Ataa Educational profit grows 7% to SAR 44.4M in 9M 2023/24; Q3 at SAR 10.9M

02/06/2024 Argaam Exclusive

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Ataa Educational Co. posted a net profit rise of 7% to SAR 44.4 million for the nine-month period ended April 30, 2024, from SAR 41.3 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	501.94	507.48	1.1 %
Gross Income	122.52	135.15	10.3 %
Operating Income	69.02	82.85	20.0 %
Net Income	41.34	44.41	7.4 %
Average Shares	42.09	42.09	-
EPS (Riyals)	0.98	1.06	7.4 %

The company cited higher revenue from the education segment. It also acquired minority stakes in Al Yasmin International Co., Glory Generation International Co. and Al-Alsun International Private Schools Co. and reported a 4% year-on-year (YoY) rise in revenue from the education segment. Operating expenses declined by 2% YoY despite a 24% increase in finance costs, due to the abovementioned acquisition and the purchase of Irqah land. The nine-month results were also hurt by higher SAIBOR rates.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	159.89	163.52	2.3 %
Gross Income	36.07	40.26	11.6 %
Operating Income	20.65	24.67	19.5 %
Net Income	10.73	10.90	1.6 %
Average Shares	42.09	42.09	-
EPS (Riyals)	0.25	0.26	1.6 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	170.22	163.52	(3.9 %)
Gross Income	39.49	40.26	2.0 %
Operating Income	25.21	24.67	(2.1 %)
Net Income	11.46	10.90	(4.9 %)
Average Shares	42.09	42.09	-
EPS (Riyals)	0.27	0.26	(4.9 %)

The third-quarter net profit increased by 2% to SAR 10.9 million from SAR 10.7 million in Q3 2022/23, thanks to a 7% YoY rise in revenue from the education segment, despite a decline in topline from the training and recruitment segments.

Shareholders’ equity, after minority interest, reached SAR 784.88 million by the end of the nine-month period, compared to SAR 858.89 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	331.31	-	124.86	-	91.74	-	4.24
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	292.24	(11.8 %)	102.12	(18.2 %)	82.66	(9.9 %)	3.82
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	339.69	16.2 %	118.97	16.5 %	94.39	14.2 %	4.36
Q1 2018	-	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-	-
Q3 2018	81.26	-	16.60	-	9.05	-	0.23
Q4 2018	84.56	-	42.06	-	37.90	-	0.95
2018	325.19	(4.3 %)	107.77	(9.4 %)	87.91	(6.9 %)	2.20
Q1 2019	77.52	-	22.90	-	17.12	-	0.43
Q2 2019	80.39	-	22.39	-	16.16	-	0.40
Q3 2019	79.74	(1.9 %)	19.39	16.8 %	12.01	32.7 %	0.30
Q4 2019	82.94	(1.9 %)	43.69	3.9 %	37.97	0.2 %	0.95
2019	320.59	(1.4 %)	107.85	0.1 %	82.75	(5.9 %)	2.07
Q1 2020	81.11	4.6 %	25.53	11.5 %	16.25	(5.1 %)	0.41
Q2 2020	84.48	5.1 %	24.89	11.1 %	17.28	7.0 %	0.43
Q3 2020	84.09	5.5 %	25.15	29.7 %	12.34	2.8 %	0.31
Q4 2020	86.70	4.5 %	40.70	(6.9 %)	29.92	(21.2 %)	0.75
2020	336.38	4.9 %	116.26	7.8 %	75.80	(8.4 %)	1.89
Q1 2021	61.23	(24.5 %)	13.71	(46.3 %)	4.92	(69.7 %)	0.12
Q2 2021	63.19	(25.2 %)	16.66	(33.0 %)	6.39	(63.0 %)	0.16
Q3 2021	62.53	(25.6 %)	15.62	(37.9 %)	6.34	(48.6 %)	0.16
Q4 2021	93.40	7.7 %	28.14	(30.9 %)	17.87	(40.3 %)	0.45
2021	280.35	(16.7 %)	74.13	(36.2 %)	35.52	(53.1 %)	0.89
Q1 2022	139.74	128.2 %	38.61	181.6 %	51.41	945.6 %	1.22
Q2 2022	135.97	115.2 %	25.45	52.7 %	1.01	(84.2 %)	0.02
Q3 2022	142.89	128.5 %	23.72	51.8 %	3.15	(50.4 %)	0.07
Q4 2022	173.73	86.0 %	45.85	62.9 %	15.04	(15.8 %)	0.36
2022	592.32	111.3 %	133.62	80.3 %	70.62	98.8 %	1.68
Q1 2023	171.53	22.7 %	49.97	29.4 %	21.06	(59.0 %)	0.50
Q2 2023	170.52	25.4 %	36.49	43.4 %	9.55	843.8 %	0.23
Q3 2023	159.89	11.9 %	36.07	52.1 %	10.73	241.0 %	0.25
Q4 2023	178.42	2.7 %	72.72	58.6 %	26.45	75.8 %	0.63
2023	680.36	14.9 %	195.24	46.1 %	67.79	(4.0 %)	1.61
Q1 2024	173.74	1.3 %	55.40	10.9 %	22.05	4.7 %	0.52
Q2 2024	170.22	(0.2 %)	39.49	8.2 %	11.46	20.0 %	0.27
Q3 2024	163.52	2.3 %	40.26	11.6 %	10.90	1.6 %	0.26

