NCLE net profit up 20% to SAR 31.1M in Q1 2023/24

09/01/2024 Argaam Exclusive

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National Co. for Learning and Education (NCLE) reported a net profit of SAR 31.1 million in the first quarter ended Nov. 30, 2023, a 20% increase from SAR 25.9 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	105.05	144.42	37.5 %
Gross Income	44.62	59.58	33.5 %
Operating Income	28.12	35.52	26.3 %
Net Income	25.87	31.06	20.0 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.60	0.72	20.0 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	119.35	144.42	21.0 %
Gross Income	52.99	59.58	12.4 %
Operating Income	23.02	35.52	54.3 %
Net Income	20.92	31.06	48.5 %
Average Shares	43.00	43.00	-
EPS (Riyals)	0.49	0.72	48.5 %

The profit rise was driven by a 34% increase in revenue mainly due to the increase in the number of students enrolled in the company’s schools by 30% from 21,600 students in the same quarter of the previous year to 28,000 students during the current quarter.

In addition, two new educational campuses opened—TNIS in Al-Arid district and Al-Ghad Private Schools in Al-Qairawan district— in Riyadh at the beginning of the current year 2023/24.

Meanwhile, the acquisition of Al-Salam Education and Training Co. contributed to an increase in revenue and the number of students—not included in the same quarter of the previous year—as the full company shares were purchased in the second quarter of the previous year.

Compared to the previous quarter (Q4 2022/23), net profit rose 48.5% from SAR 20.92 million.

Total shareholders equity, no minority interest, reached SAR 735.75 million as of Nov. 30, 2023, compared to SAR 678.79 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	201.61	22.3 %	88.94	29.3 %	63.55	23.6 %	2.12
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	226.52	12.4 %	94.98	6.8 %	66.51	4.7 %	2.22
Q1 2017	59.74	-	23.32	-	15.06	-	0.50
Q2 2017	60.43	-	22.14	-	15.82	-	0.53
Q3 2017	58.07	-	22.32	-	13.27	-	0.44
Q4 2017	58.48	-	33.38	-	23.74	-	0.79
2017	236.72	4.5 %	101.16	6.5 %	67.89	2.1 %	2.26
Q1 2018	55.47	(7.2 %)	20.36	(12.7 %)	11.01	(26.9 %)	0.37
Q2 2018	54.00	(10.6 %)	18.98	(14.3 %)	11.42	(27.9 %)	0.38
Q3 2018	56.41	(2.9 %)	22.05	(1.2 %)	12.86	(3.1 %)	0.43
Q4 2018	54.08	(7.5 %)	20.95	(37.2 %)	13.59	(42.7 %)	0.45
2018	219.96	(7.1 %)	82.34	(18.6 %)	48.87	(28.0 %)	1.63
Q1 2019	52.53	(5.3 %)	21.08	3.5 %	11.48	4.2 %	0.27
Q2 2019	52.22	(3.3 %)	21.37	12.6 %	12.17	6.6 %	0.28
Q3 2019	51.36	(8.9 %)	21.32	(3.3 %)	13.46	4.7 %	0.31
Q4 2019	51.22	(5.3 %)	23.56	12.5 %	13.29	(2.2 %)	0.31
2019	207.34	(5.7 %)	87.33	6.1 %	50.39	3.1 %	1.17
Q1 2020	52.10	(0.8 %)	20.23	(4.0 %)	11.64	1.4 %	0.27
Q2 2020	56.49	8.2 %	24.22	13.3 %	13.44	10.5 %	0.31
Q3 2020	57.21	11.4 %	24.44	14.6 %	12.13	(9.9 %)	0.28
Q4 2020	59.49	16.1 %	36.35	54.3 %	20.59	54.9 %	0.48
2020	225.27	8.7 %	105.23	20.5 %	57.80	14.7 %	1.34
Q1 2021	44.45	(14.7 %)	13.91	(31.2 %)	3.79	(67.5 %)	0.09
Q2 2021	46.60	(17.5 %)	16.51	(31.8 %)	4.56	(66.0 %)	0.11
Q3 2021	48.85	(14.6 %)	18.52	(24.2 %)	9.15	(24.6 %)	0.21
Q4 2021	47.30	(20.5 %)	21.47	(40.9 %)	6.96	(66.2 %)	0.16
2021	187.19	(16.9 %)	70.41	(33.1 %)	24.46	(57.7 %)	0.57
Q1 2022	74.38	67.3 %	30.38	118.4 %	18.10	377.9 %	0.42
Q2 2022	77.29	65.9 %	29.80	80.5 %	18.21	298.9 %	0.42
Q3 2022	82.05	68.0 %	31.99	72.8 %	18.56	102.9 %	0.43
Q4 2022	81.97	73.3 %	34.34	59.9 %	16.18	132.5 %	0.38
2022	315.69	68.6 %	126.51	79.7 %	71.05	190.5 %	1.65
Q1 2023	105.05	41.2 %	44.62	46.9 %	25.87	42.9 %	0.60
Q2 2023	116.81	51.1 %	48.51	62.8 %	27.37	50.4 %	0.64
Q3 2023	117.70	43.5 %	49.79	55.7 %	27.62	48.8 %	0.64
Q4 2023	119.35	45.6 %	52.99	54.3 %	20.92	29.3 %	0.49
2023	461.96	46.3 %	195.91	54.9 %	101.78	43.3 %	2.37
Q1 2024	144.42	37.5 %	59.58	33.5 %	31.06	20.0 %	0.72

