Riyadh – Mubasher: Ataa Educational Company gained SAR 4.9 million in net profits during the first quarter (Q1) of fiscal year (FY) 2020/2021, a drop of 69.7% when compared to SAR 16.3 million in the prior-year quarter.

The decline in net earnings came due to lower revenue and other income by 25% and 44%, respectively, despite the annual decrease in operating costs by 15%, according to a stock exchange statement on Wednesday.

Revenue for the quarter ended on 31 October 2020 shrank to SAR 61.2 million, compared with SAR 81.1 million in the same period in 2019.