National Learning net profit leaps 43% to SAR 25.9 mln in Q1 2022/23

National Learning net profit leaps 43% to SAR 25.9 mln in Q1 2022/23

10/01/2023 Argaam Exclusive

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National Company for Learning and Education (NCLE) reported a net profit after Zakat and tax of SAR 25.9 million for the first quarter ending Nov. 30, 2022, leaping 43% from SAR 18.1 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 74.38 105.05 41.2 %
Gross Income 30.38 44.62 46.9 %
Operating Income 20.41 28.12 37.8 %
Net Income 18.10 25.87 42.9 %
Average Shares 43.00 43.00 -
EPS (Riyals) 0.42 0.60 42.9 %

The net profit increase was due to a 43% rise year-on-year (YoY) in revenue, which resulted mainly from a 40% growth in the number of students enrolled in the company’s schools to 21,600 from 15,500 in the same quarter of the previous year. In addition, all educational campuses witnessed growth in the number of students during the current year compared to the previous year.

 

On a sequential basis, Q1 2022/23 net profit after Zakat and tax climbed 59.9% from SAR 16.18 million, driven by a 32% increase in revenue.

 

Total shareholders’ equity, with no minority equity, rose 7.54% YoY to SAR 678.79 million for Q1 2022/23, compared with SAR 631.18 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 59.74 - 23.32 - 16.56 -
Q2 2017 60.43 - 22.14 - 17.17 -
Q3 2017 58.07 - 22.32 - 14.73 -
Q4 2017 58.48 - 33.38 - 26.07 -
Q1 2018 55.47 (7.2 %) 20.36 (12.7 %) 12.91 (22.0 %)
Q2 2018 54.00 (10.6 %) 18.98 (14.3 %) 12.85 (25.2 %)
Q3 2018 56.41 (2.9 %) 22.05 (1.2 %) 14.46 (1.8 %)
Q4 2018 54.08 (7.5 %) 20.95 (37.2 %) 14.49 (44.4 %)
Q1 2019 52.53 (5.3 %) 21.08 3.5 % 12.86 (0.4 %)
Q2 2019 52.22 (3.3 %) 21.37 12.6 % 12.07 (6.1 %)
Q3 2019 51.36 (8.9 %) 21.32 (3.3 %) 10.86 (24.9 %)
Q4 2019 51.22 (5.3 %) 23.56 12.5 % 13.35 (7.8 %)
Q1 2020 52.10 (0.8 %) 20.23 (4.0 %) 12.34 (4.0 %)
Q2 2020 56.49 8.2 % 24.22 13.3 % 14.18 17.5 %
Q3 2020 57.21 11.4 % 24.44 14.6 % 14.23 31.1 %
Q4 2020 59.49 16.1 % 36.35 54.3 % 24.40 82.7 %
Q1 2021 44.45 (14.7 %) 13.91 (31.2 %) 5.29 (57.1 %)
Q2 2021 46.60 (17.5 %) 16.51 (31.8 %) 6.76 (52.3 %)
Q3 2021 48.85 (14.6 %) 18.52 (24.2 %) 10.97 (22.9 %)
Q4 2021 47.30 (20.5 %) 21.47 (40.9 %) 10.02 (58.9 %)
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 %
Q1 2023 105.05 41.2 % 44.62 46.9 % 28.12 37.8 %


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 15.06 - 0.50 - 15.06 0.50
Q2 2017 15.82 - 0.53 - 15.82 0.53
Q3 2017 13.27 - 0.44 - 13.27 0.44
Q4 2017 23.74 - 0.79 - 23.74 0.79
Q1 2018 11.01 (26.9 %) 0.37 - 11.01 0.37
Q2 2018 11.42 (27.9 %) 0.38 - 11.42 0.38
Q3 2018 12.86 (3.1 %) 0.43 - 12.86 0.43
Q4 2018 13.59 (42.7 %) 0.45 - 13.59 0.45
Q1 2019 11.48 4.2 % 0.27 - 11.48 0.27
Q2 2019 12.17 6.6 % 0.28 - 12.17 0.28
Q3 2019 13.46 4.7 % 0.31 2.50 10.96 0.25
Q4 2019 13.29 (2.2 %) 0.31 - 13.29 0.31
Q1 2020 11.64 1.4 % 0.27 - 11.64 0.27
Q2 2020 13.44 10.5 % 0.31 - 13.44 0.31
Q3 2020 12.13 (9.9 %) 0.28 - 12.13 0.28
Q4 2020 20.59 54.9 % 0.48 - 20.59 0.48
Q1 2021 3.79 (67.5 %) 0.09 - 3.79 0.09
Q2 2021 4.56 (66.0 %) 0.11 - 4.56 0.11
Q3 2021 9.15 (24.6 %) 0.21 - 9.15 0.21
Q4 2021 6.96 (66.2 %) 0.16 - 6.96 0.16
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
Q1 2023 25.87 42.9 % 0.60 - 25.87 0.60