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	-	-	-	-	-	-	-
2015	331.31	-	124.86	-	91.74	-	4.24
2016	292.24	(11.8 %)	102.12	(18.2 %)	82.66	(9.9 %)	3.82
2017	339.69	16.2 %	118.97	16.5 %	94.39	14.2 %	4.36
2018	325.19	(4.3 %)	107.77	(9.4 %)	87.91	(6.9 %)	2.20
2019	320.59	(1.4 %)	107.85	0.1 %	82.75	(5.9 %)	2.07
2020	336.38	4.9 %	116.26	7.8 %	75.80	(8.4 %)	1.89
2021	280.35	(16.7 %)	74.13	(36.2 %)	35.52	(53.1 %)	0.89
2022	592.32	111.3 %	133.62	80.3 %	70.62	98.8 %	1.68
2023	680.36	14.9 %	195.24	46.1 %	67.79	(4.0 %)	1.61

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2023	28.70 %	28.21 %	9.64 %
2023	28.70 %	28.21 %	9.64 %
Q1 2024	29.40 %	28.54 %	9.75 %
Q2 2024	29.85 %	29.50 %	10.04 %
Q3 2024	30.31 %	29.71 %	10.01 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	28.70 %	28.21 %	9.64 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2023	40.76 %	33.70 %	13.59 %
Q1 2024	31.89 %	31.44 %	12.69 %
Q2 2024	23.20 %	26.62 %	6.73 %
Q3 2024	24.62 %	26.73 %	6.66 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2023	42.09	1.61	1.56	18.69
Q1 2024	42.09	1.63	1.58	19.22
Q2 2024	42.09	1.68	1.63	18.39
Q3 2024	42.09	1.68	1.63	18.65

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	42.09	1.61	1.56	18.69

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2023	44.58	46.08	3.84
Q1 2024	44.37	45.84	3.77
Q2 2024	36.80	37.99	3.36
Q3 2024	35.52	36.66	3.21

Period	P/E	Adjusted P/E	Price/book
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
2023	44.58	46.08	3.84

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	-	-	-	-
Q4 2023	156.34	9.03	13.05	-	-	-	-
Q1 2024	162.40	9.72	1.62	-	-	-	-
Q2 2024	160.49	9.21	0.52	-	-	-	-
Q3 2024	158.45	4.80	0.26	-	-	-	-

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	-	-	-	-
2023	620.68	38.55	21.12	-	-	-	-

Analysts Estimates (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	10.10	10.90	7.91 %

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
U-Capital	10.10	10.90	7.9 %

Financial Ratios

	Current
Market Cap (M Riyal)	2,525.40
Enterprise Value (EV) (M)	3,123.49
Shares Outstanding ((M))	42.09
EPS ( Riyal) (TTM)	1.68
Book Value (BV) ( Riyal)	18.65
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	36.79
P/E (TTM)	35.64
Price/book	3.22
Return on Average Assets (%) (TTM)	3.4
Return on Average Equity (%) (TTM)	8.8

Ataa Educational Co. (ATAA)

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Ataa Educational profit grows 7% to SAR 44.4M in 9M 2023/24; Q3 at SAR 10.9M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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) 2024 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 Educational profit grows 7% to SAR 44.4M in 9M 2023/24; Q3 at SAR 10.9M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2024

Revenue by Business Segment (Latest) 2024 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)