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	164.80	-	68.77	-	51.41	-	1.71
2015	201.61	22.3 %	88.94	29.3 %	63.55	23.6 %	2.12
2016	226.52	12.4 %	94.98	6.8 %	66.51	4.7 %	2.22
2017	236.72	4.5 %	101.16	6.5 %	67.89	2.1 %	2.26
2018	219.96	(7.1 %)	82.34	(18.6 %)	48.87	(28.0 %)	1.63
2019	207.34	(5.7 %)	87.33	6.1 %	50.39	3.1 %	1.17
2020	225.27	8.7 %	105.23	20.5 %	57.80	14.7 %	1.34
2021	187.19	(16.9 %)	70.41	(33.1 %)	24.46	(57.7 %)	0.57
2022	315.69	68.6 %	126.51	79.7 %	71.05	190.5 %	1.65
2023	461.96	46.3 %	195.91	54.9 %	101.78	43.3 %	2.37

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	44.12 %	39.32 %	31.52 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	41.93 %	36.52 %	29.36 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	42.73 %	34.24 %	28.68 %
2017	42.73 %	37.00 %	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 %
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 %
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 %
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 %
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 %
2022	40.07 %	33.47 %	22.51 %
Q1 2023	40.64 %	33.22 %	22.76 %
Q2 2023	41.32 %	32.97 %	22.80 %
Q3 2023	42.05 %	33.18 %	23.02 %
Q4 2023	42.69 %	32.16 %	22.18 %
2023	42.41 %	31.83 %	22.03 %
Q1 2024	42.32 %	32.18 %	21.47 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	41.73 %	38.67 %	31.19 %
2015	44.12 %	39.32 %	31.52 %
2016	41.93 %	36.52 %	29.36 %
2017	42.73 %	37.00 %	28.68 %
2018	37.43 %	31.21 %	22.22 %
2019	42.12 %	29.36 %	23.10 %
2020	46.71 %	32.78 %	25.66 %
2021	37.61 %	26.13 %	13.07 %
2022	40.07 %	33.47 %	22.51 %
2023	42.41 %	31.83 %	22.03 %

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	39.03 %	33.16 %	25.21 %
Q2 2017	36.64 %	-	26.18 %
Q3 2017	38.44 %	-	22.86 %
Q4 2017	57.07 %	50.19 %	40.59 %
Q1 2018	36.70 %	29.63 %	19.85 %
Q2 2018	35.15 %	30.19 %	21.14 %
Q3 2018	39.10 %	31.76 %	22.79 %
Q4 2018	38.74 %	33.27 %	25.13 %
Q1 2019	40.12 %	30.18 %	21.84 %
Q2 2019	40.92 %	28.73 %	23.30 %
Q3 2019	41.52 %	26.81 %	21.33 %
Q4 2019	45.99 %	31.71 %	25.95 %
Q1 2020	38.82 %	29.56 %	22.34 %
Q2 2020	42.87 %	29.01 %	23.80 %
Q3 2020	42.72 %	29.41 %	21.20 %
Q4 2020	61.11 %	42.40 %	34.61 %
Q1 2021	31.29 %	20.76 %	8.52 %
Q2 2021	35.44 %	22.99 %	9.79 %
Q3 2021	37.91 %	30.62 %	18.72 %
Q4 2021	45.39 %	29.63 %	14.71 %
Q1 2022	40.85 %	35.90 %	24.34 %
Q2 2022	38.55 %	34.11 %	23.56 %
Q3 2022	38.99 %	33.42 %	22.62 %
Q4 2022	41.89 %	30.71 %	19.74 %
Q1 2023	42.48 %	34.36 %	24.63 %
Q2 2023	41.53 %	32.99 %	23.44 %
Q3 2023	42.30 %	34.05 %	23.46 %
Q4 2023	44.40 %	27.53 %	17.53 %
Q1 2024	41.26 %	33.86 %	21.51 %

