NCLE profit up 21% to SAR 120.8M in 9M 2024/25; Q3 at SAR 42.6M

National Company for Learning and Education (NCLE) reported a net profit of SAR 120.8 million for the nine months ended April 30, 2025, up 21% from SAR 99.9 million between September 2023 and May 2024.

Financials (M)

Item	9m 2024	9m 2025	Change‬
Revenues	423.58	492.55	16.3 %
Gross Income	185.24	218.93	18.2 %
Operating Income	117.24	141.70	20.9 %
Net Income	99.85	120.85	21.0 %
Average Shares	43.00	43.00	-
Earnings Per Share before unusual items	2.32	2.81	21.0 %
EPS (Riyals)	2.32	2.81	21.0 %

NCLE previously amended its fiscal year (FY) to end on July 31 instead of Aug. 31. Accordingly, the first nine months of this FY ended on April 2025, rather than on May 31 in the year before.

The annual profit growth was attributed to a 16% year-on-year (YoY) rise in revenues for the nine-month period, driven by a 13% YoY increase in student enrollment at the company’s affiliated schools to 31,900 students, from 28,200 a year ago.

Additionally, four new educational complexes affiliated with the company were opened in Riyadh at the onset of the 2024/25 academic year.

Further, NCLE reversed a portion of the expected credit loss provision during 9M 2024/25, thanks to improved receivables collection rates.

In Q3 2024/25, NCLE reported a 22.5% profit hike to SAR 42.6 million, compared to SAR 34.8 million in the prior-year period.

On a quarterly basis, the company’s three-month net earnings grew by 6.3% from SAR 40.11 million in Q2 2024/25.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2024	Q3 2025	Change‬
Revenues	141.85	164.82	16.2 %
Gross Income	62.88	74.89	19.1 %
Operating Income	40.78	50.86	24.7 %
Net Income	34.80	42.62	22.5 %
Average Shares	43.00	43.00	-
Earnings Per Share before unusual items	0.81	0.99	22.5 %
EPS (Riyals)	0.81	0.99	22.5 %

Item	Q2 2025	Q3 2025	Change‬
Revenues	164.06	164.82	0.5 %
Gross Income	70.54	74.89	6.2 %
Operating Income	46.87	50.86	8.5 %
Net Income	40.11	42.62	6.3 %
Average Shares	43.00	43.00	-
Earnings Per Share before unusual items	0.93	0.99	6.3 %
EPS (Riyals)	0.93	0.99	6.3 %

Shareholders’ equity, no minority interest, amounted to SAR 822.79 million in 9M 2024/25, soaring from SAR 735.25 million in the prior-year period.

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Share Price

National Company for Learning and Education (NCLE)

	Current
Market Cap (M Riyal)	6,914.40
Enterprise Value (EV) (M)	6,940.58
Shares Outstanding ((M))	43.00
EPS ( Riyal) (TTM)	4.16
Book Value (BV) ( Riyal)	19.13
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	38.67
P/E (TTM)	38.67
Price/book	8.40
Return on Average Assets (%) (TTM)	13.3
Return on Average Equity (%) (TTM)	23.0

