(eng)

The National Company for Learning and Education (NCLE) has reported a significant increase in profits for the first half of 2023, with a total of SR 53.3 million, reflecting a remarkable 47% growth compared to the same period in 2022. This impressive performance is attributed to a surge in revenues by 46%, driven by a substantial rise in the number of students enrolled in the company’s schools, which has increased by 43% from 16.4 thousand students in the previous year to 23.4 thousand students during the current period.

NCLE’s success can be attributed to the growth across all their educational complexes, as well as the recent opening of a new educational complex in Dhahran, Eastern Province, at the beginning of the current academic year. Furthermore, the acquisition of Al-Salam Private Schools during the period has also contributed to the increase in revenues and student numbers.

Another contributing factor to NCLE’s financial success is the government grants and subsidies, which witnessed an increase during the current quarter compared to the same quarter of the previous year. The company has benefited from the wage subsidy initiative for Saudi teachers from the Human Resources Development Fund (HRDF), boosting its revenues.

Despite facing an increase in financing costs during the current quarter due to a new loan obtained to finance part of the acquisition of Al-Salam Education and Training Company, NCLE’s total comprehensive income for the current period amounted to SR 55.3 million, compared to SR 34.5 million for the same period in the previous year.

NCLE’s profits for the second quarter of 2023 also showed remarkable growth, with an increase to SR 27.4 million, marking a 50% increase compared to the same quarter of the previous year. This impressive performance can be attributed to the increase in revenues by 48% and a significant rise in the number of students enrolled in the company’s schools.

With shareholders’ equity reaching SR 654.271 million at the end of the period, compared to SR 615.071 million estimated at the end of the same period in the previous year, NCLE’s financial performance has been exceptional, showcasing its commitment to delivering quality education and achieving significant business growth.