National Learning net profit soars to SAR 71.1 mln in FY 2021/22; Q4 at SAR 16.2 mln
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National Company for Learning and Education (NCLE) reported a net profit after Zakat and tax of SAR 71.1 million for the fiscal year ended Aug. 31, 2022, compared to SAR 24.5 million in the year-earlier period.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 187.19 | 315.69 | 68.6 % |
| Gross Income | 70.41 | 126.51 | 79.7 % |
| Operating Income | 33.04 | 78.99 | 139.1 % |
| Net Income | 24.46 | 71.05 | 190.5 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.57 | 1.65 | 190.5 % |
The company reported a 75% increase year-on-year (YoY) in revenue, mainly from a 29% rise in student count enrolled from 13,300 students a year earlier to 17,100 by the end of the current year. Further, tuition fees rose from the previous year, including exceptional discounts related to the repercussions of the COVID-19 pandemic that the company announced at that time.
In Q4 2021/22, net profit after Zakat and tax more than doubled to SAR 16.2 million, from SAR 6.96 million a year earlier.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 47.30 | 81.97 | 73.3 % |
| Gross Income | 21.47 | 34.34 | 59.9 % |
| Operating Income | 10.02 | 18.28 | 82.5 % |
| Net Income | 6.96 | 16.18 | 132.5 % |
| Average Shares | 43.00 | 43.00 | - |
| EPS (Riyals) | 0.16 | 0.38 | 132.5 % |
Compared to the previous quarter, NCLE’s net profit dropped 12.8% from SAR 18.56 million.
Total shareholders’ equity, no minority interest, increased to SAR 650.548 million by the end of the fiscal year, from SAR 614.999 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 74.38 | 67.3 % | 30.38 | 118.4 % | 20.41 | 285.9 % |
| Q2 2022 | 77.29 | 65.9 % | 29.80 | 80.5 % | 19.70 | 191.3 % |
| Q3 2022 | 82.05 | 68.0 % | 31.99 | 72.8 % | 20.60 | 87.8 % |
| Q4 2022 | 81.97 | 73.3 % | 34.34 | 59.9 % | 18.28 | 82.5 % |
| 2022 | 315.69 | 68.6 % | 126.51 | 79.7 % | 78.99 | 139.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 18.10 | 377.9 % | 0.42 | - | 18.10 | 0.42 |
| Q2 2022 | 18.21 | 298.9 % | 0.42 | - | 18.21 | 0.42 |
| Q3 2022 | 18.56 | 102.9 % | 0.43 | - | 18.56 | 0.43 |
| Q4 2022 | 16.18 | 132.5 % | 0.38 | - | 16.18 | 0.38 |
| 2022 | 71.05 | 190.5 % | 1.65 | - | 71.05 | 1.65 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 40.01 % | 30.58 % | 17.86 % |
| Q2 2022 | 40.42 % | 33.10 % | 21.15 % |
| Q3 2022 | 40.44 % | 33.63 % | 22.00 % |
| Q4 2022 | 40.07 % | 33.47 % | 22.51 % |
| 2022 | 40.07 % | 33.47 % | 22.51 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 43.00 | 0.90 | 0.90 | 14.68 |
| Q2 2022 | 43.00 | 1.22 | 1.22 | 14.30 |
| Q3 2022 | 43.00 | 1.44 | 1.44 | 14.78 |
| Q4 2022 | 43.00 | 1.65 | 1.65 | 15.13 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 56.12 | 56.12 | 3.45 |
| Q2 2022 | 48.98 | 48.98 | 4.17 |
| Q3 2022 | 43.12 | 43.12 | 4.19 |
| Q4 2022 | 41.34 | 41.34 | 4.51 |
Business Segments (Million)
Q4 2022
| Period | EL Rayan School | EL Rowaby School | Al Qairwan schools | Al Nozaha school | Al Aridh Schools | Al Ghad National Schools | Breda Schools | Qortoba School | Al-Khoarizmy Schools | Other activities | Consolidation adjustments & eliminations |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2022 | 14.08 | 16.18 | 9.76 | 12.80 | 4.44 | 7.75 | 2.81 | 2.32 | 4.26 | 1.80 | (1.80) |
| Q2 2022 | 14.42 | 16.26 | 10.28 | 13.17 | 5.25 | 7.89 | 2.95 | 2.62 | 4.44 | 1.85 | (1.85) |
| Q3 2022 | 15.22 | 16.88 | 11.33 | 13.56 | 5.96 | 8.27 | 3.32 | 3.09 | 4.41 | 1.84 | (1.84) |
| Q4 2022 | 15.18 | 17.19 | 11.26 | 13.85 | 5.86 | 7.96 | 3.32 | 2.99 | 4.37 | 1.95 | (1.95) |
| Current | |
| Market Cap (M Riyal) | 9,546.00 |
| Enterprise Value (EV) (M) | 9,447.04 |
| Shares Outstanding ((M)) | 43.00 |
| EPS ( Riyal) (TTM) | 3.83 |
| Book Value (BV) ( Riyal) | 19.35 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | More than 100 |
| P/E (TTM) | More than 100 |
| Price/book | 11.47 |
| Return on Average Assets (%) (TTM) | 11.8 |
| Return on Average Equity (%) (TTM) | 21.0 |
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