The net profit of the National Company for Education and Training decreased by 67.45% in the first quarter of the fiscal year ending in November 2020, to about 3.79 million riyals, compared to 11.64 million SAR in the same period of the previous fiscal year.
According to Arabiya Net, the company's net profit fell on a quarterly basis by 81.6% compared to about 20.59 million riyals, net profit for the fourth quarter of the previous fiscal year.
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The company said in a statement to the Saudi Stock Exchange Tadawul today, Thursday, that the decline in net profit in the first quarter on an annual basis is due to the decrease in revenues, which is mainly due to the company's introduction Discounts at different rates from 20% to 50% on tuition fees for the first semester of the current academic year coinciding with the Ministry of Education's announcement of distance education for the first semester, in appreciation of the company's clients and for maintaining the student base in the company's educational complexes in a way that serves the achievement of growth targets For the company in the long term.
It is mentioned that the company's financial year begins in early September of the year, until the end of August of the following year.
and the company stated that the number of students enrolled in the company's schools increased in the current quarter from the same quarter of last year by 12%, as a result of the opening of the Kairouan Complex at the beginning of this year, In addition to the entry of the number of students for Al-Ghad National Schools Company and Al-Khwarizmi Education Company in this quarter, which were not listed in the same quarter of last year, as the full shares of the two companies were purchased after the first quarter of last year.
and indicated the decrease in the revenues supporting the educational process as a result of the suspension of school transport services and canteens.
