(MENAFN)Profit dropped by a quarter following the school operator gave discounts to its students forced to learn online in the Coronavirus pandemic, stated National Company for Learning and Education (NCLE).
NCLE declared in a filing to the Saudi Exchange that net profit after zakat and tax decreased 24.6 percent annual to SR9.1 million (USD2.4 million) in the first quarter . Revenue fell 18.5 percent to SR45.4 million.
The company further declared that profits increased from the last quarter as students started to return and discounts were declined.
Schooling discounts averaged from 10 percent to 50 percent as NCLE is looking to retain its student numbers. The number of students enrolled in the most recent quarter dropped by 8 percent annual, of which 76 percent was from students for kindergarten and the first grade of primary school.
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