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Schools operator Taaleem enjoys profit rise of 35%

Students, school Taaleem
Taaleem has 26 schools across the UAE and 28,563 students
  • High student enrolment and IPO gains help financial performance
  • Five-year expansion plan seeing ