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Alkhaleej Training and Education Co. announces its Annual Financial Results for the Period Ending on 2019-12-31

Alkhaleej Training and Education Co. announces its Annual Financial Results for the Period Ending on 2019-12-31

Gross Profit (Loss)178,673,344157,799,69113.227
Operational Profit (Loss)62,032,83357,553,5367.782
Net Profit (Loss) after Zakat and Tax59,466,93532,357,87783.778
Total Comprehensive Income74,079,52930,520,131142.723
Total Share Holders Equity (after Deducting Minority Equity)618,606,988547,153,83513.059
Profit (Loss) per Share1.320.72
All figures are in (Actual) Saudi Arabia, Riyals
Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed toThe reason for the increase in net profit for current year as compared to the previous year is due to the improvement in results of the school sector mainly resulting from the sale and leaseback of three Schools properties, in addition to the improvement in results of the training sector and subsidiary companies.
Basis of the External Auditor’s OpinionUnmodified opinion
Reclassification of Comparison ItemsSome of the comparative figures have been reclassified to give a better presentation. However, other than the impact of the application of IFRS 16 mentioned in Note 3.1 to the interim condensed consolidated financial statements, no significant reclassification has been made.
Additional InformationThe Group adopted IFRS 16 using the modified retrospective approach with the date of initial application of 1 January 2019 accordingly, and the effect of applying this standard is illustrated in Note 3-1.Earnings per share is calculated by dividing the profit for the year attributable to the shareholders of the Parent Company by the weighted average number of common shares during the year.

The group has signed a sale and leaseback agreement with Al-Rajhi capital for three of the Schools properties for period of 15 years on December 23, 2019.

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.