The CEO of the National Company for Learning and Education, Muhammad bin Khaled Al-Khudair, said in an interview with Al-Arabiya that all the company’s complexes recorded growth during the last quarter of 2022, by 40% on an annual basis.
Al-Khudair added that the financing costs are likely to increase with the increase in interest, saying: “We do not expect a decrease in financing costs, but it is offset by the growth of the company and an increase in the number of complexes and schools.”
He pointed out that the company implemented expansion projects in the past years from the proceeds of the offering implemented in 2018, and the new projects coincide with the company obtaining new banking facilities.
He continued, “After the opening of the Dhahran City Complex, we rented two educational complexes in the north of Riyadh, which are scheduled to operate next year, and 3 plots of land were leased. We will start construction work to operate in the coming years.”
He explained that the contribution of Dhahran City Complex in the Eastern Province to the increase in revenues did not exceed 7%.
The revenues of the National Company for Learning and Education for the quarter ending November 30, 2022, increased by 43% year-on-year.
This is mainly due to the increase in the number of students enrolled in the company’s schools by 40%, and the opening of a new educational complex affiliated with the company in Dhahran, in the Eastern Province, at the beginning of this year.