July 19, 2023
The National Company for Learning and Education (NCLE) reported impressive financial results for the third quarter of its fiscal year ending May 2023. The net profit soared to about SR 27.62 million after Zakat and Tax, displaying a substantial 48.8% increase from the same quarter in the previous fiscal year, which recorded SR 18.56 million. Additionally, on a quarterly basis, the company’s net profit exhibited a 0.89% growth compared to about SR 27.37 million achieved in the second quarter of the fiscal year.
This remarkable surge in net profits on an annual basis can be attributed to a remarkable 44% rise in revenues during the third quarter, driven by a significant 37% increase in student enrollments across NCLE-affiliated schools. The student count rose from 17.1 thousand students in the corresponding quarter of the previous year to an impressive 23.4 thousand students in the current quarter.
Cumulatively, the net profit of NCLE in the first nine months of the fiscal year hit SR 80.86 million after Zakat and Tax, demonstrating a striking 47.38% growth from the same period in the previous fiscal year, where it stood at about SR 54.87 million.
The steady increase in net profits reflects NCLE’s continued success and growth in the education sector, underlining its commitment to providing quality education and achieving outstanding financial performance.
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