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Correction announcement from Alkhaleej Training and Education Co. in regards to its Annual Financial Results for the Period Ending on 31-12-2022

Element ListExplanation
Date of Publishing the Previous Announcement Sought to be Corrected on Tadawul’s Website2023-04-25 Corresponding to 1444-10-05
Hyperlink to the Previous AnnouncementClick Here
Incorrect statements in the previous announcementTotal income for the previous year 844,217,281, gross profit for the previous year 148,860,615, gross profit for the current year 156,208,932, net loss after zakat and tax for the previous year -33,348,739 and net profit after zakat and tax for the current year 224,214, total comprehensive income for the current year -31,490,910 total Comprehensive income for the past year -30,197,060 .

Total shareholder equity (after excluding minority interest) for the current year 715,715,581 Total shareholder equity (after excluding minority interest) for the previous year 752,903,393

The loss per share for the past year is 0.69- and the profit per share for the current year is 0.05

Correct StatementTotal income for the pevious year 842,797,187 and gross profit for the pevious year 146,894,541 and gross profit for the current year 157,185,513 and net loss after zakat and tax for the previous year – 35,847,636 net loss after zakat and tax for the current year -2,836,980 and total comprehensive income for the current year -40,249,006 The total comprehensive income for theprevious year is -29,178,720

Total shareholder equity (after excluding minority interest) for the current year 696,621,785 Total shareholder equity (after excluding minority interest) for the past year 736,870,791

The loss per share for the past year is -0.74, and the loss per share for the current year is -0.09.

Additional InformationThe reason for correcting the previous announcement is to change some of the assumptions used in applying the International Financial Reporting Standards for the current year and the comparative year, in addition to raising the value of the zakat provision.

 

The Capital Market Authority and Saudi 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.

Al Khaleej Training and Education Company announces that it will not distribute cash dividends to shareholders for the fiscal year 2022

Element ListExplanation
IntroductionAl-Khaleej Training and Education Company announces the recommendation of the Board of Directors to the General Assembly of shareholders not to distribute cash dividends to shareholders for the fiscal year 2022
Date of the board’s decision2023-04-27 Corresponding to 1444-10-07
Reasons for Not Recommending DistributionThe reason for the recommendation not to distribute cash dividends to shareholders for the fiscal year 2022 is to focus on acquisitions and expansions in the education sector and to provide the necessary funding for them and to support the company’s financial position.
ApprovalsThe Board’s recommendation not to distribute cash dividends for the fiscal year 2022 will be presented to the upcoming General Assembly of Shareholders for a vote.
Additional InformationIn the event of any inquiries, we hope to contact the Shareholder Relations Department on the phone number 0114623260

or by e-mail: adel-amin@alkhaleej.com.

 

The Capital Market Authority and Saudi 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.

Alkhaleej Training and Education Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

Element ListCurrent YearPrevious Year%Change
Sales/Revenue880,897,839844,217,2814.34
Gross Profit (Loss)156,208,932148,860,6154.94
Operational Profit (Loss)37,616,507-1,089,968
Net Profit (Loss) after Zakat and Tax224,214-33,348,739
Total Comprehensive Income-31,490,910-30,197,0604.28
Total Share Holders Equity (after Deducting Minority Equity)715,715,581752,903,393-4.94
Profit (Loss) per Share0.05-0.69
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year isThe company achieved a profit this year compared to the previous year as a result of some factors: despite the increase in revenues by 36 million riyals over the previous year, especially in the school sector, which succeeded in increasing the number of students by 100% from 4,600 students in the previous year to 9,250 students. By the end of the current year, however, some adjustments and recalculation were made according to the requirements of International Financial Reporting Standard No. 9, which necessitated increasing the value of customer debt provisions for one time in accordance with the international standard, which had a negative impact on the profits of the current year and the comparison years.
Statement of the type of external auditor’s reportUnmodified opinion
Reclassification of Comparison ItemsThe comparative numbers for the years ending on December 31, 2021, and December 31, 2020, have been restated mainly as a result of recalculation according to the requirements of International Financial Reporting Standard No. 9, which necessitated the amendment of previous years’ numbers.

 

The Capital Market Authority and Saudi 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.

