We are evaluating some opportunities to expand in Saudi Arabia
The Vice Chairman of the Board of Directors of the “Taleem Group”, Adel Al Zarouni, said that the group achieved positive results in the quarter ending at the end of last November, as a result of the increase in the number of students to 28 thousand students compared to 19 thousand students in the same period of the previous year, which led to an increase Revenue and profits.
Adel Al-Zarouni added, in an interview with Al-Arabiya, today, Wednesday, that the positive performance was supported by the opening of a new school, partnership with public schools, and the reduction of expenses.
The quarterly profit of Education Holding Company in the quarter ending at the end of last November increased by 14% to 50.8 million dirhams. The company attributed the increase in profits to a 32% jump in revenues to 232 million dirhams.
The Vice Chairman of the Board of Directors of “Taleem” stated that the group has two sections of schools, namely, private schools in Dubai and Abu Dhabi, as well as partnership with the governments of Dubai and Abu Dhabi and the federal government, with the growth of partnership with the federal government recently, while “Taleem” private schools witnessed an increase in the number of students by 20%. .
Adel Al Zarooni said that the UAE market is essential for the company, and its focus during the past period was on the Emirates of Dubai and Abu Dhabi, while last year it began expanding in the northern Emirates, including Fujairah and Ras Al Khaimah.
He added that with our expansion within the UAE, some existing opportunities in neighboring countries, especially in Saudi Arabia, are being evaluated, which is an expected decision of the Board of Directors.
He pointed out that the high inflation has a significant impact on the results, including the high costs resulting from the partnership with the federal government to operate 4 schools, and the acquisition during the past year of a new school, which affects the increase in costs and financial burdens in terms of bank benefits, as well as the increase in teachers’ salaries.
