National Education posts 1% profit rise in Q1 2019/2020

07/01/2020 Argaam Exclusive

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Share Price

National Company for Learning and Education (NCLE)

National Company for Learning and Education (NCLE) posted a marginal rise of 1.4% year-on-year (YoY) in net profit after zakat and tax to SAR 11.63 million for Q1 ending on Nov. 30, 2019.

The profit growth was driven by improved revenue and lower financing costs.

In addition, NCLE’s net profit increased despite a decrease in government grants and subsidization, and increase in zakat expenses during the current quarter.

When compared to the previous quarter, net profit after zakat and tax fell 12.4%, due to a decline in the last quarter’s cost of sales amid schools’ summer vacation.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2019	Q1 2020	Change‬
Revenues	52.53	52.10	(0.8 %)
Gross Income	21.08	20.23	(4.0 %)
Operating Income	12.86	12.34	(4.0 %)
Net Income	11.48	11.64	1.4 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.27	0.27	1.4 %

Item	Q4 2019	Q1 2020	Change‬
Revenues	51.22	52.10	1.7 %
Gross Income	23.56	20.23	(14.2 %)
Operating Income	13.35	12.34	(7.6 %)
Net Income	13.29	11.64	(12.4 %)
Average Shares	43.00	43.00	-
EPS (Riyals)	0.31	0.27	(12.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	-	-	-	-	-	-	-
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	-	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	-	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	164.80	-	68.77	-	51.41	-	1.71
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	201.61	22.3 %	88.94	29.3 %	63.55	23.6 %	2.12
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	226.52	12.4 %	94.98	6.8 %	66.51	4.7 %	2.22
Q1 2017	59.74	-	23.32	-	15.06	-	0.50
Q2 2017	60.43	-	22.14	-	15.82	-	0.53
Q3 2017	58.07	-	22.32	-	13.27	-	0.44
Q4 2017	58.48	-	33.38	-	23.74	-	0.79
2017	236.72	4.5 %	101.16	6.5 %	67.89	2.1 %	2.26
Q1 2018	55.47	(7.2 %)	20.36	(12.7 %)	11.01	(26.9 %)	0.37
Q2 2018	54.00	(10.6 %)	18.98	(14.3 %)	11.42	(27.9 %)	0.38
Q3 2018	56.41	(2.9 %)	22.05	(1.2 %)	12.86	(3.1 %)	0.43
Q4 2018	54.08	(7.5 %)	20.95	(37.2 %)	13.59	(42.7 %)	0.45
2018	219.96	(7.1 %)	82.34	(18.6 %)	48.87	(28.0 %)	1.63
Q1 2019	52.53	(5.3 %)	21.08	3.5 %	11.48	4.2 %	0.27
Q2 2019	52.22	(3.3 %)	21.37	12.6 %	12.17	6.6 %	0.28
Q3 2019	51.36	(8.9 %)	21.32	(3.3 %)	13.46	4.7 %	0.31
Q4 2019	51.22	(5.3 %)	23.56	12.5 %	13.29	(2.2 %)	0.31
2019	207.34	(5.7 %)	87.33	6.1 %	50.39	3.1 %	1.17
Q1 2020	52.10	(0.8 %)	20.23	(4.0 %)	11.64	1.4 %	0.27

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2010	-	-	-	-	-	-	-
2011	-	-	-	-	-	-	-
2012	-	-	-	-	-	-	-
2013	-	-	-	-	-	-	-
2014	164.80	-	68.77	-	51.41	-	1.71
2015	201.61	22.3 %	88.94	29.3 %	63.55	23.6 %	2.12
2016	226.52	12.4 %	94.98	6.8 %	66.51	4.7 %	2.22
2017	236.72	4.5 %	101.16	6.5 %	67.89	2.1 %	2.26
2018	219.96	(7.1 %)	82.34	(18.6 %)	48.87	(28.0 %)	1.63
2019	207.34	(5.7 %)	87.33	6.1 %	50.39	3.1 %	1.17