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	66.51	4.7 %	2.22	-	66.51	2.22
Q1 2017	15.06	-	0.50	-	15.06	0.50
Q2 2017	15.82	-	0.53	-	15.82	0.53
Q3 2017	13.27	-	0.44	-	13.27	0.44
Q4 2017	23.74	-	0.79	-	23.74	0.79
2017	67.89	2.1 %	2.26	-	67.89	2.26
Q1 2018	11.01	(26.9 %)	0.37	-	11.01	0.37
Q2 2018	11.42	(27.9 %)	0.38	-	11.42	0.38
Q3 2018	12.86	(3.1 %)	0.43	-	12.86	0.43
Q4 2018	13.59	(42.7 %)	0.45	-	13.59	0.45
2018	48.87	(28.0 %)	1.63	-	48.87	1.63
Q1 2019	11.48	4.2 %	0.27	-	11.48	0.27
Q2 2019	12.17	6.6 %	0.28	-	12.17	0.28
Q3 2019	13.46	4.7 %	0.31	2.50	10.96	0.25
Q4 2019	13.29	(2.2 %)	0.31	-	13.29	0.31
2019	50.39	3.1 %	1.17	2.50	47.89	1.11
Q1 2020	11.64	1.4 %	0.27	-	11.64	0.27
Q2 2020	13.44	10.5 %	0.31	-	13.44	0.31
Q3 2020	12.13	(9.9 %)	0.28	-	12.13	0.28
Q4 2020	20.59	54.9 %	0.48	-	20.59	0.48
2020	57.80	14.7 %	1.34	-	57.80	1.34
Q1 2021	3.79	(67.5 %)	0.09	-	3.79	0.09
Q2 2021	4.56	(66.0 %)	0.11	-	4.56	0.11
Q3 2021	9.15	(24.6 %)	0.21	-	9.15	0.21
Q4 2021	6.96	(66.2 %)	0.16	-	6.96	0.16
2021	24.46	(57.7 %)	0.57	-	24.46	0.57
Q1 2022	18.10	377.9 %	0.42	-	18.10	0.42
Q2 2022	18.21	298.9 %	0.42	-	18.21	0.42
Q3 2022	18.56	102.9 %	0.43	-	18.56	0.43
Q4 2022	16.18	132.5 %	0.38	-	16.18	0.38
2022	71.05	190.5 %	1.65	-	71.05	1.65
Q1 2023	25.87	42.9 %	0.60	-	25.87	0.60
Q2 2023	27.37	50.4 %	0.64	-	27.37	0.64
Q3 2023	27.62	48.8 %	0.64	-	27.62	0.64
Q4 2023	20.92	29.3 %	0.49	-	20.92	0.49
2023	101.78	43.3 %	2.37	-	101.78	2.37
Q1 2024	31.06	20.0 %	0.72	-	31.06	0.72
Q2 2024	33.99	24.2 %	0.79	-	33.99	0.79
Q3 2024	34.80	26.0 %	0.81	-	34.80	0.81
Q4 2024	57.98	177.2 %	1.35	-	57.98	1.35
2024	157.83	55.1 %	3.67	-	157.83	3.67
Q1 2025	38.11	22.7 %	0.89	-	38.11	0.89
Q2 2025	40.11	18.0 %	0.93	-	40.11	0.93
Q3 2025	42.62	22.5 %	0.99	-	42.62	0.99

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
2015	63.55	23.6 %	2.12	-	63.55	2.12
2016	66.51	4.7 %	2.22	-	66.51	2.22
2017	67.89	2.1 %	2.26	-	67.89	2.26
2018	48.87	(28.0 %)	1.63	-	48.87	1.63
2019	50.39	3.1 %	1.17	2.50	47.89	1.11
2020	57.80	14.7 %	1.34	-	57.80	1.34
2021	24.46	(57.7 %)	0.57	-	24.46	0.57
2022	71.05	190.5 %	1.65	-	71.05	1.65
2023	101.78	43.3 %	2.37	-	101.78	2.37
2024	157.83	55.1 %	3.67	-	157.83	3.67

