In an interview with CNBC Arabia , Mohammad Al-Khudair, CEO of NCLE, indicated that the number of students grew by 37%, which contributed to increasing the company’s revenues in the year ending August 2023.
He also pointed out that the company had previously announced the operation of 5 newly-opened schools in Riyadh, two of which were recently opened in September 2023.
Mr. Mohammad explained that the ratio of debt to equity does not exceed 7%, and therefore financing projects will be through the company’s own financial resources in addition to loans. Finally he stated that the company has currently 13 school buildings a a result of the expansion plans, noting that since its listing it has acquired 3 different schools and work is still ongoing to establish new schools.
He pointed out that the current rental contracts amount to 8 properties, ranging from lands to educational buildings, and their annual rental value reached SR 22 million last year.
Al-Khudair mentioned that the company received support amounting to approximately SR 12.3 million from the Human Resources Development Fund in the year ending August 2023.
