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UAE private schools operator Taaleem Holdings reported a 53% jump in earnings, supported by a surge in student enrolment.
Total net profit (before tax) for the first half of the financial year ending February 29, 2024 reached AED182.8 million ($49.8 million), primarily driven by the growth in enrolment, the schools operator said on Friday.
The huge income growth was also driven by the increase in the number of schools, as well as interest gains on cash reserves and low debt position.
During the period, Taaleem logged 37,961 students, up by 33.2% compared to a year earlier. It has added six new government schools and increased the students/teacher ratio to 13.6.
Total revenue for the same period reached AED 548.7 million, up by 15%, while EBITDA also grew by 32.5% to AED 222.3 million.
(Writing by Cleofe Maceda; editing by Seban Scaria)
