National Learning net profit down 58% to SAR 24.5 mln in FY 2020/2021
National Company for Learning and Education (NCLE) reported a net profit after Zakat and tax of SAR 24.5 million for the fiscal year ended Aug. 31, 2021, a 58% decline compared to SAR 57.8 million in the previous year.
The company attributed the decrease in net profit to lower revenue, mainly due to offering tuition discounts ranging between 10% and 50% during the current academic year, concurring with the Ministry of Education announcement of the online education for the 2020/2021. In addition, the total number of students enrolled in the current year decreased by 8% compared to the previous year. Moreover, a decline in revenues aligned with the educational process as a result of the suspension of school transportation services and canteens also weighed on NCLE’s results.
Financials (M)
Item | 2020 | 2021 | Change |
---|---|---|---|
Revenues | 225.27 | 187.19 | (16.9 %) |
Gross Income | 105.23 | 70.41 | (33.1 %) |
Operating Income | 65.15 | 33.04 | (49.3 %) |
Net Income | 57.80 | 24.46 | (57.7 %) |
Average Shares | 43.00 | 43.00 | - |
EPS (Riyals) | 1.34 | 0.57 | (57.7 %) |
The company reported a net profit after Zakat and tax of nearly SAR 7 million for Q4 2020/2021, a 66% YoY decline.
On a sequential basis, net profit for Q4 2020/2021 fell almost 24% compared to the previous quarter net profit of SAR 9.15 million.
Current Quarter Comparison (M)
Item | Q4 2020 | Q4 2021 | Change |
---|---|---|---|
Revenues | 59.49 | 47.30 | (20.5 %) |
Gross Income | 36.35 | 21.47 | (40.9 %) |
Operating Income | 24.40 | 10.02 | (58.9 %) |
Net Income | 20.59 | 6.96 | (66.2 %) |
Average Shares | 43.00 | 43.00 | - |
EPS (Riyals) | 0.48 | 0.16 | (66.2 %) |
Shareholders’ equity, excluding minority interest, reached SAR 614.998 million by Aug. 31, 2021, compared to SAR 624.853 million a year earlier.
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Share Price
National Company for Learning and Education (NCLE)
Current | |
Market Cap (M Riyal) | 9,356.80 |
Enterprise Value (EV) (M) | 9,352.00 |
Shares Outstanding ((M)) | 43.00 |
EPS ( Riyal) (TTM) | 3.67 |
Book Value (BV) ( Riyal) | 18.45 |
Par Value ( Riyal) | 10.00 |
Adjusted P/E (Last12) | More than 100 |
P/E (TTM) | More than 100 |
Price/book | 11.79 |
Return on Average Assets (%) (TTM) | 12.0 |
Return on Average Equity (%) (TTM) | 21.1 |
Financial results (Million)
Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
---|---|---|---|---|---|---|
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 %) |
2021 | 187.19 | (16.9 %) | 70.41 | (33.1 %) | 33.04 | (49.3 %) |
Profit Performance (Million)
Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
---|---|---|---|---|---|---|
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 |
2021 | 24.46 | (57.7 %) | 0.57 | - | 24.46 | 0.57 |
Profitability
Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
---|---|---|---|
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 % |
Per Share Data (Riyal)
Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
---|---|---|---|---|
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 |
Multiple Ratios (End of Period Price)
Period | P/E | Adjusted P/E | Price/book |
---|---|---|---|
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 |
Business Segments (Million)
Q4 2021
Period | EL Rayan School | EL Rowaby School | Al Qairwan schools | Al Nozaha school | Al Ghad National Schools | Breda Schools | Qortoba School | Al-Khoarizmy Schools | Other activities | Consolidation adjustments & eliminations |
---|---|---|---|---|---|---|---|---|---|---|
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) |
Analysts Estimates (Million)
Item | Q4 2021 (e) | Q4 2021 (a) | Change |
---|---|---|---|
Average | 13.60 | 6.96 | (48.8 %) |
Estimates vs Actual (Million)
Item | Q4 2021 (e) | Q4 2021 (a) | Change |
---|---|---|---|
AlJazira Capital | 13.60 | 6.96 | (48.8) % |
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