Financial Results : Alkhaleej Training earns SAR 8.1M in H1 2025, SAR 7M in Q2

Alkhaleej Training earns SAR 8.1M in H1 2025, SAR 7M in Q2

04/08/2025 Argaam Exclusive

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Alkhaleej Training and Training Co. posted a net profit of SAR 8.1 million in H1 2025, compared with SAR 67.9 million in the prior-year period.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 536.38 582.85 8.7 %
Gross Income 91.89 110.36 20.1 %
Operating Income 24.17 45.84 89.6 %
Net Income 67.88 8.08 (88.1 %)
Average Shares 65.00 65.00 -
Earnings Per Share before unusual items (Riyals) (0.13) 0.24 293.3 %
EPS (Riyal) 1.04 0.12 (88.1 %)

The year-on-year profit decline was due to the absence of non-recurring income from a sublease contract for an educational and residential complex that boosted last year’s results.

 

The company had also booked SAR 7.8 million in professional and consultancy expenses related to the planned acquisition of Adhwaa Al-Hedaya Schools. However, the deal was canceled following a board decision not to proceed.

 

Additionally, the expected credit loss provision rose by SAR 7.1 million in the six-month period.

 

These pressures were partly offset by a SAR 48 million (21%) increase in call center segment revenue, driven by new contracts and the acquisition of a technology firm. Revenue from the schools segment also climbed by SAR 14.8 million (11%) due to higher student enrollment and the opening of two new schools in the first academic semester of 2024.

 

Meanwhile, revenue from administrative projects dropped by SAR 18.1 million, as existing contracts expired and no new projects were secured.

 

General and administrative expenses fell by SAR 10.5 million (16%), while finance income rose by SAR 2.4 million (46%).

 

The company also reversed a Zakat provision of SAR 1.9 million in H1 2025, compared to a Zakat expense of SAR 4.9 million a year earlier.

 

Losses from discontinued operations reached SAR 1.9 million in the prior-year period, versus none in H1 2025.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 262.07 294.90 12.5 %
Gross Income 47.38 55.91 18.0 %
Operating Income 17.80 26.41 48.4 %
Net Income 2.61 7.03 169.6 %
Average Shares 65.00 65.00 -
Earnings Per Share before unusual items (Riyal) 0.04 0.23 468.6 %
EPS (Riyal) 0.04 0.11 169.6 %

In the second quarter of this year, Alkhaleej Training reported a 169.6% surge in net profit to SAR 7 million, from SAR 2.6 million in Q2 2024.

 

Meanwhile, the three-month net earnings skyrocketed from SAR 1.05 million in Q1 2025.

 

