NCLE says total number of students drops 9% to 13,300 in 2021
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The total number of students for the current year 2021 decreased by 9% to 13,300 compared to 14,525 students in 2020 due to COVID-19, according to National Company for Learning and Education (NCLE).
In an investors conference call to discuss the financial results for the first quarter ending Nov. 30, 2020, the company said that 80% of the total decrease resulted from the decline in enrolment of kindergarten and first grade students.
The acquisition of Refan Company for Operation & Maintenance Ltd. will result in reduction of operational expenses and establishment of a new segment specialized in providing educational support services as NCLE expands by opening new schools.
NCLE expects the private education market in Saudi Arabia to double over the next 10 years to hit $9 billion.
According to data compiled by Argaam, NCLE reported a net profit after Zakat and tax of SAR 3.8 million for Q1 2020/2021 ended Nov. 30, 2020, a 68% decline, from a profit of SAR 11.6 million in the same quarter last year.