Higher interest rates continued to put modest pressure on CIRA’s bottom line:CIRA Education saw its adjusted net income drop 7% y-o-y in the three months ending 30 November to EGP 97.1 mn as rising interest rates hit the school operator’s bottom line, according to its earnings release (pdf). Financing costs rose 63% y-o-y increase during the quarter to EGP 130.8 mn.

Higher enrollment rates at CIRA’s higher education, K-12, and nursery segments spurredrevenue growth, with its top line rising 31% y-o-y in the quarter to EGP 704.2 mn. Students enrolled in higher ed at CIRA grew 24% to 19.9k (or about 49% of total capacity), while some 34.2k K-12 students means headcount was up 5% to 91% of total capacity.

What’s next: CIRA has received the go-ahead from the Higher Education Ministry for Cairo Saxony University to have its first academic year in September. The company also plans to begin construction of its Advanced Sci-Tech International Hub in Damietta this year to launch in 2025 and is in the “final stages” of adding more faculties of Badr University in Assiut.

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