Riyadh – Mubasher: Ataa Educational Company penned a lease deal worth SAR 118.02 million with Tatweer Buildings Company on 1 January 2023.

Meanwhile, the annual lease value of the contract is SAR 4 million, according to a bourse filing.

Located in Riyadh, the educational complex spans 13,942 square metres in Sulaymaniyah district.

The scheme is expected to commence operating by the beginning of 2024 and will have a carrying capacity of 2,500 male and female students.

Ataa Educational noted that the 30-year agreement will reflect on its income statements during the first half (H1) of the fiscal year (FY) 2022/2023 that will end on 31 July.

The Tadawul-listed firm will disclose any further developments regarding the contract and the project in due time.

In the first quarter (Q1) of FY 22/23, Ataa Educational logged net profits after Zakat and tax worth SAR 21.06 million, an annual drop of 59.04% from SAR 51.41 million.

Revenues grew by 21.42% year-on-year (YoY) to SAR 167.78 million in the August-October 2022 period, compared to SAR 138.18 million.

The earnings per share (EPS) stood at SAR 0.50 in Q1-22/23, lower than SAR 1.22 in Q1-21/22.

Last year, Ataa Educational renewed its SAR 150 million financing agreement with Banque Saudi Fransi.