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	226.52	12.4 %	94.98	6.8 %	69.73	5.7 %
Q1 2017	59.74	-	23.32	-	16.56	-
Q2 2017	60.43	-	22.14	-	17.17	-
Q3 2017	58.07	-	22.32	-	14.73	-
Q4 2017	58.48	-	33.38	-	26.07	-
2017	236.72	4.5 %	101.16	6.5 %	74.52	6.9 %
Q1 2018	55.47	(7.2 %)	20.36	(12.7 %)	12.91	(22.0 %)
Q2 2018	54.00	(10.6 %)	18.98	(14.3 %)	12.85	(25.2 %)
Q3 2018	56.41	(2.9 %)	22.05	(1.2 %)	14.46	(1.8 %)
Q4 2018	54.08	(7.5 %)	20.95	(37.2 %)	14.49	(44.4 %)
2018	219.96	(7.1 %)	82.34	(18.6 %)	54.71	(26.6 %)
Q1 2019	52.53	(5.3 %)	21.08	3.5 %	12.86	(0.4 %)
Q2 2019	52.22	(3.3 %)	21.37	12.6 %	12.07	(6.1 %)
Q3 2019	51.36	(8.9 %)	21.32	(3.3 %)	10.86	(24.9 %)
Q4 2019	51.22	(5.3 %)	23.56	12.5 %	13.35	(7.8 %)
2019	207.34	(5.7 %)	87.33	6.1 %	49.14	(10.2 %)
Q1 2020	52.10	(0.8 %)	20.23	(4.0 %)	12.34	(4.0 %)
Q2 2020	56.49	8.2 %	24.22	13.3 %	14.18	17.5 %
Q3 2020	57.21	11.4 %	24.44	14.6 %	14.23	31.1 %
Q4 2020	59.49	16.1 %	36.35	54.3 %	24.40	82.7 %
2020	225.27	8.7 %	105.23	20.5 %	65.15	32.6 %
Q1 2021	44.45	(14.7 %)	13.91	(31.2 %)	5.29	(57.1 %)
Q2 2021	46.60	(17.5 %)	16.51	(31.8 %)	6.76	(52.3 %)
Q3 2021	48.85	(14.6 %)	18.52	(24.2 %)	10.97	(22.9 %)
Q4 2021	47.30	(20.5 %)	21.47	(40.9 %)	10.02	(58.9 %)
2021	187.19	(16.9 %)	70.41	(33.1 %)	33.04	(49.3 %)
Q1 2022	74.38	67.3 %	30.38	118.4 %	20.41	285.9 %
Q2 2022	77.29	65.9 %	29.80	80.5 %	19.70	191.3 %
Q3 2022	82.05	68.0 %	31.99	72.8 %	20.60	87.8 %
Q4 2022	81.97	73.3 %	34.34	59.9 %	18.28	82.5 %
2022	315.69	68.6 %	126.51	79.7 %	78.99	139.1 %
Q1 2023	105.05	41.2 %	44.62	46.9 %	28.12	37.8 %
Q2 2023	116.81	51.1 %	48.51	62.8 %	30.05	52.6 %
Q3 2023	117.70	43.5 %	49.79	55.7 %	31.07	50.8 %
Q4 2023	119.35	45.6 %	52.99	54.3 %	23.02	25.9 %
2023	461.96	46.3 %	195.91	54.9 %	111.75	41.5 %
Q1 2024	144.42	37.5 %	59.58	33.5 %	35.52	26.3 %
Q2 2024	145.02	24.1 %	62.78	29.4 %	38.64	28.6 %
Q3 2024	141.85	20.5 %	62.88	26.3 %	40.78	31.3 %
Q4 2024	144.11	20.7 %	95.99	81.2 %	63.41	175.5 %
2024	578.93	25.3 %	281.23	43.5 %	177.74	59.1 %
Q1 2025	168.27	16.5 %	73.50	23.4 %	43.29	21.9 %
Q2 2025	164.06	13.1 %	70.54	12.4 %	46.87	21.3 %
Q3 2025	164.82	16.2 %	74.89	19.1 %	50.86	24.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	201.61	22.3 %	88.94	29.3 %	65.99	29.2 %
2016	226.52	12.4 %	94.98	6.8 %	69.73	5.7 %
2017	236.72	4.5 %	101.16	6.5 %	74.52	6.9 %
2018	219.96	(7.1 %)	82.34	(18.6 %)	54.71	(26.6 %)
2019	207.34	(5.7 %)	87.33	6.1 %	49.14	(10.2 %)
2020	225.27	8.7 %	105.23	20.5 %	65.15	32.6 %
2021	187.19	(16.9 %)	70.41	(33.1 %)	33.04	(49.3 %)
2022	315.69	68.6 %	126.51	79.7 %	78.99	139.1 %
2023	461.96	46.3 %	195.91	54.9 %	111.75	41.5 %
2024	578.93	25.3 %	281.23	43.5 %	177.74	59.1 %

