Profits surpass AED 225m in 9 months of 2023/2024

Taaleem Holdings, a leading education provider in Dubai, has reported a significant increase in net profits for the first nine months of fiscal year 2023/2024. The company saw its net profits rise to AED 225.19 million, up from AED 199.80 million in the same period last year. This growth in profits was driven by an increase in revenues, which climbed to AED 830.72 million from AED 722.23 million.

In addition to higher profits, Taaleem also saw an improvement in its earnings per share (EPS), which rose to AED 0.23 compared to AED 0.22 in the previous year. The company’s total assets also increased to AED 2.61 billion in the first nine months of the fiscal year, up from AED 2.44 billion at the end of August 2023.

For the third quarter of fiscal year 2023/2024, Taaleem reported net profits of AED 86.37 million, an increase from AED 80.29 million in the same quarter last year. Revenues for the quarter grew to AED 282.07 million from AED 244.99 million, while the EPS increased to AED 0.09 from AED 0.08.

Khalid Al Tayer, Chairman of Taaleem, expressed his satisfaction with the company’s performance, stating, “Despite this rapid expansion, our blended utilization has risen to 88.40%, up 3.80% from last year, underscoring the effectiveness of our growth strategy.” Al Tayer also highlighted the upcoming expansion plans for the company, including adding approximately 2.4 thousand seats to the premium segment.

Alan Williamson, CEO of Taaleem, noted that the company’s top-line growth was driven by an increase in enrollment across all schools, particularly in the premium segment, which saw a utilization rate of 83%. He stated, “Our top-line growth for the period was significantly bolstered by an impressive increase in enrollment across all of our schools, particularly under our premium segment which saw its overall utilization surge by 7.50% YoY to come in at 83%.”

In the first half of fiscal year 2023/2024, Taaleem saw a 53% year-on-year increase in net profits before tax, reaching AED 182.80 million. This strong performance in the first half of the fiscal year sets Taaleem on a positive trajectory for the remainder of the year.

Overall, Taaleem’s financial results for the first nine months and third quarter of fiscal year 2023/2024 demonstrate the company’s strong performance and growth potential in the education sector in Dubai. With a focus on expansion and increasing enrollment, Taaleem is well-positioned to continue its growth and success in the coming years.