National Co. for Learning and Education (NCLE) reported a net profit of SAR 31.1 million in the first quarter ended Nov. 30, 2023, a 20% increase from SAR 25.9 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 105.05 | 144.42 | 37.5 % |
| Gross Income | 44.62 | 59.58 | 33.5 % |
| Operating Income | 28.12 | 35.52 | 26.3 % |
| Net Income | 25.87 | 31.06 | 20.0 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.60 | 0.72 | 20.0 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 119.35 | 144.42 | 21.0 % |
| Gross Income | 52.99 | 59.58 | 12.4 % |
| Operating Income | 23.02 | 35.52 | 54.3 % |
| Net Income | 20.92 | 31.06 | 48.5 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.49 | 0.72 | 48.5 % |
The profit rise was driven by a 34% increase in revenue mainly due to the increase in the number of students enrolled in the company’s schools by 30% from 21,600 students in the same quarter of the previous year to 28,000 students during the current quarter.
In addition, two new educational campuses opened—TNIS in Al-Arid district and Al-Ghad Private Schools in Al-Qairawan district— in Riyadh at the beginning of the current year 2023/24.
Meanwhile, the acquisition of Al-Salam Education and Training Co. contributed to an increase in revenue and the number of students—not included in the same quarter of the previous year—as the full company shares were purchased in the second quarter of the previous year.
Compared to the previous quarter (Q4 2022/23), net profit rose 48.5% from SAR 20.92 million.
Total shareholders equity, no minority interest, reached SAR 735.75 million as of Nov. 30, 2023, compared to SAR 678.79 million a year earlier.
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