Academy of Learning net profit up 11% to SAR 16.2 mln in 2021

Logo of Academy of Learning Co.

Academy of Learning Co., which is expected to be listed on Nomu- Parallel Market, made a profit of SAR 16.2 million (SAR 2.7/share) by the end of 2021, up 11% from SAR 14.5 million a year before, as shown in the following table:

The increase in profit was mainly due to a 25% increase in revenue in 2021, to SAR 42.3 million, consisting of revenue from educational services provided as well as foreign language courses.

Profit margins improved by 6.2% to 63.8% in 2021, compared to 57.6% over the previous year.

The company stated that all its operating revenue are from within the Kingdom.

On the other hand, Academy of Learning operates through six educational centers, including two in Dammam, and one in Jubail, Khobar, Qatif and Al- Ahasa, with a total capacity of 4,015 students.

The company's centers revenue swelled collectively in 2021, most notably Dammam 2 center, more than doubling its revenue to SAR 7.3 million from SAR 3.3 million, driven by an increase in the number of students from 405 to 862 students.

Qatif Center's revenue grew by 25%, while Al Khobar Center revenue was up by 20%.

The following table shows the revenue and number of students per center for 2020-2021:

The company distributed cash dividend of SAR 3.3 million, or 20.4% of net profit, in 2021, compared to SAR 4 million equivalent to 27.5% in 2020, as shown in the following table:

Concerning cash flows, the company generated net cash of SAR 70.4 million in 2021, compared to SAR 4 million in the previous year, driven by increased cash from operating and financing activities, as shown in the following table:

*Includes SAR 59.9 mln from captial increase

The following table indicates the most significant balance sheet items:

The table below illustrates the key financial indicators: