Almasar Alshamil earns SAR 93.29M in 9M 2026; Q3 loss at SAR 25.32M

11/11/2026 Argaam Exclusive

Almasar Alshamil Education Co. reported net profit of SAR 93.29 million for the first nine months of 2026, up from SAR 70.86 million a year ago.



Financials (Million Riyal)

Item 9m 2025 9m 2026 Change‬
Revenues 336.02 405.52 20.7 %
Gross Income 132.32 169.67 28.2 %
Operating Income 88.31 47.22 (46.5 %)
Net Income 70.86 93.29 31.7 %
Average Shares 102.40 102.40 -
Earnings Per Share before unusual items (Riyals) 0.88 0.95 8.8 %
EPS (Riyal) 0.69 0.91 31.7 %

The profit increase was driven by a 21% year-on-year (YoY) rise in revenue to SAR 405.5 million, supported by strong growth in student enrollment across all business segments.

 

Revenue grew across all business segments, reflecting successful strategy execution in the education and special needs care sector, as well as the higher education sector.

 

The company also reported an increase in its profit share from NEMA Group.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q3 2025 Q3 2026 Change‬
Revenues 47.91 54.50 13.8 %
Gross Income 0.07 0.21 201.4 %
Operating Income (22.45) (36.50) (62.6 %)
Net Income (19.56) (25.32) (29.5 %)
Average Shares 102.40 102.40 -
Earnings Per Share before unusual items (Riyal) (0.08) (0.20) (143.3 %)
EPS (Riyal) (0.19) (0.25) (29.5 %)

In Q3 2026, the company’s losses widened to SAR 25.32 million from SAR 19.56 million in Q3 2025, due to the seasonal decline in revenues during the summer academic break.

 

Sequentially, the company turned to losses against profits of SAR 64.70 million in Q2 2026.

 

Shareholders’ equity, excluding minority interest, reached SAR 1.3 billion as of Sept. 30, 2026, up from SAR 1.22 billion a year earlier.

 

Attached document:

 

View More Financial Results

 

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Share Price

Al Masar Al Shamil Education Co.
21.74
(0.16) (0.73 %)

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Financial Ratios
Current
Market Cap (M Riyal) 2,226.18
Enterprise Value (EV) (M Riyal) 2,073.26
Shares Outstanding ((M)) 102.40
Recurring EPS ( Riyal) (TTM) 1.59
Book Value (BV) ( Riyal) 12.76
Par Value ( Riyal) 10.00
Recurring P/E (TTM) 13.68
P/E (TTM) 14.56
Price/book 1.70
Dividend Yield (%) (Last Year) 3.37
Return on Average Assets (%) (TTM) 8.1
Return on Average Equity (%) (TTM) 12.1
EV/adj EBITDA 10.08
EV/Revenues 3.44
more


Financial results (Million Riyal)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 - - - - - -
Q2 2023 - - - - - -
Q3 2023 - - - - - -
Q4 2023 - - - - - -
Q1 2024 124.79 - 64.07 - 39.36 -
Q2 2024 109.74 - 53.03 - 30.96 -
Q3 2024 37.10 - (2.38) - (16.69) -
Q4 2024 165.43 - 88.35 - 51.12 -
Q1 2025 153.80 23.2 % 72.88 13.8 % 38.89 (1.2 %)
Q2 2025 134.31 22.4 % 67.37 27.1 % 38.47 24.3 %
Q3 2025 47.91 29.1 % 0.07 102.9 % (22.45) (34.5 %)
Q4 2025 197.84 19.6 % 106.44 20.5 % 52.74 3.2 %
Q1 2026 187.66 22.0 % 89.38 22.6 % 45.08 15.9 %
Q2 2026 163.35 21.6 % 80.08 18.9 % 77.26 100.8 %
Q3 2026 54.50 13.8 % 0.21 201.4 % (36.50) (62.6 %)