Total shareholders’ equity, after minority interest, reached SAR 531.3 million as of June 30, 2025, up from SAR 508.2 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 166.17 (11.3 %) 35.29 (17.0 %) 11.18 (40.6 %)
Q2 2016 145.22 (21.0 %) 21.42 (47.5 %) 0.46 (97.7 %)
Q3 2016 151.83 (13.2 %) 39.82 (3.2 %) 17.04 (8.1 %)
Q4 2016 166.74 (7.4 %) 49.06 (12.7 %) 20.69 (16.2 %)
Q1 2017 167.57 0.8 % 30.41 (13.8 %) 9.75 (12.7 %)
Q2 2017 171.73 18.3 % 35.30 64.8 % 14.41 3053.8 %
Q3 2017 187.45 23.5 % 48.44 21.6 % 27.43 61.0 %
Q4 2017 183.24 9.9 % 69.10 40.8 % 30.01 45.1 %
Q1 2018 198.37 18.4 % 37.77 24.2 % 10.58 8.5 %
Q2 2018 175.55 2.2 % 10.72 (69.6 %) (1.15) (108.0 %)
Q3 2018 212.03 13.1 % 56.37 16.4 % 28.22 2.9 %
Q4 2018 216.56 18.2 % 50.87 (26.4 %) 28.45 (5.2 %)
Q1 2019 214.15 8.0 % 41.42 9.7 % 17.38 64.2 %
Q2 2019 201.24 14.6 % 18.04 68.3 % 7.01 710.2 %
Q3 2019 208.82 (1.5 %) 50.69 (10.1 %) 23.16 (17.9 %)
Q4 2019 239.98 10.8 % 27.04 (46.8 %) (5.78) (120.3 %)
Q1 2020 213.76 (0.2 %) 42.82 3.4 % 14.58 (16.1 %)
Q2 2020 181.59 (9.8 %) 26.09 44.7 % 15.76 124.8 %
Q3 2020 183.97 (11.9 %) 42.49 (16.2 %) 15.38 (33.6 %)
Q4 2020 208.00 (13.3 %) 12.70 (53.0 %) (38.02) (557.7 %)
Q1 2021 205.87 (3.7 %) 32.31 (24.5 %) 0.83 (94.3 %)
Q2 2021 193.40 6.5 % 29.41 12.7 % 10.53 (33.2 %)
Q3 2021 211.24 14.8 % 36.43 (14.3 %) 16.32 6.1 %
Q4 2021 232.29 11.7 % 64.13 404.8 % (27.73) 27.1 %
Q1 2022 219.41 6.6 % 26.21 (18.9 %) (4.11) (593.9 %)
Q2 2022 205.31 6.2 % 29.04 (1.2 %) 2.55 (75.8 %)
Q3 2022 220.40 4.3 % 41.44 13.7 % 18.20 11.6 %
Q4 2022 232.90 0.3 % 45.58 (28.9 %) 10.04 136.2 %
Q1 2023 208.32 (5.1 %) 40.55 54.7 % 13.37 424.9 %
Q2 2023 211.86 3.2 % 39.44 35.8 % 13.10 413.0 %
Q3 2023 271.58 23.2 % 78.40 89.2 % 34.53 89.7 %
Q4 2023 291.89 25.3 % 65.72 44.2 % (2.16) (121.5 %)
Q1 2024 274.30 31.7 % 44.50 9.7 % 6.38 (52.3 %)
Q2 2024 262.07 23.7 % 47.38 20.2 % 17.80 35.9 %
Q3 2024 311.79 14.8 % 73.80 (5.9 %) 34.67 0.4 %
Q4 2024 294.95 1.0 % 68.55 4.3 % 3.03 240.4 %
Q1 2025 287.95 5.0 % 54.45 22.3 % 19.43 204.7 %
Q2 2025 294.90 12.5 % 55.91 18.0 % 26.41 48.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 7.96 (49.1 %) 0.14 - 7.96 0.14
Q2 2016 (3.37) (120.2 %) (0.06) - (3.37) (0.06)
Q3 2016 19.77 20.2 % 0.36 - 19.77 0.36
Q4 2016 17.65 (18.1 %) 0.32 - 17.65 0.32
Q1 2017 6.38 (19.9 %) 0.12 - 6.38 0.12
Q2 2017 10.35 406.6 % 0.19 - 10.35 0.19
Q3 2017 20.80 5.3 % 0.38 - 20.80 0.38
Q4 2017 14.17 (19.7 %) 0.26 - 14.17 0.26
Q1 2018 4.26 (33.2 %) 0.08 - 4.26 0.08
Q2 2018 (7.69) (174.4 %) (0.14) - (7.69) (0.14)
Q3 2018 17.31 (16.8 %) 0.31 - 17.31 0.31
Q4 2018 18.48 30.4 % 0.33 - 18.48 0.33
Q1 2019 7.32 71.8 % 0.13 - 7.32 0.13
Q2 2019 (3.58) 53.5 % (0.06) - (3.58) (0.06)
Q3 2019 13.14 (24.1 %) 0.24 - 13.14 0.24
Q4 2019 42.49 129.9 % 0.77 68.62 (26.13) (0.47)
Q1 2020 4.39 (40.0 %) 0.08 - 4.39 0.08
Q2 2020 4.66 230.2 % 0.08 - 4.66 0.08
Q3 2020 6.53 (50.3 %) 0.12 - 6.53 0.12
Q4 2020 (36.61) (186.2 %) (0.66) - (36.61) (0.66)
Q1 2021 (7.60) (273.1 %) (0.14) - (7.60) (0.14)
Q2 2021 0.00 (100.1 %) 0.00 - 0.00 0.00
Q3 2021 7.94 21.5 % 0.14 - 7.94 0.14
Q4 2021 (36.18) 1.2 % (0.56) (0.63) (35.55) (0.55)
Q1 2022 (12.01) (58.0 %) (0.18) - (12.01) (0.18)
Q2 2022 (10.70) (356,666.7 %) (0.16) - (10.70) (0.16)
Q3 2022 13.80 73.8 % 0.21 - 13.80 0.21
Q4 2022 (8.71) 75.9 % (0.13) - (8.71) (0.13)
Q1 2023 3.72 131.0 % 0.06 - 3.72 0.06
Q2 2023 0.32 102.9 % 0.00 (0.75) 1.06 0.02
Q3 2023 13.48 (2.3 %) 0.21 - 13.48 0.21
Q4 2023 (65.20) (649.0 %) (1.00) (19.13) (46.07) (0.71)
Q1 2024 65.27 1654.1 % 1.00 76.10 (10.83) (0.17)
Q2 2024 2.61 727.4 % 0.04 - 2.61 0.04
Q3 2024 26.38 95.7 % 0.41 12.82 13.56 0.21
Q4 2024 (13.25) 79.7 % (0.20) 2.11 (15.37) (0.24)
Q1 2025 1.05 (98.4 %) 0.02 - 1.05 0.02
Q2 2025 7.03 169.6 % 0.11 (7.80) 14.83 0.23

