Increased enrollment drove a strong topline for CIRA: CIRA Education’s topline climbed by 22% y-o-y in FY2022-3 to reach EGP 2.0 bn, on the back of a 5k rise in student enrollment all the way from nursery to higher education, according to their latest earnings release (pdf). Tuition revenues — which make up 93% of CIRA’s revenue — grew by 21% y-o-y to EGP 1.9 bn despite a Madbouly government-imposed cap on tuition fee hikes.

Net income pinched by higher interest rates: CIRA Education saw adjusted net income dip by 64% y-o-y to EGP 139.8 mn in FY2022-3,driven by a three-fold increase in net financing costs in the period. Total net financing costs hit USD 400 mn y-t-d, due to rising interest rates and interest payments on the company’s first securitized bond issuance last November.

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