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	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
Q2 2023	43.00	2.05	2.05	15.22
Q3 2023	43.00	2.26	2.26	15.85
Q4 2023	43.00	2.37	2.37	16.39
Q1 2024	43.00	2.49	2.49	17.11

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	30.00	1.71	1.71	9.27
2015	30.00	2.12	2.12	10.02
2016	30.00	2.22	2.22	10.77
2017	30.00	2.26	2.26	11.30
2018	30.00	1.63	1.63	11.42
2019	43.00	1.17	1.11	14.08
2020	43.00	1.34	1.34	14.53
2021	43.00	0.57	0.57	14.30
2022	43.00	1.65	1.65	15.13
2023	43.00	2.37	2.37	16.39

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	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
Q2 2023	57.18	57.18	7.69
Q3 2023	42.54	42.54	6.06
Q4 2023	49.93	49.93	7.21
Q1 2024	52.82	52.82	7.68

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	19.90	19.90	2.84
2019	24.40	25.68	2.03
2020	38.84	38.84	3.59
2021	More than 100	More than 100	4.20
2022	41.34	41.34	4.51
2023	49.93	49.93	7.21

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	Al-Arid International Model Education Schools	Al Ghad National Schools - Kairouan	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)
Q2 2023	18.58	19.00	17.15	16.93	11.23	8.83	6.01	7.59	4.64	4.61	2.25	1.85	-	-	(1.85)
Q3 2023	18.75	19.15	17.27	16.95	11.41	8.73	6.13	7.54	4.78	4.63	2.37	1.96	-	-	(1.96)
Q4 2023	19.25	19.61	17.38	17.21	11.50	8.83	6.22	7.51	4.88	4.75	2.21	2.11	-	-	(2.11)
Q1 2024	22.33	20.71	20.84	19.94	12.00	9.04	7.92	7.67	6.23	4.63	5.26	1.99	5.77	2.08	(1.99)

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	Al-Arid International Model Education Schools	Al Ghad National Schools - Kairouan	Consolidation adjustments & eliminations
2015	85.42	76.15	-	37.00	-	-	-	-	-	-	-	-	-	-	-
2016	83.57	75.41	-	48.79	-	-	-	-	-	-	-	-	-	-	-
2017	79.18	76.70	-	59.54	-	-	-	-	-	-	-	-	-	-	-
2018	72.47	74.07	-	56.19	-	-	-	-	1.55	-	-	-	-	-	-
2019	69.51	74.56	-	59.81	-	-	-	-	3.46	-	-	-	-	-	-
2020	64.65	74.25	-	57.51	-	8.41	2.05	-	6.57	11.83	-	-	-	-	-
2021	42.91	51.90	10.92	38.98	-	22.41	4.36	-	4.36	11.36	-	3.80	-	-	(3.80)
2022	58.90	66.51	42.64	53.37	21.50	31.87	12.40	-	11.01	17.48	-	7.44	-	-	(7.44)
2023	75.04	76.38	68.85	68.18	45.15	35.05	24.20	22.63	18.92	18.74	8.83	7.73	-	-	(7.73)

Financial Ratios

	Current
Market Cap (M Riyal)	7,232.60
Enterprise Value (EV) (M)	7,257.99
Shares Outstanding ((M))	43.00
EPS ( Riyal) (TTM)	2.64
Book Value (BV) ( Riyal)	16.28
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	10.33
Return on Average Assets (%) (TTM)	9.8
Return on Average Equity (%) (TTM)	16.8

National Company for Learning and Education (NCLE)

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NCLE net profit up 20% to SAR 31.1M in Q1 2023/24

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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 Q1

Financial Ratios

Share Price

National Company for Learning and Education (NCLE)

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NCLE net profit up 20% to SAR 31.1M in Q1 2023/24

View other reports

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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

National Company for Learning and Education (NCLE)

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Business Segments (Million)