Alkhaleej Training Deputy CEO expects to turn to profitability by Q4 2021

Logo of Alkhaleej Training and Education Co.

Hatem Al-Duraian, Deputy Chief Executive Officer (CEO) of Alkhaleej Training and Education Co., expects the firm to turn to profitability by Q4 2021, CNBC Arabia reported.

The sector will recover from the consequences of the pandemic next year, Al-Duraian said.

The company aims to increase the capacity from 4,500 students currently to 15,000 in the future by adding assets, acquisitions and construction of new schools.

The company's main objective of raising capital is to finance new expansions in the market, as it will not resort to other financing for its future expansions.

Alkhaleej Training turned to a net loss after Zakat and tax of SAR 7.6 million for the first half of 2021, against a net profit of SAR 9.1 million in the year-earlier period, Argaam earlier reported.

In March, the company’s board of directors recommended increasing capital via a SAR 200 million rights issue.