Ataa Educational logs SAR 30.6 mln earnings in H1 2022/23, SAR 9.6 mln in Q2

Ataa Educational logs SAR 30.6 mln earnings in H1 2022/23, SAR 9.6 mln in Q2

07/03/2023 Argaam Exclusive

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Ataa Educational Co. posted a net profit after Zakat and tax of SAR 30.6 million for the first half ending on Jan. 31, 2023, compared with SAR 52.6 million a year earlier. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 275.71 342.05 24.1 %
Gross Income 64.06 86.45 35.0 %
Operating Income 29.48 48.37 64.1 %
Net Income 52.43 30.61 (41.6 %)
Average Shares 42.09 42.09 0.0 %
EPS (Riyals) 1.25 0.73 (41.6 %)

The profit decline was due to calculating non-recurring gains in the same period of the previous year resulting from the acquisition of Arab Group Company for Education and Training for SAR 38.1 million.

 

When excluding these gains, given they are non-recurring, the income would increase by 114% year-on-year (YoY) due to growth in the number of students by 14% in H1 2022/23.

 

This is also due to an increase in government subsidies revenues by 96% YoY, and a rise in other revenues by 33% YoY. 

 

Meanwhile, the company also noted YoY growth in marketing expenses and financing costs by 364% and 13%, respectively, during the period.  

 



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 135.97 170.52 25.4 %
Gross Income 25.45 36.49 43.4 %
Operating Income 8.54 18.78 119.9 %
Net Income 1.01 9.55 843.8 %
Average Shares 42.09 42.09 0.0 %
EPS (Riyals) 0.02 0.23 843.8 %

The second-quarter earnings amounted to SAR 9.6 million, compared with SAR 1.19 million a year earlier.

 

On a sequential basis, Q2 earnings fell 54.6% from SAR 21.06 million.

 

Total shareholders’ equity, after minority interest, reached SAR 848.17 million at the end of the period, compared with SAR 772.46 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 81.26 - 16.60 - 8.58 -
Q4 2018 84.56 - 42.06 - 37.95 -
Q1 2019 77.52 - 22.90 - 17.38 -
Q2 2019 80.39 - 22.39 - 16.83 -
Q3 2019 79.74 (1.9 %) 19.39 16.8 % 12.87 50.0 %
Q4 2019 82.94 (1.9 %) 43.69 3.9 % 38.87 2.4 %
Q1 2020 81.11 4.6 % 25.53 11.5 % 18.50 6.5 %
Q2 2020 84.48 5.1 % 24.89 11.1 % 18.57 10.3 %
Q3 2020 84.09 5.5 % 25.15 29.7 % 15.73 22.3 %
Q4 2020 86.70 4.5 % 40.70 (6.9 %) 32.95 (15.2 %)
Q1 2021 61.23 (24.5 %) 13.71 (46.3 %) 7.86 (57.5 %)
Q2 2021 63.19 (25.2 %) 16.66 (33.0 %) 10.01 (46.1 %)
Q3 2021 62.53 (25.6 %) 15.62 (37.9 %) 10.10 (35.8 %)
Q4 2021 93.40 7.7 % 28.14 (30.9 %) 20.56 (37.6 %)
Q1 2022 139.74 128.2 % 38.61 181.6 % 20.93 166.3 %
Q2 2022 135.97 115.2 % 25.45 52.7 % 8.54 (14.6 %)
Q3 2022 142.89 128.5 % 23.72 51.8 % 9.49 (6.1 %)
Q4 2022 173.73 86.0 % 45.85 62.9 % 28.24 37.3 %
Q1 2023 171.53 22.7 % 49.97 29.4 % 29.59 41.3 %
Q2 2023 170.52 25.4 % 36.49 43.4 % 18.78 119.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 9.05 - 0.23 - 9.05 0.23
Q4 2018 37.90 - 0.95 - 37.90 0.95
Q1 2019 17.12 - 0.43 - 17.12 0.43
Q2 2019 16.16 - 0.40 - 16.16 0.40
Q3 2019 12.01 32.7 % 0.30 - 12.01 0.30
Q4 2019 37.97 0.2 % 0.95 - 37.97 0.95
Q1 2020 16.25 (5.1 %) 0.41 - 16.25 0.41
Q2 2020 17.28 7.0 % 0.43 - 17.28 0.43
Q3 2020 12.34 2.8 % 0.31 - 12.34 0.31
Q4 2020 29.92 (21.2 %) 0.75 - 29.92 0.75
Q1 2021 4.92 (69.7 %) 0.12 - 4.92 0.12
Q2 2021 6.39 (63.0 %) 0.16 - 6.39 0.16
Q3 2021 6.34 (48.6 %) 0.16 - 6.34 0.16
Q4 2021 17.87 (40.3 %) 0.45 - 17.87 0.45
Q1 2022 51.41 945.6 % 1.22 38.12 13.29 0.32
Q2 2022 1.01 (84.2 %) 0.02 - 1.01 0.02
Q3 2022 3.15 (50.4 %) 0.07 - 3.15 0.07
Q4 2022 15.04 (15.8 %) 0.36 - 15.04 0.36
Q1 2023 21.06 (59.0 %) 0.50 - 21.06 0.50
Q2 2023 9.55 843.8 % 0.23 - 9.55 0.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 32.11 % 29.72 % 24.78 %
Q3 2019 33.13 % 31.27 % 25.82 %
Q4 2019 33.80 % 31.77 % 25.97 %
Q1 2020 34.24 % 33.56 % 25.42 %
Q2 2020 34.57 % 35.64 % 25.44 %
Q3 2020 35.85 % 38.12 % 25.21 %
Q4 2020 34.56 % 38.17 % 22.53 %
Q1 2021 33.00 % 37.61 % 20.37 %
Q2 2021 32.59 % 37.85 % 18.15 %
Q3 2021 31.68 % 38.97 % 17.38 %
Q4 2021 26.44 % 34.56 % 12.67 %
Q1 2022 27.59 % 32.94 % 12.23 %
Q2 2022 24.98 % 28.91 % 8.92 %
Q3 2022 22.64 % 25.98 % 6.90 %
Q4 2022 22.56 % 25.57 % 5.49 %
Q1 2023 23.23 % 26.08 % 6.45 %
Q2 2023 23.69 % 26.34 % 7.41 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 40.00 - - -
Q4 2018 40.00 - - 18.13
Q1 2019 40.00 - - 18.07
Q2 2019 40.00 2.01 2.01 17.45
Q3 2019 40.00 2.08 2.08 17.74
Q4 2019 40.00 2.08 2.08 18.66
Q1 2020 40.00 2.06 2.06 18.36
Q2 2020 40.00 2.09 2.09 17.77
Q3 2020 40.00 2.10 2.10 18.10
Q4 2020 40.00 1.89 1.89 18.73
Q1 2021 40.00 1.61 1.61 18.85
Q2 2021 40.00 1.34 1.34 18.02
Q3 2021 40.00 1.19 1.19 18.18
Q4 2021 40.00 0.89 0.89 18.58
Q1 2022 42.09 1.95 1.04 20.97
Q2 2022 42.09 1.82 0.92 20.05
Q3 2022 42.09 1.75 0.84 20.12
Q4 2022 42.09 1.68 0.77 19.52
Q1 2023 42.09 0.96 0.96 20.02
Q2 2023 42.09 1.16 1.16 19.25

