Ataa earnings backed by higher student count, tuition fees: CEO

Fahad Altuwaijry, Ataa Educational's CEO

Ataa Educational Co. reported stronger profit growth for the fiscal year (FY) ended July 31, 2023, compared to a year earlier, driven by a higher student count and increased tuition fees at some of the company’s schools, CEO Fahad Altuwaijry told Argaam.

The higher student count pushed the annual top line up by 7% year-on-year (YoY) for the same period. Meanwhile, the increased tuition fees at some of Ataa’s schools and the cancellation of the remote learning discounts, which were applicable at the onset of COVID-19 until last year, helped strengthen revenues by 13% YoY, Altuwaijry elaborated.

The number of students rose by 6% to nearly 44,900 in FY 2022/23, compared to 42,400 a year earlier.

By the end of the same FY, the number of the company’s educational facilities reached 22, upon commencing of trial operations at the Middle East International Schools branch in Tahliah district at the beginning of the current academic year.

Ataa is currently building two educational complexes to relocate the Al Wasat National Schools and Al Fikr National Schools branches, the CEO further stated, underlining that both will likely launch operations during the 2024/2025 academic year.

Going forward, the company will likely continue to deliver improved performance, aligning with its strategic plan and shareholders’ estimates. By the end of FY 2022/23, Ataa’s debts amounted to SAR 498 million, Altuwaijry noted.

Ataa reported a net profit of SAR 67.8 million by the end of FY 2022/23, compared to SAR 70.6 million a year earlier. Q4 earnings stood at SAR 26.4 million, according to Argaam’s data.