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	41.93 %	36.52 %	29.36 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	42.73 %	34.24 %	28.68 %
2017	42.73 %	37.00 %	28.68 %
Q1 2018	42.25 %	33.42 %	27.47 %
Q2 2018	42.05 %	33.99 %	26.30 %
Q3 2018	42.24 %	35.66 %	26.31 %
Q4 2018	37.43 %	31.21 %	22.22 %
2018	37.43 %	31.21 %	22.22 %
Q1 2019	38.27 %	31.36 %	22.73 %
Q2 2019	39.70 %	31.02 %	23.27 %
Q3 2019	40.30 %	29.79 %	22.93 %
Q4 2019	42.12 %	29.36 %	23.10 %
2019	42.12 %	29.36 %	23.10 %
Q1 2020	41.80 %	29.20 %	23.23 %
Q2 2020	42.30 %	29.27 %	23.36 %
Q3 2020	42.60 %	29.89 %	23.27 %
Q4 2020	46.71 %	32.78 %	25.66 %
2020	46.71 %	32.78 %	25.66 %
Q1 2021	45.45 %	31.09 %	22.95 %
Q2 2021	43.91 %	29.84 %	19.77 %
Q3 2021	42.78 %	30.15 %	19.10 %
Q4 2021	37.61 %	26.13 %	13.07 %
2021	37.61 %	26.13 %	13.07 %
Q1 2022	40.01 %	30.58 %	17.86 %
Q2 2022	40.42 %	33.10 %	21.15 %
Q3 2022	40.44 %	33.63 %	22.00 %
Q4 2022	40.07 %	33.47 %	22.51 %
2022	40.07 %	33.47 %	22.51 %
Q1 2023	40.64 %	33.22 %	22.76 %
Q2 2023	41.32 %	32.97 %	22.80 %
Q3 2023	42.05 %	33.18 %	23.02 %
Q4 2023	42.69 %	32.16 %	22.18 %
2023	42.41 %	31.83 %	22.03 %
Q1 2024	42.32 %	32.18 %	21.47 %
Q2 2024	42.76 %	33.06 %	21.58 %
Q3 2024	43.26 %	34.21 %	21.93 %
Q4 2024	48.88 %	39.62 %	27.43 %
2024	48.58 %	39.27 %	27.26 %
Q1 2025	49.25 %	39.68 %	27.52 %
Q2 2025	48.99 %	40.08 %	27.66 %
Q3 2025	49.11 %	-	27.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	44.12 %	39.32 %	31.52 %
2016	41.93 %	36.52 %	29.36 %
2017	42.73 %	37.00 %	28.68 %
2018	37.43 %	31.21 %	22.22 %
2019	42.12 %	29.36 %	23.10 %
2020	46.71 %	32.78 %	25.66 %
2021	37.61 %	26.13 %	13.07 %
2022	40.07 %	33.47 %	22.51 %
2023	42.41 %	31.83 %	22.03 %
2024	48.58 %	39.27 %	27.26 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	39.03 %	33.16 %	25.21 %
Q2 2017	36.64 %	-	26.18 %
Q3 2017	38.44 %	-	22.86 %
Q4 2017	57.07 %	50.19 %	40.59 %
Q1 2018	36.70 %	29.63 %	19.85 %
Q2 2018	35.15 %	30.19 %	21.14 %
Q3 2018	39.10 %	31.76 %	22.79 %
Q4 2018	38.74 %	33.27 %	25.13 %
Q1 2019	40.12 %	30.18 %	21.84 %
Q2 2019	40.92 %	28.73 %	23.30 %
Q3 2019	41.52 %	26.81 %	21.33 %
Q4 2019	45.99 %	31.71 %	25.95 %
Q1 2020	38.82 %	29.56 %	22.34 %
Q2 2020	42.87 %	29.01 %	23.80 %
Q3 2020	42.72 %	29.41 %	21.20 %
Q4 2020	61.11 %	42.40 %	34.61 %
Q1 2021	31.29 %	20.76 %	8.52 %
Q2 2021	35.44 %	22.99 %	9.79 %
Q3 2021	37.91 %	30.62 %	18.72 %
Q4 2021	45.39 %	29.63 %	14.71 %
Q1 2022	40.85 %	35.90 %	24.34 %
Q2 2022	38.55 %	34.11 %	23.56 %
Q3 2022	38.99 %	33.42 %	22.62 %
Q4 2022	41.89 %	30.71 %	19.74 %
Q1 2023	42.48 %	34.36 %	24.63 %
Q2 2023	41.53 %	32.99 %	23.44 %
Q3 2023	42.30 %	34.05 %	23.46 %
Q4 2023	44.40 %	27.53 %	17.53 %
Q1 2024	41.26 %	33.86 %	21.51 %
Q2 2024	43.29 %	36.02 %	23.44 %
Q3 2024	44.33 %	38.35 %	24.53 %
Q4 2024	66.61 %	50.25 %	40.23 %
Q1 2025	43.68 %	34.91 %	22.65 %
Q2 2025	43.00 %	37.96 %	24.45 %
Q3 2025	45.44 %	-	25.86 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	30.00	-	-	10.20
Q2 2017	30.00	-	-	-
Q3 2017	30.00	-	-	10.58
Q4 2017	30.00	2.26	2.26	11.30
Q1 2018	30.00	2.13	2.13	11.63
Q2 2018	30.00	1.98	1.98	11.22
Q3 2018	30.00	1.97	1.97	11.65
Q4 2018	30.00	1.63	1.63	11.42
Q1 2019	43.00	1.15	1.15	13.51
Q2 2019	43.00	1.16	1.16	13.44
Q3 2019	43.00	1.18	1.12	13.78
Q4 2019	43.00	1.17	1.11	14.08
Q1 2020	43.00	1.18	1.12	14.44
Q2 2020	43.00	1.21	1.15	13.83
Q3 2020	43.00	1.17	1.17	14.13
Q4 2020	43.00	1.34	1.34	14.53
Q1 2021	43.00	1.16	1.16	14.59
Q2 2021	43.00	0.96	0.96	13.89
Q3 2021	43.00	0.89	0.89	14.14
Q4 2021	43.00	0.57	0.57	14.30
Q1 2022	43.00	0.90	0.90	14.68
Q2 2022	43.00	1.22	1.22	14.30
Q3 2022	43.00	1.44	1.44	14.78
Q4 2022	43.00	1.65	1.65	15.13
Q1 2023	43.00	1.83	1.83	15.79
Q2 2023	43.00	2.05	2.05	15.22
Q3 2023	43.00	2.26	2.26	15.85
Q4 2023	43.00	2.37	2.37	16.39
Q1 2024	43.00	2.49	2.49	17.11
Q2 2024	43.00	2.64	2.64	16.28
Q3 2024	43.00	2.81	2.81	17.10
Q4 2024	43.00	3.67	3.67	18.45
Q1 2025	43.00	3.83	3.83	19.35
Q2 2025	43.00	3.98	3.98	18.17
Q3 2025	43.00	4.16	4.16	19.13

