The profits resulting from the acquisition of the Arab Group for Education and Training Holding Company by Ataa Educational Company amounted to 52.5 million riyals, and this is a non-recurring profit, which means the difference between the net book value of the acquired company’s assets and the purchase value on the date of acquisition.
According to Arabiya Net, the company added in a statement that the net book value of the acquired company’s assets on the date of acquisition is 190.465 million riyals, while the purchase value at the date of acquisition is 138 million.
The company indicated that adjustments may occur to the gains resulting from the acquisition and included in the interim condensed consolidated financial statements, as a result of subsequent adjustments during the measurement period to the fair value estimates of the acquired assets and liabilities.
The profits of Ataa Educational Company, in the first quarter ending on October 31, 2021, increased by 1247% to 66.25 million riyals, compared to profits of 4.91 million riyals in the same quarter of the last fiscal year.
On a quarterly basis, the company's profits increased by 241% in the first quarter of the current fiscal year, compared to 19.41 million riyals in the previous quarter.
The company indicated that the reason for the increase in net profit is due to the increase in revenues by 129% compared to last year.
