Alef Education reports robust 9M results

Strong cost efficiency helped drive a 12.5% y-o-y increase in Alef Education’s 3Q bottom line to AED 149 mn, with revenues recording AED 243.8 mn, up 13.3%, the company said in its management discussion and analysis (pdf). Operating expenses dipped 30.8% y-o-y during the quarter.

In 9M, revenue rose 5.7% y-o-y to AED 605.3 mn, and net income saw a similar 5.7% growth to AED 385.4 mn. The lion’s share of revenue came from its education solutions segment at AED 505.6 mn, while its support and services segment grew the most at 40.7% y-o-y to AED 99.7 mn, lifted by IT setup fees following higher student enrollment at the start of the new academic year. Its growing number of B2B and B2G contracts also helped boost results.