Ataa Educational generates one-off SAR 52.5 mln profit from acquiring Arabian Education

Logo of Ataa Educational Co.

Ataa Educational Co. stated that it recorded a one-off profit worth SAR 52.5 million from acquiring Arabian Education and Training Holding Group, according to a bourse statement.

The company added that this profit represents the difference between the net book value of the acquired company's assets and the purchase value on the date of acquisition.

The educational services provider indicated that adjustments may occur to the gains resulting from the acquisition and included in the interim consolidated financial statements as a result of the subsequent adjustments during the measurement period to the fair value estimates of the acquired assets and liabilities.

The statement came after Ataa Educational was contacted by some shareholders regarding the profits resulting from the acquisition mentioned in the explanation of the reasons behind the increase in the net profit for the period ended on Oct. 31, 2021

Ataa Educational posted a net profit of SAR 66.3 million for Q1 2021/2022, compared with SAR 4.9 million a year earlier, Argaam earlier reported.

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