Profit Performance (Million Riyal)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 - - - - - -
Q2 2023 - - - - - -
Q3 2023 - - - - - -
Q4 2023 - - - - - -
Q1 2024 37.45 - 0.37 - 37.45 0.37
Q2 2024 40.61 - 0.40 - 40.61 0.40
Q3 2024 (10.96) - (0.11) - (10.96) (0.11)
Q4 2024 53.28 - 0.52 - 53.28 0.52
Q1 2025 40.25 7.5 % 0.39 - 40.25 0.39
Q2 2025 50.17 23.5 % 0.49 (8.00) 58.17 0.57
Q3 2025 (19.56) (78.5 %) (0.19) (11.00) (8.56) (0.08)
Q4 2025 59.57 11.8 % 0.58 (5.38) 64.95 0.63
Q1 2026 53.91 33.9 % 0.53 - 53.91 0.53
Q2 2026 64.70 29.0 % 0.63 - 64.70 0.63
Q3 2026 (25.32) (29.5 %) (0.25) (4.50) (20.82) (0.20)

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 - - -
Q3 2024 - - -
Q4 2024 46.46 % 34.22 % 27.54 %
Q1 2025 45.46 % 32.55 % 26.43 %
Q2 2025 46.11 % 33.13 % 28.68 %
Q3 2025 45.60 % 31.93 % 28.55 %
Q4 2025 46.22 % 30.31 % 29.00 %
2025 48.28 % 30.23 % 29.00 %
Q1 2026 46.37 % 30.32 % 29.67 %
Q2 2026 46.24 % 36.02 % 29.32 %
Q3 2026 45.76 % 34.08 % 26.97 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2021 - - - -
Q2 2021 - - - -
Q3 2021 - - - -
Q4 2021 - - - -
Q1 2022 - - - -
Q2 2022 - - - -
Q3 2022 - - - -
Q4 2022 - - - -
Q1 2023 - - - -
Q2 2023 - - - -
Q3 2023 - - - -
Q4 2023 - - - -
Q1 2024 102.40 - - 10.59
Q2 2024 102.40 - - 10.89
Q3 2024 102.40 - - 10.79
Q4 2024 102.40 1.18 1.18 11.31
Q1 2025 102.40 1.20 1.20 11.70
Q2 2025 102.40 1.30 1.37 12.19
Q3 2025 102.40 1.21 1.40 12.00
Q4 2025 102.40 1.27 1.51 12.58
Q1 2026 102.40 1.41 1.65 13.10
Q2 2026 102.40 1.55 1.71 13.00
Q3 2026 102.40 1.49 1.59 12.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 - - -
Q3 2024 - - -
Q4 2024 - - -
Q1 2025 - - -
Q2 2025 - - -
Q3 2025 - - -
Q4 2025 73.66 62.06 7.46
Q1 2026 58.68 50.19 6.30
Q2 2026 57.16 51.81 6.81
Q3 2026 60.29 56.63 7.06

Business Segments (Million Riyal)

Compared With The
Period Tuition fees, net of scholarships awarded Special needs education and care (SEC) services Administrative and other service fees from students Share of revenue from joint services agreements
Q1 2024 70.58 42.77 7.05 4.40
Q2 2024 71.66 28.81 6.18 3.09
Q3 2024 6.27 25.28 3.25 2.30
Q4 2024 78.15 71.41 10.39 5.49
Q1 2025 85.53 53.75 10.69 3.82
Q2 2025 88.87 39.15 4.17 2.12
Q3 2025 7.47 31.92 6.90 1.62
Q4 2025 92.80 86.04 14.21 4.80
Q1 2026 105.31 67.58 10.93 3.85
Q2 2026 106.55 47.27 5.93 3.61
Q3 2026 13.65 32.52 5.77 2.57

Analysts Estimates (Million Riyal)

Item Profit (Expected) Profit (Actual) Change
Average (22.70) (25.32)

Estimates vs Actual (Million Riyal)

Item Profit (Expected) Profit (Actual) Change‬
SNB Capital (22.70) (25.32)

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