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	30.00	2.12	2.12	10.02
2016	30.00	2.22	2.22	10.77
2017	30.00	2.26	2.26	11.30
2018	30.00	1.63	1.63	11.42
2019	43.00	1.17	1.11	14.08
2020	43.00	1.34	1.34	14.53
2021	43.00	0.57	0.57	14.30
2022	43.00	1.65	1.65	15.13
2023	43.00	2.37	2.37	16.39
2024	43.00	3.67	3.67	18.45

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	19.90	19.90	2.84
Q1 2019	19.92	19.92	1.69
Q2 2019	19.31	19.31	1.67
Q3 2019	22.31	23.47	1.91
Q4 2019	24.40	25.68	2.03
Q1 2020	25.09	26.40	2.04
Q2 2020	37.33	39.22	3.25
Q3 2020	41.34	41.34	3.44
Q4 2020	38.83	38.83	3.59
Q1 2021	40.85	40.85	3.25
Q2 2021	64.18	64.18	4.41
Q3 2021	71.80	71.80	4.50
Q4 2021	More than 100	More than 100	4.20
Q1 2022	56.12	56.12	3.45
Q2 2022	48.98	48.98	4.17
Q3 2022	43.12	43.12	4.19
Q4 2022	41.34	41.34	4.51
Q1 2023	54.56	54.56	6.33
Q2 2023	57.18	57.18	7.69
Q3 2023	42.54	42.54	6.06
Q4 2023	49.93	49.93	7.21
Q1 2024	52.82	52.82	7.68
Q2 2024	59.81	59.81	9.70
Q3 2024	75.27	75.27	12.36
Q4 2024	55.85	55.85	11.11
Q1 2025	41.62	41.62	8.25
Q2 2025	39.23	39.23	8.59
Q3 2025	37.51	37.51	8.15

