Al Mohafaza for Education reports net profit of SAR 6.4M for FY 2022/23

Al Mohafaza Company for Education, poised for listing on the Nomu- Parallel Market, reported a net profit of SAR 6.4 million for the fiscal year (FY) ended on July 31, 2023, compared to SAR 2.8 million a year earlier.

This was propelled by the year-on-year (YoY) increase in revenues to SAR 26.1 million by FY-end, primarily due to higher tuition fees. In addition, gross profit margins advanced to 39% and operating profit margins grew to 16% in FY 2022/23.

This was offset by the 8% YoY slump in other revenues by 8% in FY 2022/23, as revenues from renting and operating an educational building in Hafr Al Batin. Further, Zakat expenses increased to SAR 1.3 million for the same FY, compared to SAR 1.1 million a year ago.

Shareholders’ equity, no minority interest, stood at SAR 76.98 million by the end of FY 2022/23, compared to SAR 70.24 million a year earlier.