{"id":636339,"date":"2024-07-30T00:00:00","date_gmt":"2024-07-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/cira-educations-topline-climbs-35-in-9m-2023-24\/"},"modified":"2024-07-30T00:00:00","modified_gmt":"2024-07-30T00:00:00","slug":"cira-educations-topline-climbs-35-in-9m-2023-24","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/cira-educations-topline-climbs-35-in-9m-2023-24\/","title":{"rendered":"CIRA Education\u2019s topline climbs 35% in 9M 2023-24"},"content":{"rendered":"

CIRA Educations reports higher revenues, income in 9M 2023-24: <\/strong>EGX-listed education services provider CIRA Education reported a 35% y-o-y increase in revenues to EGP 2.4 bn during the nine-month period ending 31 May, according to its earnings release (pdf)<\/a>. The company attributed this jump in revenues to higher enrollment across all three of its segments \u2014 nursery, K-12, and higher education.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Driving the growth: <\/strong>Revenues from tuition, which accounted for 93% of total revenues, climbed 34% y-o-y to EGP 2.3 bn during 9M 2023-2024. This growth came on the back of higher enrollment rates following the inauguration of new faculties and the opening of two new schools \u2014 Regent British School and Futures Tech \u2014 at the beginning of the current academic year. Total revenues generated by the higher education sector rose 44% y-o-y to EGP 1.5 bn, while the K-12 segment reeled in EGP 894.2 mn in revenues, up 22% y-o-y.<\/p>\n

The company saw its adjusted net income increase by 11.1% y-o-y<\/strong> to EGP 392.3 mn during the nine-month period. It blamed a \u201csignificant increase\u201d in finance costs, which rose 62% y-o-y, for its lower profit margin of 16.2% \u2014 it was down 3.4 percentage points compared to the same period last year.<\/p>\n

What they said:<\/strong> \u201cAs we continue to navigate the macroeconomic environment, our unwavering commitment to our growth trajectory remains steadfast. We maintain our focus on developing cutting-edge programs and forging strategic partnerships that enrich the educational experience for our students,\u201d CEO Mohamed El Kalla said. <\/p>\n

AND- CIRA will extend an EGP 77.5 mn loan to Al Ahly CIRA<\/strong> to help it finish the construction of the Saxony Egypt University of Applied Sciences and Technology (SEU) after CIRA\u2019s board approved the decision, the company said in an EGX disclosure (pdf)<\/a> yesterday. <\/p>\n

Remember:<\/strong> Al Ahly CIRA \u2014 an education investment company set up by CIRA Education and Al Ahly Capital Holding in 2021 \u2014 last week received the greenlight<\/a> from President Abdel Fattah El Sisi to commence operations at SEU. The company last month opened talks with the National Bank of Egypt<\/a> to secure loans worth EGP 500-600 mn to partially fund the c. EGP 1 bn first phase of SEU.<\/p>\n

When does SEU kick off operations? <\/strong>The company aims to launch SEU this fall, with a spring semester start date, according to the earnings release. The company had said last week<\/a> that the launch date will \u201cdepend on the completion of the required operational approvals and the completion of the first phase of construction.\u201d<\/p>\n

\n

ACT FINANCIAL\u2019S TOPLINE DOUBLES IN 1H 2024-<\/p>\n

Act Financial\u2019s net income rose <\/strong>79.3%<\/strong> y-o-y to EGP 109.4 mn in 1H 2024<\/strong>, while its revenues came in at EGP 261.2 mn during the half, jumping 104.5% compared to the same period last year, according to the company\u2019s financial statement (pdf)<\/a>.<\/p>\n

Remember:<\/strong> It has been a busy few months for Act Financial, as it gears up to make its EGX debut after wrapping up its heavily-oversubscribed IPO last week. <\/p>\n","protected":false},"excerpt":{"rendered":"

Revenues from tuition, which accounted for 93% of total revenues, climbed 34% y-o-y<\/p>\n","protected":false},"author":1,"featured_media":636340,"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":[543,402,409,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-636339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-act-financial","tag-cira-education","tag-earnings-watch","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"27481e69-aa86-40d3-a83b-1159fb23e7c5","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2388.jpg","photo_position":"above","homepage_title":"","full_issue_title":"CIRA Education\u2019s topline climbs 35% in 9M 2023-24","related_issue":[636323],"teaser":"Revenues from tuition, which accounted for 93% of total revenues, climbed 34% y-o-y","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.d5027387-e18b-4827-aa12-b28480493802.mp3"},"yoast_head":"\nCIRA Education\u2019s topline climbs 35% in 9M 2023-24 - 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\/2024\/07\/30\/cira-educations-topline-climbs-35-in-9m-2023-24\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIRA Education\u2019s topline climbs 35% in 9M 2023-24\" \/>\n<meta property=\"og:description\" content=\"Revenues from tuition, which accounted for 93% of total revenues, climbed 34% y-o-y\" \/>\n<meta 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Net profit for the year\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563769,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/15\/cira-net-income-up-40-in-9m-2020-2021\/","url_meta":{"origin":636339,"position":3},"title":"CIRA net income up 40% in 9M 2020-2021","author":"enterpriseam admin","date":"15 July 2021","format":false,"excerpt":"Private sector education outfit CIRA\u2019s net income rose 40% to EGP 462.1 mn in the first nine months of its fiscal year, which ends on 31 August, according to the company\u2019s earnings release (pdf). Revenues during the period climbed to EGP 1.3 bn, up 28% y-o-y from last year. Top\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":636339,"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 "EARNINGS WATCH"","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":636339,"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 "EARNINGS WATCH"","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\/636339","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=636339"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/636339\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/636323"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/636340"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=636339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=636339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=636339"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=636339"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=636339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}