Period	P/E	Adjusted P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	19.90	19.90	2.84
2019	24.40	25.68	2.03
2020	38.84	38.84	3.59
2021	More than 100	More than 100	4.20
2022	41.34	41.34	4.51
2023	49.93	49.93	7.21
2024	55.85	55.85	11.11

Business Segments (Million)

Compared With The

Period	EL Rayan School	EL Rowaby School	Al Qairwan schools	Al Nozaha school	Al Aridh Schools	Al Ghad National Schools	Breda Schools	Elsalam National school	Qortoba School	Al-Khoarizmy Schools	Al Zahran School	Al-Arid International Model Education Schools	Al Ghad National Schools - Kairouan	International Model Education Schools - Qurtubah	AL Narjis Schools	National School - Hattin	International Model Education Academy - Kairouan	Other activities	Consolidation adjustments & eliminations
Q1 2017	19.87	19.13	-	14.95	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Q4 2017	20.23	19.48	-	14.97	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Q1 2018	18.99	17.68	-	14.15	-	-	-	-	0.33	-	-	-	-	-	-	-	-	-	-
Q2 2018	17.64	18.36	-	14.22	-	-	-	-	0.31	-	-	-	-	-	-	-	-	-	-
Q3 2018	17.24	20.04	-	14.15	-	-	-	-	0.43	-	-	-	-	-	-	-	-	-	-
Q4 2018	18.60	17.98	-	13.67	-	-	-	-	0.48	-	-	-	-	-	-	-	-	-	-
Q1 2019	18.62	17.86	-	15.27	-	-	-	-	0.78	-	-	-	-	-	-	-	-	-	-
Q2 2019	16.37	19.95	-	14.89	-	-	-	-	1.01	-	-	-	-	-	-	-	-	-	-
Q3 2019	17.22	18.27	-	14.95	-	-	-	-	0.92	-	-	-	-	-	-	-	-	-	-
Q4 2019	17.30	18.47	-	14.70	-	-	-	-	0.75	-	-	-	-	-	-	-	-	-	-
Q1 2020	17.68	18.92	-	13.42	-	-	0.44	-	1.64	-	-	-	-	-	-	-	-	-	-
Q2 2020	15.42	19.03	-	15.89	-	-	0.49	-	1.67	3.98	-	-	-	-	-	-	-	-	-
Q3 2020	16.15	18.49	-	14.35	-	2.18	0.48	-	1.62	3.93	-	-	-	-	-	-	-	-	-
Q4 2020	15.40	17.81	-	13.86	-	6.23	0.63	-	1.64	3.92	-	-	-	-	-	-	-	-	-
Q1 2021	10.16	12.22	2.37	9.42	-	5.39	1.00	-	1.01	2.90	-	-	-	-	-	-	-	-	-
Q2 2021	10.49	12.74	2.47	9.61	-	5.29	1.24	-	1.13	2.85	-	-	-	-	-	-	-	0.78	-
Q3 2021	11.05	13.52	3.06	10.15	-	5.89	1.18	-	1.16	2.83	-	-	-	-	-	-	-	1.32	(1.33)
Q4 2021	11.21	13.43	3.02	9.79	-	5.84	0.94	-	1.06	2.77	-	-	-	-	-	-	-	1.70	(2.47)
Q1 2022	14.08	16.18	9.76	12.80	4.44	7.75	2.81	-	2.32	4.26	-	-	-	-	-	-	-	1.80	(1.80)
Q2 2022	14.42	16.26	10.28	13.17	5.25	7.89	2.95	-	2.62	4.44	-	-	-	-	-	-	-	1.85	(1.85)
Q3 2022	15.22	16.88	11.33	13.56	5.96	8.27	3.32	-	3.09	4.41	-	-	-	-	-	-	-	1.84	(1.84)
Q4 2022	15.18	17.19	11.26	13.85	5.86	7.96	3.32	-	2.99	4.37	-	-	-	-	-	-	-	1.95	(1.95)
Q1 2023	18.47	18.63	17.06	17.08	11.01	8.67	5.84	-	4.62	4.74	2.00	-	-	-	-	-	-	1.80	(1.80)
Q2 2023	18.58	19.00	17.15	16.93	11.23	8.83	6.01	7.59	4.64	4.61	2.25	-	-	-	-	-	-	1.85	(1.85)
Q3 2023	18.75	19.15	17.27	16.95	11.41	8.73	6.13	7.54	4.78	4.63	2.37	-	-	-	-	-	-	1.96	(1.96)
Q4 2023	19.25	19.61	17.38	17.21	11.50	8.83	6.22	7.51	4.88	4.75	2.21	-	-	-	-	-	-	2.11	(2.11)
Q1 2024	22.33	20.71	20.84	19.94	12.00	9.04	7.92	7.67	6.23	4.63	5.26	5.77	2.08	-	-	-	-	1.99	(1.99)
Q2 2024	22.35	20.80	21.08	19.99	12.28	8.98	7.88	7.55	6.25	4.66	5.28	5.84	2.08	-	-	-	-	1.98	(1.98)
Q3 2024	22.41	20.89	20.90	19.99	12.37	8.92	7.98	7.70	6.24	4.66	5.29	5.90	2.14	-	-	-	-	1.94	(1.94)
Q4 2024	21.80	20.96	20.77	20.15	12.28	8.87	7.71	7.50	6.21	4.67	5.27	5.85	2.07	-	-	-	-	1.30	(1.30)
Q1 2025	25.11	22.88	22.45	20.81	14.01	8.47	8.25	7.96	7.14	4.61	6.52	8.05	2.61	3.95	3.92	0.71	0.81	1.92	(1.92)
Q2 2025	24.71	22.48	22.27	20.30	14.08	8.19	8.28	7.94	7.08	4.55	6.44	8.11	2.77	4.02	4.18	0.68	0.92	1.94	(1.94)
Q3 2025	24.51	22.53	22.13	20.16	14.21	8.21	8.23	7.88	7.34	4.55	6.38	8.27	2.71	3.97	4.34	0.75	1.02	1.98	(1.98)

