National Company for Learning and Education announces its Interim Financial results for the Period Ending on 2024-02-29 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 141,036,820 | 113,354,185 | 24.421 | 140,695,039 | 0.242 |
| Gross Profit (Loss) | 62,780,691 | 48,512,004 | 29.412 | 59,580,838 | 5.37 |
| Operational Profit (Loss) | 40,065,710 | 31,126,424 | 28.719 | 36,392,532 | 10.093 |
| Net profit (Loss) | 33,993,255 | 27,374,581 | 24.178 | 31,059,010 | 9.447 |
| Total Comprehensive Income | 35,291,070 | 27,078,634 | 30.328 | 31,030,962 | 13.728 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 281,731,859 | 218,400,293 | 28.997 |
| Gross Profit (Loss) | 122,361,529 | 93,134,004 | 31.382 |
| Operational Profit (Loss) | 76,458,242 | 59,245,817 | 29.052 |
| Net profit (Loss) | 65,052,265 | 53,246,596 | 22.171 |
| Total Comprehensive Income | 66,322,032 | 55,323,865 | 19.879 |
| Total Share Holders Equity (After Deducting the Minority Equity) | 700,094,035 | 654,271,701 | 7.003 |
| Profit (Loss) per Share | 1.51 | 1.24 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The increase in revenue during the current quarter by 24% compared to the same quarter of the previous year is mainly due to the increase in the number of students enrolled in the company’s schools by 21% from 23.4 thousand students in the same quarter of the previous year to 28.2 thousand students during the current quarter. In addition, two new educational campuses for TNIS in Al-Arid district and Al- Ghad Private Schools in Al-Qairawan district were opened in the city of Riyadh at the beginning of the current year 2023-2024. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit during the current quarter by 24% compared to the same quarter of the previous year is due to an increase in revenue by 24% compared to the same quarter of the previous year.
The financing costs have increased during the current quarter compared to the same quarter of the previous year due to the impact of lease contracts for the two educational campuses that were opened at the beginning of the current year, and the lease contracts related to company’s new projects under progress in the districts of Hetteen and Qurtubah in the city of Riyadh. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase in revenue during the current quarter compared to the previous quarter is due to the increase in the number of students enrolled in the company’s schools during the current quarter from 28 thousand students in the previous quarter to 28.2 thousand students during the current quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The increase in net profit during the current quarter by 9% compared to the previous quarter is due to the improvement in operating costs for the current quarter compared to the previous quarter.
The financing costs have increased during the current quarter compared to the previous quarter due to the decrease in the realized return from short-term Islamic Murabaha during the current quarter compared to the previous quarter. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The increase in revenue during the current period by 29% compared to the same period of the previous year is mainly due to the increase in the number of students enrolled in the company’s schools by 21% from 23.4 thousand students in the same period of the previous year to 28.2 thousand students during the current period. In addition, two new educational campuses for TNIS in Al-Arid district and Al- Ghad Private Schools in Al-Qairawan district were opened in the city of Riyadh at the beginning of the current year 2023-2024.
Also, the acquisition of Al-Salam Education and Training Company contributed to an increase in revenue during the current period which its results were included starting from the second quarter of the same period last year. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The increase in net profit during the current period by 22% compared to same period of the previous year is due to an increase in revenue by 29% compared to the same period of the previous year.
The financing costs have increased during the current period compared to the same period of the previous year due to the impact of lease contracts for the two educational campuses that were opened at the beginning of the current year and the lease contracts related to company’s new projects under progress in the districts of Hetteen, Qurtubah, and Al-Narjis in the city of Riyadh. Also, the impact of the financing loan for part of the acquisition transaction of Al-Salam Education and Training Company. The government grants and subsidies also have increased during the current period compared to the same period of the previous year as a result of the increase in the company’s benefiting during the current period from the initiative of wages subsidies for the Saudi employees from the Human Resources Development Fund. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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) | Other Matter:
The Group`s interim condensed consolidated financial statements for the three and six-month periods ended on 28 February 2023 G were reviewed by another auditor who expressed an unmodified conclusion on those interim condensed consolidated financial statements on 22 Ramadan 1444 H (Corresponding to 13 April 2023 G). |
| Reclassification of Comparison Items | N/A |
| Additional Information | The company uses a cost model option to measure properties. |
Comments