Al-Khaleej Training and Education Company announces the signing of a sale and purchase agreement with the owners of Al-Riyadah Model Education Company

Element ListExplanation
IntroductionAl-Khaleej Training and Education Company announces the signing of a sale and purchase agreement with the owners of Al-Riyadah Model Education Company to acquire 51% of the total shares of ownership of Al-Riyadah Model Education Company
Date of signing the Memorandum of Understanding2023-04-12 Corresponding to 1444-09-21
Memorandum DurationThis memo shall be effective from the date of its signature for period of (120) days, renewable with the consent of both parties.
Name of the CounterpartyThe owners of Al-Reyada Model Company for Education (one person company)
Name of Financial Advisor of Each PartyNA
Major Terms in the MemorandumThis agreement is subject to a number of essential conditions agreed upon that must be met in advance, including but not limited to obtaining the approval of the relevant government agencies, including the General Authority for Competition, and the sellers’ termination of some legal procedures and requirements that were agreed upon in the contract.
Related PartiesThere is no related parties
Actions to be Taken by the Company during the Memorandum’s DurationObtaining the approval of the competent government agencies, including the General Authority for Competition, and the vendors completing some of the procedures and legal requirements that were agreed upon in the contract.
ApprovalsThis acquisition is subject to the approvals of the General Authority for Competition and the competent regulatory authorities.
Additional InformationAny material developments regarding the agreement or acquisition will be announced in due course.

 

The Capital Market Authority and Saudi 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.

Al-Khaleej Training and Education Company announces the latest developments regarding a memorandum of understanding (non-binding) signed with the owners of Al-Minhaj Private Schools Company Limited

Element ListExplanation
IntroductionA reference to the company’s announcement on the Tadawul website on 25/10/2022 AD regarding the extension of the memorandum of understanding (non-binding) signed with the owners of the National Curriculum Schools Company Limited

Al-Khaleej Training and Education Company announces the termination of the memorandum of understanding (non-binding) without reaching a final agreement between the two parties to complete the deal due to the lack of compatibility between the concerned parties without any obligation on either side.

Previous AnnouncementAl-Khaleej Training and Education Company announces the latest developments regarding a memorandum of understanding (non-binding) signed with the owners of the National Curriculum Schools Company Limited
Date of Previous Announcement on Tadawul’s Website2022-10-25 Corresponding to 1444-03-29
Percentage of fulfilled achievementNA
Event’s Expected Completion DateNA
Reasons for Exceeding the Announced End DateNA
The costs associated with the event, and if they have changed or not with indication of the reasons.NA
Impact of the Delay on the Company’s Financial ResultsNA

 

The Capital Market Authority and Saudi 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.

Al-Khaleej Training and Education Company announces to its valued shareholders that it was unable to publish the financial statements for the year 2022 AD on the Saudi Stock Exchange (Tadawul) website on the specified date.

Element ListExplanation
Announcement DetailAl-Khaleej Training and Education Company announces to its valued shareholders that it was unable to publish the financial statements for the year 2022 AD on the Saudi Stock Exchange website (Tadawul) on the specified date, as the company is still working with the external auditor on issuing the annual financial statements for the year 2022 AD and the financial statements for the year 2022 AD will be published Once approved by the external auditor.

 

The company would also like to clarify that it will be subject to the “procedures for suspending trading of listed securities in accordance with the listing rules approved by CMA Board Decision No. (1-10-2019) dated 24/05/1440 AH corresponding to 30/01/2019 AD and announced on the (Tadawul) website. ) on March 25, 2019 AD

 

The Capital Market Authority and Saudi 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.

Al-Khaleej Training and Education Company announces the latest developments regarding a memorandum of understanding (non-binding) signed with Al-Awael Gulf Holding Company (a Saudi limited liability company) and Al-Awael National Schools Company Limited (a Saudi limited liability company)

Element ListExplanation
IntroductionA reference to the company’s announcement on the Tadawul website on 01/12/2022 AD regarding the extension of the memorandum of understanding (non-binding) signed with Al-Awael Gulf Holding Company (a Saudi limited liability company) and Al-Awael National Schools Company Limited (a Saudi limited liability company)

Al-Khaleej Training and Education Company announces the termination of the memorandum of understanding (non-binding) without reaching a final agreement between the two parties to complete the deal due to the lack of compatibility between the concerned parties without any obligation on either side.

