Ataa posts SAR 41.3 mln profit in 9M 2022/23; Q3 at SAR 10.7 mln

07/06/2023 Argaam Exclusive

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Ataa Educational Co. reported a net profit of SAR 41.3 million for the nine-month period ended April 30, 2023, compared to SAR 55.6 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	418.60	501.94	19.9 %
Gross Income	87.77	122.52	39.6 %
Operating Income	38.97	69.02	77.1 %
Net Income	55.57	41.34	(25.6 %)
Average Shares	42.09	42.09	0.0 %
EPS (Riyals)	1.32	0.98	(25.6 %)

The company reported an uptick of 12% in the number of students from 40,500 to 45.200 males and females, pushing revenues higher by 13% year-on-year (YoY). This was due to the rise in the number of students enrolled in schools affiliated to the company, and the acquisition of Nabaa Educational Co.

In addition, tuition fees increased compared to the year-earlier period. These fees included exceptional discounts related to the repercussions of the COVID-19 pandemic, which the company announced at the time.

Government grants revenues jumped by 26% YoY. Ataa also reported a 40% YoY hike in other revenues on the physical attendance of students in the primary grades and the consolidation of the financial statements with the recently-acquired Nabaa Educational.

On the other hand, operating and marketing expenses rose 15% and 350% YoY, respectively. Finance costs also increased by 21% YoY.

The third-quarter net profit surged to SAR 10.73 million, from SAR 3.15 million a year earlier.

Compared to the previous quarter, net profit leapt 12.3% from SAR 9.55 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	142.89	159.89	11.9 %
Gross Income	23.72	36.07	52.1 %
Operating Income	9.49	20.65	117.6 %
Net Income	3.15	10.73	241.0 %
Average Shares	42.09	42.09	0.0 %
EPS (Riyals)	0.07	0.25	240.9 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	170.52	159.89	(6.2 %)
Gross Income	36.49	36.07	(1.1 %)
Operating Income	18.78	20.65	9.9 %
Net Income	9.55	10.73	12.3 %
Average Shares	42.09	42.09	-
EPS (Riyals)	0.23	0.25	12.3 %

Shareholders’ equity, after minority interest, reached SAR 858.89 million by the end of the nine-month period, compared to SAR 776.07 million a year ago.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	331.31	-	124.86	-	94.59	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	292.24	(11.8 %)	102.12	(18.2 %)	84.97	(10.2 %)
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	339.69	16.2 %	118.97	16.5 %	97.34	14.6 %
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	81.26	-	16.60	-	8.58	-
Q4 2018	84.56	-	42.06	-	37.95	-
2018	325.19	(4.3 %)	107.77	(9.4 %)	86.84	(10.8 %)
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 %
2019	320.59	(1.4 %)	107.85	0.1 %	85.42	(1.6 %)
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 %)
2020	336.38	4.9 %	116.26	7.8 %	85.75	0.4 %
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 %)
2021	280.35	(16.7 %)	74.13	(36.2 %)	48.53	(43.4 %)
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 %
2022	592.32	111.3 %	133.62	80.3 %	67.20	38.5 %
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 %
Q3 2023	159.89	11.9 %	36.07	52.1 %	20.65	117.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	331.31	-	124.86	-	94.59	-
2016	292.24	(11.8 %)	102.12	(18.2 %)	84.97	(10.2 %)
2017	339.69	16.2 %	118.97	16.5 %	97.34	14.6 %
2018	325.19	(4.3 %)	107.77	(9.4 %)	86.84	(10.8 %)
2019	320.59	(1.4 %)	107.85	0.1 %	85.42	(1.6 %)
2020	336.38	4.9 %	116.26	7.8 %	85.75	0.4 %
2021	280.35	(16.7 %)	74.13	(36.2 %)	48.53	(43.4 %)
2022	592.32	111.3 %	133.62	80.3 %	67.20	38.5 %

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	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	91.74	-	4.24	-	91.74	4.24
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	82.66	(9.9 %)	3.82	-	82.66	3.82
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	94.39	14.2 %	4.36	-	94.39	4.36
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	9.05	-	0.23	-	9.05	0.23
Q4 2018	37.90	-	0.95	-	37.90	0.95
2018	87.91	(6.9 %)	2.20	-	87.91	2.20
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
2019	82.75	(5.9 %)	2.07	-	82.75	2.07
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
2020	75.80	(8.4 %)	1.89	-	75.80	1.89
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
2021	35.52	(53.1 %)	0.89	-	35.52	0.89
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
2022	70.62	98.8 %	1.68	38.12	32.50	0.77
Q1 2023	21.06	(59.0 %)	0.50	-	21.06	0.50
Q2 2023	9.55	843.8 %	0.23	-	9.55	0.23
Q3 2023	10.73	241.0 %	0.25	-	10.73	0.25