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 16.14 16.14 1.89
Q4 2019 14.94 14.94 1.67
Q1 2020 16.86 16.86 1.89
Q2 2020 19.15 19.15 2.25
Q3 2020 20.25 20.25 2.35
Q4 2020 21.93 21.93 2.22
Q1 2021 28.08 28.08 2.40
Q2 2021 43.60 43.60 3.24
Q3 2021 55.12 55.12 3.61
Q4 2021 68.61 68.61 3.28
Q1 2022 28.99 54.17 2.69
Q2 2022 33.72 67.09 3.06
Q3 2022 32.67 67.92 2.83
Q4 2022 32.48 70.59 2.79
Q1 2023 65.96 65.96 3.15
Q2 2023 66.58 66.58 4.01

Business Segments (Million)

Compared With The
Period Education sector training sector recruitment sector National Schools International Schools Indian Schools French Schools
Q1 2019 - - - 48.31 19.46 7.47 2.28
Q2 2019 - - - 47.86 19.41 10.86 2.25
Q3 2019 - - - 47.65 19.16 10.70 2.23
Q4 2019 - - - 50.80 15.60 14.33 2.21
Q1 2020 - - - 49.89 21.53 7.38 2.31
Q2 2020 - - - 49.62 21.55 11.01 2.31
Q3 2020 - - - 49.60 21.32 10.90 2.28
Q4 2020 - - - 48.45 20.81 15.24 2.20
Q1 2021 61.23 - - - - - -
Q2 2021 63.19 - - - - - -
Q3 2021 62.53 - - - - - -
Q4 2021 93.40 - - - - - -
Q1 2022 118.71 8.23 12.80 - - - -
Q2 2022 113.57 7.26 15.14 - - - -
Q3 2022 122.51 6.03 14.35 - - - -
Q4 2022 151.23 8.79 13.70 - - - -
Q1 2023 156.97 13.08 1.48 - - - -
Q2 2023 157.59 9.69 3.24 - - - -

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 39.00 9.55 (75.5 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
HSBC 39.00 9.55 (75.5) %

Current
Market Cap (M Riyal) 3,165.17
Enterprise Value (EV) (M) 3,763.78
Shares Outstanding ((M)) 42.09
EPS ( Riyal) (TTM) 1.51
Book Value (BV) ( Riyal) 19.04
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 49.95
P/E (TTM) 49.95
Price/book 3.95
Return on Average Assets (%) (TTM) 3.0
Return on Average Equity (%) (TTM) 8.0

Share Price

75.20
(0.10) (0.13 %)

Ataa Educational Co. (ATAA)


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