Previous AnnouncementAl-Khaleej Training and Education Company announces the latest developments regarding a memorandum of understanding (non-binding) signed with Al-Awael Gulf Holding Company (a Saudi limited liability company) and Al-Awael National Schools Company Limited (a Saudi limited liability company)
Date of Previous Announcement on Tadawul’s Website2022-12-01 Corresponding to 1444-05-07
Percentage of fulfilled achievementNA
Event’s Expected Completion DateNA
Reasons for Exceeding the Announced End DateNA
The costs associated with the event, and if they have changed or not with indication of the reasons.NA
Impact of the Delay on the Company’s Financial ResultsNA

 

The Capital Market Authority and Saudi 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.

Addendum announcement from Al-Khaleej Training and Education Company regarding the announcement of the resignation of a member of the Audit Committee

Element ListExplanation
IntroductionFurther to the company’s announcement published on the Tadawul website on 11/06/1444 AH corresponding to 04/01/2023 AD regarding the announcement of the resignation of a member of the Audit Committee

The company announces that the beginning of the appointment of the resigned member was with the beginning of the Board of Directors session on 12-02- 2021

Date of Posting the Previous Announcement of Development on Tadawul’s Website2023-01-04 Corresponding to 1444-06-11
Hyperlink to the Previous AnnouncementClick Here
Change on the Developmentnone
Financial Impact on the changenone

 

The Capital Market Authority and Saudi 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.

Al-Khaleej Training and Education Company announces the resignation of a member of the Audit Committee

Element ListExplanation
Announcement DetailAl-Khaleej Training and Education Company announces the resignation of the member of the Audit Committee, Mr. Omar bin Abdulaziz Al-Bulahid – who submitted his resignation from the membership of the Audit Committee (an independent member from outside the Board) on 10/06/1444 AH corresponding to 03/01/2023 AD, based on his desire,

The resignation was accepted by the Board of Directors on 11/06/1444 AH corresponding to 04/01/2023 AD, provided that this resignation takes effect from the date of submitting the resignation on 10/06/1444 AH corresponding to 03/01/2023 AD

The Board of Directors of the company and the members of the Audit Committee extended their thanks and gratitude to Mr. Omar Al-Bulahid for his efforts and effective contribution during his tenure as a member of the Audit Committee during the last period.

It is worth noting that the committee for the current session has become composed of three members, after the resignation of Mr. Omar Al-Bleihad – which is in line with the rules, regulations and work regulations of the committee, which specified the number of committee members to be from three to five members.

 

The Capital Market Authority and Saudi 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.

Al-Khaleej Training and Education Company announces the latest developments regarding a (non-binding) memorandum of understanding signed with Al-Awael Gulf Holding Company (a Saudi LLC) and Al-Awael Private Schools Company (a Saudi LLC).

Element ListExplanation
IntroductionReference to the announcement of Al-Khaleej Training and Education Company published on the Tadawul website on 03/08/2022 AD regarding the signing of a (non-binding) memorandum of understanding with Al-Awael Gulf Holding Company (a Saudi LLC) and Al-Awael Private Schools Company (a Saudi LLC) to potentially acquire (70%) of the ownership shares of Al-Awael Private Schools Company in Riyadh, which is wholly owned by Awael Gulf Holding Company, upon reaching a final agreement between the parties.

 

The company would like to announce that it has been agreed with Al-Awael Gulf Holding Company (a Saudi LLC) and Al-Awael Private Schools Company (a Saudi LLC) to extend this memorandum with the same terms and conditions as above for another additional period of (120) days from 01-12-2022 AD in order to complete the work of due diligence

Previous AnnouncementAl-Khaleej Training and Education Company announces the signing of a (non-binding) Memorandum of Understanding with Al-Awael Gulf Holding Company (a Saudi LLC) and Al-Awael Private Schools Company (a Saudi LLC).
Date of Previous Announcement on Tadawul’s Website2022-08-03 Corresponding to 1444-01-05
Percentage of fulfilled achievement60%
Event’s Expected Completion Date01/02/2023
Reasons for Exceeding the Announced End DateTo permit the completion of due diligence and other preparatory work for the implementation of the deal agreements.
The costs associated with the event, and if they have changed or not with indication of the reasons.No change
Additional InformationAny material developments regarding this agreement will be announced in due course.

 

The Capital Market Authority and Saudi 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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