Almasar Alshamil Education (6019) Q4 2024 earnings summary

Executive summary

• Record student and beneficiary base of ~23,000 in FY 2024, up 18% YoY, alongside revenue growth and stronger adjusted profitability.

• The 27 June 2024 restructuring transferred Middlesex Associates and NEMA ownership to the education entity; accounts retrospectively reflect the combination from the earliest period presented.

Financial highlights

• Revenue rose 28% to SAR 437.1 million; gross profit was SAR 203.1 million versus SAR 167.2 million in FY 2023.

• Adjusted EBITDA increased 27% to SAR 216.4 million, with a 50% margin; adjusted PBT and zakat rose 30% to SAR 163.1 million.

• Adjusted profit for the year increased 22% to SAR 149.0 million; reported profit was SAR 148.1 million versus SAR 68.9 million, including the prior-year deferred tax impact.

• Operating profit reached SAR 167.7 million versus SAR 129.1 million; basic and diluted EPS was SAR 1.17 versus SAR 0.44.

• Net cash from operating activities was SAR 146.9 million; cash and cash equivalents at year-end were SAR 174.2 million.

Outlook and guidance

• Priorities are to grow higher-education enrolments and expand the special education needs daycare network; eight additional centers are under development for planned openings in H2 2025.

• Regional population growth and a favourable macroeconomic outlook are expected to support demand for high-quality education; no numerical financial guidance was stated.