Ataa Educational net profit drops 62% to SAR 17.7 mln in 9M 2020/21

10/06/2021 Argaam Exclusive

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Ataa Educational Co. reported a net profit after Zakat and tax of SAR 17.7 million for the first nine months of 2020/21 ending on April 30, 2021, down 62%, compared to a net profit of SAR 45.9 million a year earlier.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	249.68	186.95	(25.1 %)
Gross Income	75.56	45.99	(39.1 %)
Operating Income	52.80	27.97	(47.0 %)
Net Income	45.88	17.65	(61.5 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	1.15	0.44	(61.5 %)

The decrease in profit was attributed to a 26% drop in revenue year-on-year (YoY) on higher discounts, up 60% YoY, due to school closures and online learning and 8% lower students count compared to same period last year.

In addition, other revenue decreased by 50% due to the suspension of student activities and operation of canteens, as a result of school closures, despite operating cost falling by 20% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	84.09	62.53	(25.6 %)
Gross Income	25.15	15.62	(37.9 %)
Operating Income	15.73	10.10	(35.8 %)
Net Income	12.34	6.34	(48.6 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.31	0.16	(48.6 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	63.19	62.53	(1.0 %)
Gross Income	16.66	15.62	(6.3 %)
Operating Income	10.01	10.10	0.9 %
Net Income	6.39	6.34	(0.8 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.16	0.16	(0.8 %)

The company’s net profit after Zakat and tax fell 49% to SAR 6.3 million YoY in Q3 2020/21, on the back of lower revenue and higher operating expenses.

On a sequential basis, net profit was down marginally.

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