National Education profit rises 5% in 9M 2018-19
16/07/2019
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National Company for Learning and Education (NCLE) posted a 5 percent year-on-year (YoY) rise in net profit after zakat and tax to SAR 37 million for the first nine months ending May 31, 2019.
The profit growth was attributed to improved profit margins and other income, along with a decline in the cost of sales, financing charges and zakat expenses.
Financials (M)
| Item | 9m 2018 | 9m 2019 | Change |
|---|---|---|---|
| Revenues | 165.87 | 156.12 | (5.9 %) |
| Gross Income | 61.39 | 63.77 | 3.9 % |
| Operating Income | 40.22 | 35.79 | (11.0 %) |
| Net Income | 35.28 | 37.10 | 5.1 % |
| Average Shares | 30.00 | 43.00 | 43.3 % |
| Earnings Per Share before unusual items (Riyals) | 1.18 | 0.80 | (31.6 %) |
| EPS (Riyal) | 1.18 | 0.86 | (26.6 %) |
The third-quarter net profit after zakat and tax increased 4.7 percent YoY to SAR 13.5 million, driven by higher profit margins and other income.
When compared to the previous quarter, NCLE’s net profit jumped 10.6 percent.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2018 | Q3 2019 | Change |
|---|---|---|---|
| Revenues | 56.41 | 51.36 | (8.9 %) |
| Gross Income | 22.05 | 21.32 | (3.3 %) |
| Operating Income | 14.46 | 10.86 | (24.9 %) |
| Net Income | 12.86 | 13.46 | 4.7 % |
| Average Shares | 30.00 | 43.00 | 43.3 % |
| Earnings Per Share before unusual items (Riyal) | 0.43 | 0.25 | (40.5 %) |
| EPS (Riyal) | 0.43 | 0.31 | (27.0 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2019 | 52.53 | (5.3 %) | 21.08 | 3.5 % | 12.86 | (0.4 %) |
| Q2 2019 | 52.22 | (3.3 %) | 21.37 | 12.6 % | 12.07 | (6.1 %) |
| Q3 2019 | 51.36 | (8.9 %) | 21.32 | (3.3 %) | 10.86 | (24.9 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2019 | 11.48 | 4.2 % | 0.27 | - | 11.48 | 0.27 |
| Q2 2019 | 12.17 | 6.6 % | 0.28 | - | 12.17 | 0.28 |
| Q3 2019 | 13.46 | 4.7 % | 0.31 | 2.50 | 10.96 | 0.25 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2018 | 42.25 % | - | 27.47 % |
| Q2 2018 | 42.05 % | - | 26.30 % |
| Q3 2018 | 42.24 % | 35.66 % | 26.31 % |
| Q4 2018 | 37.43 % | 31.21 % | 22.22 % |
| 2018 | 37.43 % | 31.21 % | 22.22 % |
| Q1 2019 | 38.27 % | 31.36 % | 22.73 % |
| Q2 2019 | 39.70 % | 31.02 % | 23.27 % |
| Q3 2019 | 40.30 % | 29.79 % | 22.93 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2019 | 43.00 | 1.15 | 1.15 | 13.51 |
| Q2 2019 | 43.00 | 1.16 | 1.16 | 13.44 |
| Q3 2019 | 43.00 | 1.18 | 1.12 | 13.78 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2019 | 19.92 | 19.92 | 1.69 |
| Q2 2019 | 19.31 | 19.31 | 1.67 |
| Q3 2019 | 22.31 | 23.47 | 1.91 |
Business Segments (Million)
Q3 2019
| Period | EL Rayan School | EL Rowaby School | Al Nozaha school | Qortoba School |
|---|---|---|---|---|
| Q1 2019 | 18.62 | 17.86 | 15.27 | 0.78 |
| Q2 2019 | 16.37 | 19.95 | 14.89 | 1.01 |
| Q3 2019 | 17.22 | 18.27 | 14.95 | 0.92 |
| Current | |
| Market Cap (M Riyal) | 6,622.01 |
| Enterprise Value (EV) (M Riyal) | 6,674.68 |
| Shares Outstanding ((M)) | 43.00 |
| EPS ( Riyal) (TTM) | 4.16 |
| Book Value (BV) ( Riyal) | 19.13 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 37.03 |
| P/E (TTM) | 37.03 |
| Price/book | 8.05 |
| Return on Average Assets (%) (TTM) | 13.1 |
| Return on Average Equity (%) (TTM) | 23.0 |
| EV/adj EBITDA | 25.91 |
| EV/Revenues | 10.32 |
Share Price
National Company for Learning and Education (NCLE)
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