Dubai-listed school operator Taaleem’s profit increased 41.5% to AED 117.3 million ($31.9 million) in its first full year results since the company’s IPO last year, thanks to a huge increase in student enrolment.

Revenue for the financial year ended August 31 was AED 804 million, up from AED 623 million in 2022, the company said in results published to Dubai Financial Market (DFM) today.

CEO Alan Williamson said the company had seen record breaking student enrolment of 28,490 with an 8% increase in premium school usage.

Results data showed a 35.9% YoY enrolment.

The company said it was now operating 16 government partnership schools, which has increased from eight the previous year.

Williamson said the company is on track to open two more schools, DBS Jumeirah and DBS Mira in September 2025, with two further locations planned.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)