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2016 24.60 % 13.91 % 8.89 %
Q2 2016 23.12 % 12.00 % 6.39 %
Q3 2016 23.74 % 12.50 % 7.14 %
Q4 2016 23.11 % 11.74 % 6.67 %
Q1 2017 22.29 % 11.39 % 6.40 %
Q2 2017 23.50 % 12.64 % 8.23 %
Q3 2017 23.53 % 13.71 % 7.96 %
Q4 2017 25.81 % 15.15 % 7.28 %
Q1 2018 25.73 % 14.72 % 6.69 %
Q2 2018 22.30 % 12.86 % 4.24 %
Q3 2018 22.61 % 12.31 % 3.65 %
Q4 2018 19.40 % 11.00 % 4.03 %
Q1 2019 19.48 % 12.19 % 4.33 %
Q2 2019 19.75 % 13.54 % 4.68 %
Q3 2019 19.15 % 13.60 % 4.20 %
Q4 2019 15.87 % 9.73 % (1.07 %)
Q1 2020 16.04 % 9.35 % (1.41 %)
Q2 2020 17.37 % 10.66 % (0.47 %)
Q3 2020 16.90 % 10.12 % (1.29 %)
Q4 2020 15.76 % 8.15 % (2.67 %)
Q1 2021 14.57 % 6.88 % (4.24 %)
Q2 2021 14.78 % 5.85 % (4.76 %)
Q3 2021 13.54 % 6.47 % (4.43 %)
Q4 2021 19.25 % 8.04 % (4.18 %)
Q1 2022 18.24 % 7.58 % (4.63 %)
Q2 2022 17.95 % 7.37 % (5.80 %)
Q3 2022 18.33 % 7.36 % (5.07 %)
Q4 2022 16.20 % 11.97 % (2.01 %)
Q1 2023 18.07 % 14.48 % (0.22 %)
Q2 2023 19.12 % 15.74 % 1.13 %
Q3 2023 22.06 % 17.20 % 1.03 %
Q4 2023 22.78 % 14.04 % (2.83 %)
Q1 2024 21.73 % 12.60 % (4.04 %)
Q2 2024 21.46 % 12.39 % (3.71 %)
Q3 2024 20.30 % 11.91 % (3.57 %)
Q4 2024 20.49 % 12.64 % (0.88 %)
2024 20.49 % 12.64 % (0.88 %)
Q1 2025 21.11 % 13.66 % 0.16 %
Q2 2025 21.24 % 14.29 % 1.18 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 55.42 1.13 1.13 9.62
Q2 2016 55.42 0.77 0.77 8.83
Q3 2016 55.42 0.83 0.83 9.19
Q4 2016 55.42 0.76 0.76 9.47
Q1 2017 55.42 0.73 0.73 9.58
Q2 2017 55.42 0.98 0.98 9.38
Q3 2017 55.42 1.00 1.00 9.75
Q4 2017 55.42 0.93 0.93 9.80
Q1 2018 55.42 0.89 0.89 10.11
Q2 2018 55.42 0.57 0.57 9.35
Q3 2018 55.42 0.51 0.51 9.66
Q4 2018 55.42 0.58 0.58 9.87
Q1 2019 55.42 0.64 0.64 10.02
Q2 2019 55.42 0.71 0.71 9.97
Q3 2019 55.42 0.64 0.64 10.20
Q4 2019 55.42 1.07 (0.17) 10.84
Q1 2020 55.42 1.02 (0.22) 10.68
Q2 2020 55.42 1.17 (0.07) 10.59
Q3 2020 55.42 1.05 (0.19) 11.54
Q4 2020 55.42 (0.38) (0.38) 10.70
Q1 2021 55.42 (0.60) (0.60) 10.79
Q2 2021 55.42 (0.68) (0.68) 11.48
Q3 2021 55.42 (0.65) (0.65) 11.94
Q4 2021 65.00 (0.55) (0.54) 11.34
Q1 2022 65.00 (0.62) (0.61) 12.52
Q2 2022 65.00 (0.78) (0.77) 10.35
Q3 2022 65.00 (0.69) (0.68) 10.84
Q4 2022 65.00 (0.27) (0.27) 8.80
Q1 2023 65.00 (0.03) (0.03) 8.82
Q2 2023 65.00 0.14 0.15 8.54
Q3 2023 65.00 0.14 0.15 8.17
Q4 2023 65.00 (0.73) (0.43) 6.88
Q1 2024 65.00 0.21 (0.65) 7.94
Q2 2024 65.00 0.25 (0.63) 7.82
Q3 2024 65.00 0.45 (0.63) 8.35
Q4 2024 65.00 1.25 (0.15) 7.90
Q1 2025 65.00 0.26 0.03 8.04
Q2 2025 65.00 0.33 0.22 8.17

