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Alkhaleej Training and Education Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Alkhaleej Training and Education Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

ELEMENT LIST CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR %CHANGE PREVIOUS QUARTER % CHANGE
Sales/Revenue 181,592,563 201,239,533 -9.762 213,762,229 -15.049
Gross Profit (Loss) 14,091,860 18,035,251 -21.864 34,369,762 -58.999
Operational Profit (Loss) 3,757,802 3,646,107 3.063 6,129,383 -38.692
Net Profit (Loss) after Zakat and Tax 4,661,815 -3,581,409 4,390,709 6.174
Total Comprehensive Income 6,061,096 -2,974,338 -26,678,341
All figures are in (Actual) Saudi Arabia, Riyals
ELEMENT LIST CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR %CHANGE
Sales/Revenue 395,354,792 415,390,460 -4.823
Gross Profit (Loss) 48,461,622 59,452,221 -18.486
Operational Profit (Loss) 9,887,185 18,576,683 -46.776
Net Profit (Loss) after Zakat and Tax 9,052,524 3,735,980 142.306
Total Comprehensive Income -20,617,245 5,139,491
Total Share Holders Equity (after Deducting Minority Equity) 586,739,743 552,293,776 6.236
Profit (Loss) per Share 0.2 0.08
All figures are in (Actual) Saudi Arabia, Riyals
ELEMENT LIST EXPLANATION
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The increase in net profit during the current quarter compared with a loss in net profit for the same quarter of the previous year was attributed to the decrease in the cost of revenues resulting from government subsidy, in addition to the steps taken by the management to restructure some departments, in addition to the decrease in marketing costs, administrative expenses and financing expenses compared to previous quarter in the previous year. This led to improvement in the company’s results, especially in the training sector and schools.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for the increase in net profit during the current quarter compared with the previous quarter is due to decrease in general and administrative expenses, in addition to the decrease in financing costs compared to the previous quarter of this year.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The increase in net profit during the current period compared with the net profit for the same period of the previous year is due to the decrease in the cost of revenues resulting from government subsidy, in addition to the steps taken by the management to restructure some departments. Moreover, the decrease is related to lower in marketing costs, administrative expenses and financing expenses compared to the previous period from the previous year. This led to improvement in the company’s results, especially in the training sector and schools
Basis of the External Auditor’s Opinion Unmodified opinion
Reclassification of Comparison Items Certain comparative amounts have been adjusted to conform to the current period presentation,
Additional Information The Group assesses the effects of the new epidemic of COVID 19, which may adversely affect its financial position, operating results and cash flows, by preparing a study to measure the potential impact on the economic value of the group, while measuring any decrease in the value of the assets and measuring any contingent liabilities, according to the criteria of International Financial Reporting Standards for future periods, as the impact cannot be reasonably estimated in light of the uncertainty in the interim condensed consolidated financial statements for the Six months ended 30 June 2020.The Group will continue to monitor the current situation and provide preventive provisions, if required, in anticipation of any potential risks.

The Group has taken into consideration the potential effects of the current economic fluctuations when determining the carrying amounts of its financial and non-financial assets as of 30 June 2020.Earnings per share is calculated by dividing the profit for the period attributable to the shareholders of the Parent company by the weighted average number of ordinary shares during the period.Diluted earnings per share does not apply to the Group. Earnings per share from continuing operations is not presented because there.are no discontinued operations during the period.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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