CIRA revenues climb 23% in 9M 2023: CIRA Education reported adjusted net income EGP 353.1 mn in 9M 2023, down 21% y-o-y on the back of higher financing costs, according to its earnings release (pdf ). Revenues climbed 23 % y-o-y to EGP 1.80 bn during the same period, driven by its expanding K-12 network and early childhood education offering, and adding Badr University in Assiut to its higher education platform.

K-12 + higher ed enrolment is growing: CIRA’s higher education segment is growing rapidly, with two universities now in operation: Badr University in Cairo (BUC) and Badr University in Assiut (BUA). CIRA’s overall student capacity increased by 36% y-o-y to 34k students following the inauguration of BUA. Utilization declined by 9% following the opening of the university, which CIRA said “creates significant potential for future growth.” Meanwhile, the group’s K-12 education segment saw a 5% y-o-y increase in student numbers, which reached 32.7k. Capacity also increased by 3% y-o-y. The company owns and operates 25 K-12 schools across Egypt, and recently added a new school in Qena at the beginning of the academic year.

What they said: “Despite the current challenging economic landscape, our organization has achieved exceptional results and continues to make significant strides in the education sector,” CEO Mohamed El Kalla said in a statement. “In the midst of mounting inflation, our focus on efficiencies and economies of scale has allowed us to maintain a minimal margin contraction on the operational level. While our operational profitability came in slightly 2-3% below the initially targeted margin, we anticipate a positive shift in our margins for the upcoming academic year,” he added.

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