‎NCLE gears up for educational complexes project by Q3: Chairman

‎NCLE gears up for educational complexes project by Q3: Chairman

National Company for Learning and Education (NCLE) will finance the construction of three educational complexes from internal resources as well as bank facilities, Chairman, Khalid bin Mohammed al-Khudair, told Argaam.

NCLE will likely start the project construction works by Q3 2022/2023, and is expected to finalize operations by Q4 2023/2024, said al-Khudair.

al-Khudair also noted that Tarbya Namouthajiya Schools Complex - Al-Rawabi (TNS Al-Rawabi) is the highest contributor to the company’s Q2 revenue, with the student base growing by nearly 23,400 enrollments in Q4.

Commenting on NCLE financials, al-Khudair indicated that the company’s educational complexes witnessed an uptick in the student base year-on-year (YoY) and the company further opened a new complex, namely, Tarbya Namouthajiya Schools Complex - Al-Dhahran (TNS Al-Dhahran) earlier this year 2022/2023. Additionally, NCLE’s revenue figures as well as student base were further backed by the company’s acquisition of Al-Salam National Schools Complex.

Further, the government support as well as allocations jumped YoY to SAR 2.9 million in the three-month period, primarily spurred by leveraging on Saudi Human Resources Development Fund’s (HRDF) employment support program.

NCLE reported a profit increase of 47% YoY to SAR 53.3 million in H1 ended Feb. 28, 2023, from SAE 36.3 million in a year-earlier period. Earnings