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 21.78 21.78 2.56
Q2 2016 30.63 30.63 2.67
Q3 2016 14.79 14.79 1.33
Q4 2016 22.20 22.20 1.78
Q1 2017 22.04 22.04 1.68
Q2 2017 14.46 14.46 1.51
Q3 2017 17.95 17.95 1.83
Q4 2017 18.02 18.02 1.72
Q1 2018 18.39 18.39 1.63
Q2 2018 26.16 26.16 1.59
Q3 2018 22.76 22.76 1.19
Q4 2018 21.23 21.23 1.26
Q1 2019 20.47 20.47 1.31
Q2 2019 17.54 17.54 1.26
Q3 2019 19.64 19.64 1.23
Q4 2019 12.34 NEG 1.22
Q1 2020 12.28 NEG 1.17
Q2 2020 10.93 NEG 1.20
Q3 2020 23.44 NEG 2.13
Q4 2020 NEG NEG 2.00
Q1 2021 NEG NEG 2.20
Q2 2021 NEG NEG 2.56
Q3 2021 NEG NEG 2.27
Q4 2021 NEG NEG 1.62
Q1 2022 NEG NEG 1.49
Q2 2022 NEG NEG 1.39
Q3 2022 NEG NEG 1.33
Q4 2022 NEG NEG 1.56
Q1 2023 NEG NEG 1.87
Q2 2023 More than 100 More than 100 2.78
Q3 2023 More than 100 More than 100 2.34
Q4 2023 NEG NEG 3.74
Q1 2024 More than 100 NEG 3.42
Q2 2024 More than 100 NEG 3.93
Q3 2024 64.86 NEG 3.47
Q4 2024 25.56 NEG 4.03
Q1 2025 More than 100 More than 100 3.69
Q2 2025 78.18 More than 100 3.12

