Ataa Educational’s net income inched up 1.6% y-o-y to SAR 10.9 mn in 1Q 2024 on SAR 161.4 mn in revenues, up 3.3% y-o-y, it said in a disclosure to Tadawul. Its net income grew 7.4% y-o-y to SAR 44.4 mn over the first nine months of its fiscal year, which begins in July. Revenues grew 1.5% y-o-y during the same period to SAR 498.4 mn.

Deep dive: The education group attributed its bottomline growth on the back of it acquiring minority interest in three schools — Al Yasmine, Al Alsun and Jeel AlMajd. The rise in net income came despite the acquisitions increasing financing costs by 8% on a quarterly basis, and 24% on a yearly basis. Ataa’s revenues also increased due to better performance in its education segment, which increased by 7%.

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