Home Business The quarterly profit of “Al-Watania for Education “increased by 378% to 18...

The quarterly profit of “Al-Watania for Education “increased by 378% to 18 million riyals

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The National Education Company announced that profits for the first quarter ending November 30, 2021 increased by 377.89% year on year to 18.10 million riyals, compared to 3.78 million riyals in the same quarter of the year. previous.

On a quarterly basis, the company’s profits increased 160.13% in the quarter in course, compared to profits of 6.95 million riyals in the previous quarter.

The company explained, in a statement to “Saudi Tadawul”, today, Thursday, that the increase in net profit is due to the growth in revenues, mainly due to the increase in the number of students enrolled in the company’s schools.

The company’s sales increased during the quarter in rate of 74%, to 73.3 million riyals, compared to 42.11 million riyals in the same quarter of the previous year.

The number of students increased by 17% from 13.3 thousand students in the previous year to 15.5 thousand students in the quarter in course, in addition to the increase in university fees compared to the same quarter of the previous year, which included exceptional discounts linked to the repercussions of the Corona pandemic, announced at the time by the company.

The company said it is continuing to achieve its growth targets, as a new educational complex for typical education schools in the Al-Arid district was opened at the beginning of the current 2021-2022 district, which contributed to the increase in the number of students in the quarter in course, in addition to the growth in the number of students in the newly managed educational complexes (Model Education school complex – Kairouan and Complex of Model Education Schools – Buraidah).

During the quarter in course, the company achieved profitability rates before the Corona pandemic, despite the high operating costs of managing modern complexes.

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