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National Company for Learning and Education announces its interim Financial results for the period ending on 2019-05-31 ( Nine Months )

NCLE 4291 -0.99% 119.80 -1.20
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 49,384,527 51,863,575 -4.779 49,350,805 0.068
Total Profit (Loss) 21,323,526 22,052,583 -3.305 21,369,692 -0.216
Profit (Loss) Operational 13,834,023 14,871,869 -6.978 12,638,079 9.463
Net Profit (Loss) after Zakat and Tax 13,455,935 12,856,870 4.659 12,167,328 10.59
Total Comprehensive Income 14,209,935 12,856,870 10.524 14,387,328 -1.232
All figures are in (Actual) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 148,613,215 153,536,485 -3.206
Total Profit (Loss) 63,768,672 61,388,456 3.877
Profit (Loss) Operational 39,911,085 41,850,645 -4.634
Net Profit (Loss) after Zakat and Tax 37,098,490 35,282,644 5.146
Total Comprehensive Income 41,027,490 35,559,601 15.376
Total Share Holders Equity (after deducting minority equity) 592,324,611 349,519,188 69.468
Profit (Loss) per Share 0.94 1.18
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 due to refund of the combined bill from the ministry of labor and social development by the support of the Private Sector Stimulus Bureau for the amount of SR 2.5 Million.

- decrease of the finance cost during the current quarter which resulted from the earned revenue of Islamic Murabaha.

Moreover, the net profit has improved despite the decrease in government grants and subsidization, 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 of current quarter as compared to the previous quarter is due to increase in other income during the current quarter which resulted from the refund of the combined bill from the ministry of labor and social development by the support of the Private Sector Stimulus Bureau for the amount of SR 2.5 Million, despite the increase in general and administrative expenses, and the provided provision for receivables impairment losses during the current quarter.
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 due to refund of the combined bill from the ministry of labor and social development by the support of the Private Sector Stimulus Bureau for the amount of SR 2.5 Million.

- decrease of the finance cost 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 decrease in government grants and subsidization, 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 May 31, 2019 is 39,285,714 (May 31, 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 were reduced by SR 16 million from the share premium, 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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