Academy of Learning posts 32% leap in 2022 profit to SAR 21.4 mln

Academy of Learning Co. (AOL) reported a 32% increase in 2022 net profit to SAR 21.4 million, compared to SAR 16.2 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	42.28	62.91	48.8 %
Gross Income	26.98	39.65	46.9 %
Operating Income	18.50	22.96	24.1 %
Net Income	16.20	21.36	31.9 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.18	0.24	31.9 %

The average number of students increased by 44.4% year-on-year (YoY), leading to revenue growth of 48.8%. The student count increase was mainly driven by the better efficiency and capacity of AOL’s branches. The company also opened a new branch in the second half of the year, growing its capacity and the number of students.

Other revenue, which amounted to SAR 1.56 million in 2022 from interest on bank deposits, was another income source for the company.

On the other hand, AOL opened a new branch in September 2022. Accordingly, the income statement included revenue from the branch for four months only, despite incurring costs for more than four months. This will not be the case for 2023, as the new branch will commence operations.

The company’s income statement also included one-off, non-recurring expenses on AOL’s initial public offering on Nomu-Parallel Market.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	24.28	36.71	51.2 %
Gross Income	15.18	22.95	51.2 %
Operating Income	10.57	13.75	30.1 %
Net Income	8.80	13.20	50.0 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.10	0.15	50.0 %

Item	H1 2022	H2 2022	Change‬
Revenues	26.21	36.71	40.0 %
Gross Income	16.70	22.95	37.4 %
Operating Income	9.20	13.75	49.4 %
Net Income	8.16	13.20	61.8 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.09	0.15	61.8 %

Total shareholders’ equity, no minority interest, increased to SAR 105.56 million as of Dec. 31, 2022, compared to SAR 93.15 million a year earlier.

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Share Price

Academy of Learning Co. (ACADEMY OF LEARNING)

	Current
Market Cap (M Riyal)	882.00
Enterprise Value (EV) (M)	855.17
Shares Outstanding ((M))	90.00
Book Value (BV) ( Riyal)	1.26
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	30.76
Price/book	7.80

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	33.79	-	19.46	-	15.12	-
H1 2021	18.00	-	11.80	-	7.93	-
H2 2021	24.28	-	15.18	-	10.57	-
2021	42.28	25.1 %	26.98	38.6 %	18.50	22.3 %
H1 2022	26.21	45.6 %	16.70	41.5 %	9.20	16.0 %
H2 2022	36.71	51.2 %	22.95	51.2 %	13.75	30.1 %
2022	62.91	48.8 %	39.65	46.9 %	22.96	24.1 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	33.79	-	19.46	-	15.12	-
2021	42.28	25.1 %	26.98	38.6 %	18.50	22.3 %
2022	62.91	48.8 %	39.65	46.9 %	22.96	24.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	14.53	-	0.16	-	14.53	0.16
H1 2021	7.40	-	0.08	-	7.40	0.08
H2 2021	8.80	-	0.10	-	8.80	0.10
2021	16.20	11.5 %	0.18	-	16.20	0.18
H1 2022	8.16	10.3 %	0.09	-	8.16	0.09
H2 2022	13.20	50.0 %	0.15	-	13.20	0.15
2022	21.36	31.9 %	0.24	-	21.36	0.24

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	14.53	-	0.16	-	14.53	0.16
2021	16.20	11.5 %	0.18	-	16.20	0.18
2022	21.36	31.9 %	0.24	-	21.36	0.24

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
2020	57.60 %	54.04 %	42.99 %
H1 2021	-	-	-
H2 2021	63.81 %	51.53 %	38.31 %
2021	63.81 %	51.53 %	38.31 %
H1 2022	63.14 %	46.35 %	33.59 %
H2 2022	63.02 %	43.14 %	33.95 %
2022	63.02 %	43.14 %	33.95 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	57.60 %	54.04 %	42.99 %
2021	63.81 %	51.53 %	38.31 %
2022	63.02 %	43.14 %	33.95 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	65.56 %	53.08 %	41.10 %
H2 2021	62.52 %	50.37 %	36.24 %
H1 2022	63.71 %	42.62 %	31.13 %
H2 2022	62.52 %	43.51 %	35.97 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2013	-	-	-	-
H2 2013	-	-	-	-
H1 2014	-	-	-	-
H2 2014	-	-	-	-
H1 2015	-	-	-	-
H2 2015	-	-	-	-
H1 2016	-	-	-	-
H2 2016	-	-	-	-
H1 2017	-	-	-	-
H2 2017	-	-	-	-
H1 2018	-	-	-	-
H2 2018	-	-	-	-
H1 2019	-	-	-	-
H2 2019	-	-	-	-
H1 2020	-	-	-	-
H2 2020	-	-	-	-
H1 2021	90.00	-	-	0.94
H2 2021	90.00	0.18	0.18	1.04
H1 2022	90.00	0.19	0.19	1.13
H2 2022	90.00	0.24	0.24	1.17

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	90.00	0.16	0.16	0.23
2021	90.00	0.18	0.18	1.04
2022	90.00	0.24	0.24	1.17

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
H1 2022	-	-	-
H2 2022	11.54	11.54	2.34

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	11.54	11.54	2.34

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Academy of Learning posts 32% leap in 2022 profit to SAR 21.4 mln

Financials (M)

Current Half Annual Comparison (M)

View other reports

Share Price

Academy of Learning Co. (ACADEMY OF LEARNING)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

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