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

12/03/2023 Argaam Exclusive

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 %

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.
9.18
(0.22) (2.34 %)

Academy of Learning Co. (ACADEMY OF LEARNING)

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Financial Ratios
Current
Market Cap (M Riyal) 826.20
Enterprise Value (EV) (M) 799.37
Shares Outstanding ((M)) 90.00
Book Value (BV) ( Riyal) 1.26
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 28.82
Price/book 7.31
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 18.00 - 11.80 - 7.93 -
H2 2021 24.28 - 15.18 - 10.57 -
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 %


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 - - - - - -
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 7.40 - 0.08 - 7.40 0.08
H2 2021 8.80 - 0.10 - 8.80 0.10
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

Profitability

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 - - -
H2 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 %


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

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

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