Financial Results : Alkhaleej Training makes SAR 81.1M profit in 2024, loses SAR 13.3M in Q4

Alkhaleej Training makes SAR 81.1M profit in 2024, loses SAR 13.3M in Q4

25/03/2025 Argaam Exclusive

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Alkhaleej Training and Education Co. turned to a SAR 81.1 million net profit for 2024, against SAR 47.7 million losses in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 983.65 1,142.60 16.2 %
Gross Income 224.11 233.73 4.3 %
Operating Income 58.84 71.22 21.0 %
Net Income (47.68) 81.07 270.0 %
Average Shares 65.00 65.00 -
Earnings Per Share before unusual items (Riyals) (0.43) (0.15) 64.2 %
EPS (Riyal) (0.73) 1.25 270.0 %

The profitmaking was attributed to higher revenues during the year. This is besides the improved operational activities, the signing of a sublease contract for an educational and residential complex, and better collection of customer receivables, alongside reversing impairment in the value of property and equipment.

 

This was despite the soaring financing costs due to higher SAIBOR rates, in addition to the elevated administrative and general expenses due to the company's expansions.

 

The fourth-quarter net losses narrowed 79.6% to SAR 13.3 million, from SAR 65.2 million in Q4 2023.

 

Sequentially, however, Alkhaleej Training turned to losses from earnings of SAR 26.1 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 291.89 291.39 (0.2 %)
Gross Income 65.72 65.42 (0.5 %)
Operating Income (2.16) 9.76 552.2 %
Net Income (65.20) (13.33) 79.6 %
Average Shares 65.00 65.00 -
Earnings Per Share before unusual items (Riyal) (0.71) (0.24) 66.5 %
EPS (Riyal) (1.00) (0.21) 79.6 %

Total shareholders’ equity, after minority interest, amounted to SAR 522.02 million as of Dec. 31, 2024, up from SAR 455.51 million a year earlier.

 

By the end of 2024, accumulated losses amounted to SAR 27.74 million, representing 4.27% of Alkhaleej Training’s capital.

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