shares resulted from the increase in share capital from SR 300 million to SR 430 million.

On 10 Rabi I 1440H (corresponding to 18 November 2018), the company's shares were listed and started trading on Saudi Stock Exchange (Tadawul) under code (4291). The Company's share capital increased after completion of the IPO from SR 300 million (divided into 30 million shares) to SR 430 million (divided into 43 million shares) through issuing 13 million shares at a par value of SR 10 per share. The share price on the issue date was SR 19 and the share premium was SR 117 million. The IPO expenses reduced the share premium amount by SR 16 million , therefore the share premium balance became SR 100.98 million.

The Company has applied IFRS 9 which requires providing a provision for receivables impairment losses. The impact of the adoption of IFRS 9 has resulted in a decrease of SR 5.2 million in the opening retained earnings balance as at 1 September 2018.

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