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NCLE to fully acquire Al Salam for SAR 72m

NCLE to fully acquire Al Salam for SAR 72m
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NCLE
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Riyadh – Mubasher: The National Company for Learning and Education (NCLE) will own the entire shares in Al Salam Education and Training Company for SAR 72 million.

NCLE will pay SAR 5 million of the total value upon signing the agreement, while the remaining SAR 67 million will be handed over once completing the transaction, according to a recent bourse disclosure.

Meanwhile, the agreement is still subject to the approvals of necessary regulatory authorities.

In the first nine months (9M) of fiscal year (FY) 2021/2022, the listed firm logged net profits worth SAR 54.86 million, an annual hike of 213.57% from SAR 17.49 million.

Revenues surged by 75.82% to SAR 229.20 million in the nine-month period that ended on 31 May 2022, compared to SAR 130.36 million during the same period a year earlier.

In addition, the earnings per share (EPS) stood at SAR 1.28 in 9M-21/22, versus SAR 0.41 in 9M-20/21.