Business Segments (Million)

Compared With The
Period Call Centers Schools management projects training University Language Financial & Administrational Training Computer Other
Q1 2016 61.74 15.00 - - 29.04 15.16 16.68 28.54 -
Q2 2016 - 13.86 - - 24.34 11.06 10.06 26.55 -
Q3 2016 - 17.93 - - 19.50 17.30 8.00 28.70 -
Q4 2016 - 22.83 - - 20.07 12.62 26.13 24.02 -
Q1 2017 73.65 27.36 - - 18.81 13.02 13.85 20.87 -
Q2 2017 - 18.14 - - 17.00 23.53 14.16 20.55 -
Q3 2017 - 21.81 - - 13.02 33.97 12.88 28.68 -
Q4 2017 - 28.64 - - 26.12 28.74 20.53 34.39 -
Q1 2018 82.49 30.74 - - 22.33 16.31 23.45 23.06 -
Q2 2018 - 17.14 - - 20.37 11.69 23.16 20.73 -
Q3 2018 - 34.70 - - 15.97 22.10 25.05 31.84 -
Q4 2018 - 26.19 - - 25.98 19.17 26.65 30.78 -
Q1 2019 92.61 30.18 - - 25.66 15.59 18.76 31.35 -
Q2 2019 90.81 30.32 - - 22.23 10.39 17.79 29.71 -
Q3 2019 87.75 33.86 - - 18.69 22.50 18.78 27.23 -
Q4 2019 93.82 32.73 - - 27.28 16.14 26.87 43.14 -
Q1 2020 88.62 43.44 - - 26.72 13.31 17.03 24.63 -
Q2 2020 - 34.17 - - 22.27 7.41 10.90 13.04 -
Q3 2020 - 24.65 - - 19.08 6.03 16.91 25.39 -
Q1 2021 101.20 25.91 20.49 36.10 22.17 - - - -
Q2 2021 - 26.01 5.36 46.11 18.21 - - - -
Q3 2021 - 30.94 15.79 57.03 17.64 - - - -
Q4 2021 - 35.83 60.15 (19.67) 62.96 - - - -
Q1 2022 96.73 36.81 25.63 19.58 40.67 - - - -
Q1 2023 81.90 53.44 8.07 31.12 33.80 - - - -
Q2 2023 82.96 - 11.78 - - - - - -
Q3 2023 104.77 - 18.77 - - - - - -
Q4 2023 127.41 - 13.52 54.84 31.54 - - - -
Q1 2024 120.10 66.15 17.83 37.84 32.39 - - - -
Q2 2024 114.83 65.60 17.53 33.03 31.08 - - - -
Q3 2024 133.75 81.22 16.09 51.75 28.98 - - - -
Q4 2024 141.48 62.22 10.05 50.73 30.46 - - - -
Q1 2025 138.99 74.37 8.87 35.08 30.63 - - - -
Q2 2025 144.75 72.18 8.34 40.60 29.02 - - - -

Current
Market Cap (M Riyal) 1,108.90
Enterprise Value (EV) (M Riyal) 1,644.77
Shares Outstanding ((M)) 65.00
EPS ( Riyal) (TTM) 0.23
Book Value (BV) ( Riyal) 7.85
Par Value ( Riyal) 10.00
Recurring P/E More than 100
P/E (TTM) 73.04
Price/book 2.17
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 3.0
EV/adj EBITDA 10.40
EV/Revenues 1.35

Share Price

Alkhaleej Training and Education Co. (ALKHALEEJ TRNG)


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