Alkhaleej Training and Education Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 983,649,765 | 877,215,390 | 12.13 | ||
| Gross Profit (Loss) | 224,486,478 | 145,276,434 | 54.52 | ||
| Operational Profit (Loss) | 70,770,484 | 58,889,414 | 20.18 | ||
| Net profit (Loss) | -42,017,933 | -15,311,505 | 174.42 | ||
| Total Comprehensive Income | -91,523,331 | -54,504,767 | 67.92 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 460,639,783 | 572,040,093 | -19.47 | ||
| Profit (Loss) per Share | -0.65 | -0.24 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -186,724,542 | 0.29 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The increase in sales in 2023 compared to 2022 is due to the enhanced performance of both the training and schools sector, alongside the call center sector as a result of the expansion of the sectors’ activities. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in the company's losses compare with the previous year due to the increase in provisions for expected credit losses, zakat and impairment of goodwill. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | The prior years’ adjustments: the consolidated statement of financial position as at January 1, 2022 and December 31, 2022, the consolidated statement of profit or loss and the consolidated statement of comprehensive income for the year ended December 31, 2022 were restated to reflect these adjustments. Our opinion is not modified with respect to this matter. |
| Reclassification of Comparison Items | Some comparative figures have been reclassified where necessary for better presentation. |
| Additional Information | Earnings per share are calculated on the basis of the net results of the year attributable to the shareholders of the parent company divided by the weighted average number of shares.
The company would also like to clarify to shareholders that the company’s accumulated losses as of December 31, 2023 amounted to 186,724,542 riyals, representing 28.7% of the company’s capital, which amounted to 650,000,000 Saudi riyals. This was due to recording some rental obligations in accordance with International Reporting Standard No. 16, assessing goodwill, and also increasing the allowance for credit losses. And also the provision for zakat.
The procedures and instructions for companies whose shares are listed on the Saudi Stock Exchange and whose accumulated losses have reached 20% or more of their capital will be applied. |
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