Alkhaleej Training narrows 2022 loss to SAR 2.8 mln, Q4 at SAR 13.1 mln

25/04/2023 Argaam Exclusive

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Alkhaleej Training and Education Co.
36.60
(0.65) (1.75 %)

Alkhaleej Training and Education Co. (ALKHALEEJ TRNG)

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Alkhaleej Training and Education Co. narrowed its loss in 2022 to SAR 2.8 million, from SAR 35.9 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 842.80 877.22 4.1 %
Gross Income 146.90 145.28 (1.1 %)
Operating Income (0.01) 30.33 379237.5 %
Net Income (35.85) (15.31) 57.3 %
Average Shares 65.00 65.00 -
EPS (Riyals) (0.55) (0.24) 57.3 %

he positive results were buoyed by revenue, which increased by SAR 38.1 million compared to 2021, mainly from the schools segment, where number of students soared 100% from 4,600 in 2021 to 9,250 in 2022.

 

By the end of 2022, some adjustments and recalculations were made according to the IFRS 9 requirements. Accordingly, the company raised the value of customer debt provisions for one time, which had a negative impact on the 2022 profits and the comparative years.

 

In Q4 2022, the company narrowed net losses by 63.8% to SAR 13.10 million, from SAR 36.18 million in Q4 2021.

 

The company reported a net profit of SAR 9.24 million in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 232.29 232.90 0.3 %
Gross Income 64.13 45.58 (28.9 %)
Operating Income (27.73) 10.04 136.2 %
Net Income (36.18) (8.71) 75.9 %
Average Shares 65.00 65.00 -
EPS (Riyals) (0.56) (0.13) 75.9 %

Shareholders’ equity, excluding minority interest, fell to SAR 696.62 million as of Dec. 31, 2022, compared to SAR 736.87 million a year earlier.

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