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	91.74	-	4.24	-	91.74	4.24
2016	82.66	(9.9 %)	3.82	-	82.66	3.82
2017	94.39	14.2 %	4.36	-	94.39	4.36
2018	87.91	(6.9 %)	2.20	-	87.91	2.20
2019	82.75	(5.9 %)	2.07	-	82.75	2.07
2020	75.80	(8.4 %)	1.89	-	75.80	1.89
2021	35.52	(53.1 %)	0.89	-	35.52	0.89
2022	70.62	98.8 %	1.68	38.12	32.50	0.77

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	37.68 %	33.26 %	27.69 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	34.94 %	33.95 %	28.28 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	35.02 %	33.00 %	27.79 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	33.14 %	30.85 %	27.03 %
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 %
2019	33.64 %	31.60 %	25.81 %
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 %
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 %
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 %
2022	22.56 %	25.57 %	5.49 %
Q1 2023	23.23 %	26.08 %	6.45 %
Q2 2023	23.69 %	26.34 %	7.41 %
Q3 2023	24.92 %	27.38 %	8.34 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	37.68 %	33.26 %	27.69 %
2016	34.94 %	33.95 %	28.28 %
2017	35.02 %	33.00 %	27.79 %
2018	33.14 %	30.85 %	27.03 %
2019	33.64 %	31.60 %	25.81 %
2020	34.56 %	38.17 %	22.53 %
2021	26.44 %	34.56 %	12.67 %
2022	22.56 %	25.57 %	5.49 %

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	20.43 %	15.11 %	11.14 %
Q4 2018	49.74 %	49.44 %	44.82 %
Q1 2019	29.53 %	27.70 %	22.08 %
Q2 2019	27.86 %	25.71 %	20.10 %
Q3 2019	24.32 %	21.08 %	15.07 %
Q4 2019	52.68 %	51.71 %	45.78 %
Q1 2020	31.47 %	35.04 %	20.04 %
Q2 2020	29.46 %	34.20 %	20.46 %
Q3 2020	29.91 %	31.63 %	14.68 %
Q4 2020	46.94 %	51.31 %	34.51 %
Q1 2021	22.39 %	31.14 %	8.03 %
Q2 2021	26.37 %	34.17 %	10.11 %
Q3 2021	24.98 %	34.38 %	10.14 %
Q4 2021	30.12 %	37.18 %	19.13 %
Q1 2022	27.63 %	28.91 %	9.51 %
Q2 2022	18.72 %	20.70 %	0.74 %
Q3 2022	16.60 %	20.81 %	2.20 %
Q4 2022	26.39 %	30.61 %	8.66 %
Q1 2023	29.13 %	30.14 %	12.28 %
Q2 2023	21.40 %	22.79 %	5.60 %
Q3 2023	22.56 %	25.78 %	6.71 %

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
Q3 2023	42.09	1.34	1.34	19.50

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	21.64	4.24	4.24	24.12
2016	21.64	3.82	3.82	25.75
2017	21.64	4.36	4.36	29.61
2018	40.00	2.20	2.20	18.13
2019	40.00	2.07	2.07	18.66
2020	40.00	1.89	1.89	18.73
2021	40.00	0.89	0.89	18.58
2022	42.09	1.68	0.77	19.52

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
Q3 2023	53.75	53.75	3.69

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	15.03	15.03	1.67
2020	21.93	21.93	2.22
2021	68.61	68.61	3.28
2022	32.48	70.59	2.79

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	-	-	-	-
Q3 2023	149.78	6.76	3.35	-	-	-	-

Period	Education sector	training sector	recruitment sector	National Schools	International Schools	Indian Schools	French Schools
2018	-	-	-	186.13	85.96	42.87	10.22
2019	-	-	-	194.63	73.63	43.36	8.97
2020	-	-	-	197.56	85.21	44.52	9.09
2021	280.35	-	-	-	-	-	-
2022	506.02	30.31	55.99	-	-	-	-

Analysts Estimates (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	9.30	10.73	15.34 %

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
U-Capital	9.30	10.73	15.3 %

Financial Ratios

	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

Ataa Educational Co. (ATAA)

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Ataa posts SAR 41.3 mln profit in 9M 2022/23; Q3 at SAR 10.7 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Ataa Educational Co. (ATAA)

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Ataa posts SAR 41.3 mln profit in 9M 2022/23; Q3 at SAR 10.7 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Ataa Educational Co. (ATAA)

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Business Segments (Million)