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	41.73 %	38.67 %	31.19 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	44.12 %	39.32 %	31.52 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	41.93 %	36.52 %	29.36 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	42.73 %	34.24 %	28.68 %
2017	42.73 %	37.00 %	28.68 %
Q1 2018	42.25 %	33.42 %	27.47 %
Q2 2018	42.05 %	33.99 %	26.30 %
Q3 2018	42.24 %	35.66 %	26.31 %
Q4 2018	37.43 %	31.21 %	22.22 %
2018	37.43 %	31.21 %	22.22 %
Q1 2019	38.27 %	31.36 %	22.73 %
Q2 2019	39.70 %	31.02 %	23.27 %
Q3 2019	40.30 %	29.79 %	22.93 %
Q4 2019	42.12 %	29.36 %	23.10 %
2019	42.12 %	29.36 %	23.10 %
Q1 2020	41.80 %	29.20 %	23.23 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	41.73 %	38.67 %	31.19 %
2015	44.12 %	39.32 %	31.52 %
2016	41.93 %	36.52 %	29.36 %
2017	42.73 %	37.00 %	28.68 %
2018	37.43 %	31.21 %	22.22 %
2019	42.12 %	29.36 %	23.10 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	39.03 %	33.16 %	25.21 %
Q2 2017	36.64 %	-	26.18 %
Q3 2017	38.44 %	-	22.86 %
Q4 2017	57.07 %	50.19 %	40.59 %
Q1 2018	36.70 %	29.63 %	19.85 %
Q2 2018	35.15 %	30.19 %	21.14 %
Q3 2018	39.10 %	31.76 %	22.79 %
Q4 2018	38.74 %	33.27 %	25.13 %
Q1 2019	40.12 %	30.18 %	21.84 %
Q2 2019	40.92 %	28.73 %	23.30 %
Q3 2019	41.52 %	26.81 %	21.33 %
Q4 2019	45.99 %	31.71 %	25.95 %
Q1 2020	38.82 %	29.56 %	22.34 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	30.00	-	-	10.20
Q2 2017	30.00	-	-	-
Q3 2017	30.00	-	-	10.58
Q4 2017	30.00	2.26	2.26	11.30
Q1 2018	30.00	2.13	2.13	11.63
Q2 2018	30.00	1.98	1.98	11.22
Q3 2018	30.00	1.97	1.97	11.65
Q4 2018	30.00	1.63	1.63	11.42
Q1 2019	43.00	1.15	1.15	13.51
Q2 2019	43.00	1.16	1.16	13.44
Q3 2019	43.00	1.18	1.12	13.78
Q4 2019	43.00	1.17	1.11	14.08
Q1 2020	43.00	1.18	1.12	14.44

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	-	-	-	-
2011	-	-	-	-
2012	-	-	-	-
2013	-	-	-	-
2014	30.00	1.71	1.71	9.27
2015	30.00	2.12	2.12	10.02
2016	30.00	2.22	2.22	10.77
2017	30.00	2.26	2.26	11.30
2018	30.00	1.63	1.63	11.42
2019	43.00	1.17	1.11	14.08

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	19.90	19.90	2.84
Q1 2019	19.92	19.92	1.69
Q2 2019	19.31	19.31	1.67
Q3 2019	22.31	23.47	1.91
Q4 2019	24.40	25.68	2.03
Q1 2020	25.09	26.40	2.04

Period	P/E	Adjusted P/E	Price/book
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	19.90	19.90	2.84
2019	24.40	25.68	2.03

Business Segments (Million)

Compared With The

Period	EL Rayan School	EL Rowaby School	Al Nozaha school	Al Ghad National Schools	Breda Schools	Qortoba School	Al-Khoarizmy Schools
Q1 2017	19.87	19.13	14.95	-	-	-	-
Q4 2017	20.23	19.48	14.97	-	-	-	-
Q1 2018	18.99	17.68	14.15	-	-	0.33	-
Q2 2018	17.64	18.36	14.22	-	-	0.31	-
Q3 2018	17.24	20.04	14.15	-	-	0.43	-
Q4 2018	18.60	17.98	13.67	-	-	0.48	-
Q1 2019	18.62	17.86	15.27	-	-	0.78	-
Q2 2019	16.37	19.95	14.89	-	-	1.01	-
Q3 2019	17.22	18.27	14.95	-	-	0.92	-
Q4 2019	17.30	18.47	14.70	-	-	0.75	-
Q1 2020	17.68	18.92	13.42	-	0.44	1.64	-

Period	EL Rayan School	EL Rowaby School	Al Nozaha school	Al Ghad National Schools	Breda Schools	Qortoba School	Al-Khoarizmy Schools
2015	85.42	76.15	37.00	-	-	-	-
2016	83.57	75.41	48.79	-	-	-	-
2017	79.18	76.70	59.54	-	-	-	-
2018	72.47	74.07	56.19	-	-	1.55	-
2019	69.51	74.56	59.81	-	-	3.46	-

Financial Ratios

	Current
Market Cap (M Riyal)	6,579.00
Enterprise Value (EV) (M)	6,604.39
Shares Outstanding ((M))	43.00
EPS ( Riyal) (TTM)	2.64
Book Value (BV) ( Riyal)	16.28
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	9.40
Return on Average Assets (%) (TTM)	9.8
Return on Average Equity (%) (TTM)	16.8

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National Education posts 1% profit rise in Q1 2019/2020

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Share Price

National Company for Learning and Education (NCLE)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2020 Q1

Financial Ratios

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National Education posts 1% profit rise in Q1 2019/2020

View other reports

Share Price

National Company for Learning and Education (NCLE)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2020

Revenue by Business Segment (Latest) 2020 Q1

Financial Ratios

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Business Segments (Million)