October 30, 2024
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 565,470,136 | 446,493,133 | 26.65 | ||
| Gross Profit (Loss) | 281,231,419 | 195,912,948 | 43.55 | ||
| Operational Profit (Loss) | 180,717,785 | 114,187,253 | 58.26 | ||
| Net profit (Loss) | 157,832,299 | 101,784,524 | 55.06 | ||
| Total Comprehensive Income | 159,550,532 | 105,774,167 | 50.84 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 793,322,535 | 704,722,003 | 12.57 | ||
| Profit (Loss) per Share | 3.67 | 2.37 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | – | – | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The increase in revenue during the current year (11 month ) by 27% compared to the previous year is mainly due to the increase in the number of students enrolled in the company’s schools by 21% from 23.4 thousand students in the previous year to 28.2 thousand students by the end of the current year. In addition, two new educational campuses for TNIS in Al-Arid district and Al- Ghad Private Schools in Al-Qairawan district were opened in the city of Riyadh at the beginning of the current year 2023-2024. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in net profit during the current year (11 months) by 55% compared to the previous year is due to:
– The increase in revenue during the current year by 27% compared to the previous year.
– The impact of changing the end of the company’s fiscal year and issuing the financial statements for the current year as a short fiscal year (11 months), which resulted in recording tuition revenues for the 2023/2024 academic year in full, and recording costs and expenses for 11 months only. The financing costs have increased during the current year compared to the previous year due to the impact of lease contracts for the two educational campuses that were opened at the beginning of the current year, and the lease contracts related to the company’s new projects in the districts of Hetteen, Qurtubah, and Al-Narjis in the city of Riyadh. |
| Statement of the type of external auditor’s report | Notice |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | We draw attention to Note (1) in the notes accompanying the consolidated financial statements, which describes the Company changed its year-end to start on the first of August and end by the end of July every year. Accordingly, the company’s financial statements were prepared for the period from 1 September 2023 to 31 July 2024 (eleven months), with comparative figures for the year ending 31 August 2023 (twelve months). Our opinion on this matter has not been modified. |
| Reclassification of Comparison Items | N/A |
| Additional Information | – The Company’s General Assembly approved on July 4, 2024, a change in the Company’s fiscal year end to July 31 of each Gregorian year instead of August 31. Accordingly, the Company’s financial statements for the fiscal year 2024 were issued from September 1, 2023 until July 31, 2024 as a short fiscal year (11 months) while the comparative figures for the fiscal year 2023 were (12 months). Accordingly, the amounts presented in the consolidated financial statements are not entirely comparable.
– The company uses a cost model option to measure properties. |
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