NCLE profit reaches SAR 160.7M in FY 2024/25; Q4 at SAR 39.9M

26/10/2025 Argaam Exclusive

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The National Company for Learning & Education (NCLE) recorded a net profit of SAR 160.7 million for the fiscal year ended July 31, 2025, up 1.8% from SAR 157.8 million a year earlier.



Financials (M)

Item 2024 2025 Change‬
Revenues 565.47 657.90 16.3 %
Gross Income 281.23 293.65 4.4 %
Operating Income 180.72 186.21 3.0 %
Net Income 157.83 160.71 1.8 %
Average Shares 43.00 43.00 -
Earnings Per Share before unusual items (Riyals) 3.67 3.74 1.8 %
EPS (Riyal) 3.67 3.74 1.8 %

The company attributed the profit growth to a 16.2% year-on-year (YoY) increase in revenues, driven by a 13% increase in student enrollment, from 28,200 to 31,900 students in the current period.

 

The company opened four new schools in Riyadh under the Tarbiyah Namouthajiyah Schools (TNS) in Qurtubah District, TNS in Al-Narjis District, National School in Hetteen District, and MEIA in Al-Qairawan District at the onset of the 2024–2025 academic year.

 

The year included a reversal of expected credit loss provisions due to better receivables collection and lower Zakat expenses.

 

On the other hand, NCLE reported an increase in finance costs due to lease expenses for the new TNS Academy in Riyadh’s Al-Qirawan district, in addition to the loan costs tied to land purchases in Riyadh (Al-Rabie) and Jeddah (Obhur North).

 

Government grants and subsidies declined due to lower wage support from the Human Resources Development Fund.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 141.89 165.35 16.5 %
Gross Income 95.99 74.72 (22.2 %)
Operating Income 63.48 44.51 (29.9 %)
Net Income 57.98 39.87 (31.2 %)
Average Shares 43.00 43.00 -
Earnings Per Share before unusual items (Riyal) 1.35 0.93 (31.2 %)
EPS (Riyal) 1.35 0.93 (31.2 %)

The fourth-quarter net earnings fell 31.2% to SAR 39.9 million, from SAR 57.9 million in Q4 2024/25.

 

Similarly, net earnings declined by 6.5% from SAR 42.6 million in the previous quarter.

 

Shareholders’ equity, no minority interest, rose to SAR 861.99 million as of Sept. 30, 2025, from SAR 793.32 million a year earlier.

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Share Price

National Company for Learning and Education
170.30
2.30 1.37 %

National Company for Learning and Education (NCLE)

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Financial Ratios
Current
Market Cap (M Riyal) 7,322.91
Enterprise Value (EV) (M Riyal) 7,375.58
Shares Outstanding ((M)) 43.00
EPS ( Riyal) (TTM) 3.74
Book Value (BV) ( Riyal) 20.05
Par Value ( Riyal) 10.00
Recurring P/E 45.57
P/E (TTM) 45.57
Price/book 8.50
Return on Average Assets (%) (TTM) 11.7
Return on Average Equity (%) (TTM) 19.4
EV/adj EBITDA -
EV/Revenues 11.04
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