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 42.73 % 34.24 % 28.68 %
Q1 2018 42.25 % 33.42 % 27.47 %
Q2 2018 42.05 % 33.99 % 26.30 %
Q3 2018 42.24 % 35.66 % 26.31 %
Q4 2018 37.43 % 31.21 % 22.22 %
Q1 2019 38.27 % 31.36 % 22.73 %
Q2 2019 39.70 % 31.02 % 23.27 %
Q3 2019 40.30 % 29.79 % 22.93 %
Q4 2019 42.12 % 29.36 % 23.10 %
Q1 2020 41.80 % 29.20 % 23.23 %
Q2 2020 42.30 % 29.27 % 23.36 %
Q3 2020 42.60 % 29.89 % 23.27 %
Q4 2020 46.71 % 32.78 % 25.66 %
Q1 2021 45.45 % 31.09 % 22.95 %
Q2 2021 43.91 % 29.84 % 19.77 %
Q3 2021 42.78 % 30.15 % 19.10 %
Q4 2021 37.61 % 26.13 % 13.07 %
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 %
Q1 2023 40.64 % 33.22 % 22.76 %


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 30.00 - - 10.20
Q2 2017 30.00 - - -
Q3 2017 30.00 - - 10.58
Q4 2017 30.00 2.26 2.26 11.30
Q1 2018 30.00 2.13 2.13 11.63
Q2 2018 30.00 1.98 1.98 11.22
Q3 2018 30.00 1.97 1.97 11.65
Q4 2018 30.00 1.63 1.63 11.42
Q1 2019 43.00 1.15 1.15 13.51
Q2 2019 43.00 1.16 1.16 13.44
Q3 2019 43.00 1.18 1.12 13.78
Q4 2019 43.00 1.17 1.11 14.08
Q1 2020 43.00 1.18 1.12 14.44
Q2 2020 43.00 1.21 1.15 13.83
Q3 2020 43.00 1.17 1.17 14.13
Q4 2020 43.00 1.34 1.34 14.53
Q1 2021 43.00 1.16 1.16 14.59
Q2 2021 43.00 0.96 0.96 13.89
Q3 2021 43.00 0.89 0.89 14.14
Q4 2021 43.00 0.57 0.57 14.30
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
Q1 2023 43.00 1.83 1.83 15.79

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 19.90 19.90 2.84
Q1 2019 19.92 19.92 1.69
Q2 2019 19.31 19.31 1.67
Q3 2019 22.31 23.47 1.91
Q4 2019 24.40 25.68 2.03
Q1 2020 25.09 26.40 2.04
Q2 2020 37.33 39.22 3.25
Q3 2020 41.34 41.34 3.44
Q4 2020 38.83 38.83 3.59
Q1 2021 40.85 40.85 3.25
Q2 2021 64.18 64.18 4.41
Q3 2021 71.80 71.80 4.50
Q4 2021 More than 100 More than 100 4.20
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
Q1 2023 54.56 54.56 6.33

Business Segments (Million)

Compared With The
Period EL Rayan School EL Rowaby School Al Qairwan schools Al Nozaha school Al Aridh Schools Al Ghad National Schools Breda Schools Elsalam National school Qortoba School Al-Khoarizmy Schools Al Zahran School Other activities Consolidation adjustments & eliminations
Q1 2017 19.87 19.13 - 14.95 - - - - - - - - -
Q4 2017 20.23 19.48 - 14.97 - - - - - - - - -
Q1 2018 18.99 17.68 - 14.15 - - - - 0.33 - - - -
Q2 2018 17.64 18.36 - 14.22 - - - - 0.31 - - - -
Q3 2018 17.24 20.04 - 14.15 - - - - 0.43 - - - -
Q4 2018 18.60 17.98 - 13.67 - - - - 0.48 - - - -
Q1 2019 18.62 17.86 - 15.27 - - - - 0.78 - - - -
Q2 2019 16.37 19.95 - 14.89 - - - - 1.01 - - - -
Q3 2019 17.22 18.27 - 14.95 - - - - 0.92 - - - -
Q4 2019 17.30 18.47 - 14.70 - - - - 0.75 - - - -
Q1 2020 17.68 18.92 - 13.42 - - 0.44 - 1.64 - - - -
Q2 2020 15.42 19.03 - 15.89 - - 0.49 - 1.67 3.98 - - -
Q3 2020 16.15 18.49 - 14.35 - 2.18 0.48 - 1.62 3.93 - - -
Q4 2020 15.40 17.81 - 13.86 - 6.23 0.63 - 1.64 3.92 - - -
Q1 2021 10.16 12.22 2.37 9.42 - 5.39 1.00 - 1.01 2.90 - - -
Q2 2021 10.49 12.74 2.47 9.61 - 5.29 1.24 - 1.13 2.85 - 0.78 -
Q3 2021 11.05 13.52 3.06 10.15 - 5.89 1.18 - 1.16 2.83 - 1.32 (1.33)
Q4 2021 11.21 13.43 3.02 9.79 - 5.84 0.94 - 1.06 2.77 - 1.70 (2.47)
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)
Q1 2023 18.47 18.63 17.06 17.08 11.01 8.67 5.84 - 4.62 4.74 2.00 1.80 (1.80)

Current
Market Cap (M Riyal) 9,399.80
Enterprise Value (EV) (M) 9,300.84
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 11.30
Return on Average Assets (%) (TTM) 11.8
Return on Average Equity (%) (TTM) 21.0

Share Price

National Company for Learning and Education (NCLE)


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