Dubai: It's been another good term for the Dubai based school operator Taaleem with net profit (before tax) growing 53 per cent to Dh182.8 million for its first-half financial year, which is the six months to end February.
Again, high student enrolments have helped, along with additional schools opening. Taaleem also had interest gains on cash reserves and retain a low debt position. "Taaleem remains steadfast in delivering top-tier educational outcomes and supporting sector growth," said Khalid Al Tayer, Chairman.
"Our record results for H1 of 2023-24 reflect this commitment, as we invest in expansion, innovation, and enhancements for our students and communities. This success reflects Taaleem's unwavering ambition to shape a brighter educational landscape in the UAE, and I look forward to the impactful milestones ahead.”
Enrolled students as of end February was 33.2 per cent higher, with 37,961 in total against 28,503 same time last year. Taaleem operates 10 premium schools and also has 16 further schools via partnerships with government educational departments.
Within its own schools, the company's student intake was 10.3 per cent higher. As for the government partnerships, six new schools were added during the six months ended February. And with an additional school added to the charter school’s vertical in Abu Dhabi.
Taaleem's financial year runs the 12 months from September.
37,961
Number of students across Taaleem owned and operated schools in the UAE as of end February.Topping up facilities too
The students are getting more by way of in-school experiences too. "With an investment exceeding Dh10 million, we've upgraded our facilities to include state-of-the-art canteens and substantial improvements in facilities across a number of schools," said Alan Williamson, CEO of Taaleem.
The company confirmed that it is yet to use IPO in full. The effort continues to bolster cash reserves. The net debt stands negative at Dh453.7 million as of February 29, 2024.
During its first-half 2023-24, Taaleem acquired new debt to help with construction of Dubai British School Jumeira, a 'strategic decision that is in strong alignment with the company's overarching financial objectives'.
The strategic focus continues to be on 'targeted mergers and acquisitions', along with the 'execution of its greenfield strategy'.
This is where proceeds from the IPO will be used to optimize the capital structure. "This strong cash position provides Taaleem with ample funding to support investments and potential M&A opportunities, thereby enhancing the efficient execution of its growth strategy," the statement added.