Period	EL Rayan School	EL Rowaby School	Al Qairwan schools	Al Nozaha school	Al Aridh Schools	Al Ghad National Schools	Breda Schools	Elsalam National school	Qortoba School	Al-Khoarizmy Schools	Al Zahran School	Al-Arid International Model Education Schools	Al Ghad National Schools - Kairouan	International Model Education Schools - Qurtubah	AL Narjis Schools	National School - Hattin	International Model Education Academy - Kairouan	Other activities	Consolidation adjustments & eliminations
2015	85.42	76.15	-	37.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2016	83.57	75.41	-	48.79	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2017	79.18	76.70	-	59.54	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2018	72.47	74.07	-	56.19	-	-	-	-	1.55	-	-	-	-	-	-	-	-	-	-
2019	69.51	74.56	-	59.81	-	-	-	-	3.46	-	-	-	-	-	-	-	-	-	-
2020	64.65	74.25	-	57.51	-	8.41	2.05	-	6.57	11.83	-	-	-	-	-	-	-	-	-
2021	42.91	51.90	10.92	38.98	-	22.41	4.36	-	4.36	11.36	-	-	-	-	-	-	-	3.80	(3.80)
2022	58.90	66.51	42.64	53.37	21.50	31.87	12.40	-	11.01	17.48	-	-	-	-	-	-	-	7.44	(7.44)
2023	75.04	76.38	68.85	68.18	45.15	35.05	24.20	22.63	18.92	18.74	8.83	-	-	-	-	-	-	7.73	(7.73)
2024	88.88	83.36	83.59	80.08	48.92	35.81	31.49	30.41	24.94	18.62	21.10	23.35	8.37	-	-	-	-	7.21	(7.21)

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NCLE profit up 21% to SAR 120.8M in 9M 2024/25; Q3 at SAR 42.6M

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NCLE profit up 21% to SAR 120.8M in 9M 2024/25; Q3 at SAR 42.6M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

National Company for Learning and Education (NCLE)

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