{"id":585396,"date":"2023-04-18T00:00:00","date_gmt":"2023-04-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/cira-education-revenues-up-22-in-1h-2022-2023\/"},"modified":"2023-04-18T00:00:00","modified_gmt":"2023-04-18T00:00:00","slug":"cira-education-revenues-up-22-in-1h-2022-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/cira-education-revenues-up-22-in-1h-2022-2023\/","title":{"rendered":"CIRA Education revenues up 22% in 1H 2022-2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">CIRA Education reports higher revenues, lower bottom line in 1H 2022-2023:<\/span><span>EGX-listed education services provider CIRA Education reported EGP 223.4 mn in adjusted net income in the first half of its 2022-2023 fiscal year, down 25% y-o-y, according to the company\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/662.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span>. Revenues, meanwhile, climbed 22% to EGP 1.2 bn as the company expanded its reach, <\/span><span style=\"font-weight:400;\">while EBITDA for the period was up 13%. While CIRA\u2019s gross profit grew comfortably despite the high-inflation environment, its bottom line came under pressure on the back of a more than 2x rise in interest expenses. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Topline growth was driven by a rise in tuition revenues:<\/span><span> Tuition revenues climbed 22% y-o-y to EGP 1.1 bn in 1H 2022-2023, accounting for 93% of total revenues. Tuition growth was primarily driven by the inauguration of Badr University in Assiut and Futures Language School in Qena, which ramped up enrollment rates. CIRA\u2019s higher education segment generated EGP 677.4 mn in revenues, up 27% y-o-y, while its K12 segment brought in EGP 477.1 mn (+16% y-o-y). The company\u2019s financial year runs September to August, in line with the academic yea<\/span><span>r<\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CIRA stable amid challenging conditions:<\/span><span style=\"font-weight:400;\"> \u201cDespite the headwinds created by increasing interest rates, I am pleased to report that CIRA has maintained its ability to absorb higher interest expenses without the need for further action, with the group financially stable and well-positioned to withstand the changing economic environment,\u201d said CEO Mohamed El Kalla. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Opportunity from crisis:<\/span><span> \u201cIn light of a depreciating currency which has increased the cost of international education, the current economic climate has created a new market for those seeking local education solutions at international standards,\u201d El Kalla said. \u201cIn response, we are in the process of meeting the needs of this growing demographic with the planned launch of micro-campuses in Egypt.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Opening of Badr Uni Assiut and Futures Language School supports revenues<\/p>\n","protected":false},"author":1,"featured_media":585397,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[402,409,73,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-cira-education","tag-earnings-watch","tag-education","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"1dad1298-e84d-4031-a812-1d5f3c732387","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/665.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s CIRA Education reports a 22% rise in revenues in 1H 2022-2023","related_issue":[585378],"teaser":"Opening of Badr Uni Assiut and Futures Language School supports revenues","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.6fffb844-1a34-4703-8ded-291ae8657ba3.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CIRA Education revenues up 22% in 1H 2022-2023 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/cira-education-revenues-up-22-in-1h-2022-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIRA Education revenues up 22% in 1H 2022-2023\" \/>\n<meta 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WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2566.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579166,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/cira-sees-higher-revenues-in-1q-2022-2023-but-rising-rates-hit-net-income\/","url_meta":{"origin":585396,"position":4},"title":"CIRA sees higher revenues in 1Q 2022-2023 but rising rates hit net income","author":"enterpriseam admin","date":"29 January 2023","format":false,"excerpt":"CIRA Education reports higher revenues, lower bottomline in 1Q 2022-2023: EGX-listed education services provider CIRA Education reported EGP 104.7 mn in adjusted net income in 1Q 2022-2023, down 3% y-o-y, according to the company\u2019s earningsrelease(pdf). Revenues, meanwhile, jumped 25% to EGP 536.1 mn on rising student enrollment rates. It reported\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/479.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577695,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/01\/cira-education-net-income-revenues-rise-in-fy-2021-22\/","url_meta":{"origin":585396,"position":5},"title":"CIRA Education net income, revenues rise in FY 2021\/22","author":"enterpriseam admin","date":"1 December 2022","format":false,"excerpt":"EGX-listed education outfit CIRA Education reported EGP 389.6 mn in adjusted net income in FY 2021\/2022, up 16% y-o-y, according to the company\u2019s earnings release (pdf). CIRA Education\u2019s fiscal year runs from September-August. The company\u2019s revenues rose 19% y-o-y during the fiscal year to EGP 1.7 bn on increased enrollments\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/10.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/585396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=585396"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/585396\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/585378"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/585397"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=585396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=585396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=585396"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=585396"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=585396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}