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National Company for Learning’s profit rises 1.4% YoY in Q1-19/20

National Company for Learning’s profit rises 1.4% YoY in Q1-19/20
Profit went up to SAR 11.64 million in 3M
NCLE
4291
-0.99% 119.80 -1.20

Riyadh – MubasherNational Company for Learning and Education’s (NCLE) net profit after zakat and tax grew by 1.42% year-on-year during the first quarter of the fiscal year 2019/2020.

The company’s profit went up to SAR 11.64 million in the three-month period ended 30 November 2019, compared to SAR 11.47 million in the year-ago period, according to a bourse statement released on Tuesday.

NCLE ascribed the increase in its net profit during Q1-19/20 to the increase in revenues during the current quarter and the decrease of the finance cost during the current quarter which resulted from the earned revenue of Islamic Murabaha.

Quarter-on-quarter, net profit dropped 12.45% from September to November 2019, against SAR 13.3 million a quarter earlier.

NCLE’s net profits after zakat and tax rose by 3.1% to SAR 50 million in FY 2019, compared to SAR 48.8 million in FY 2018.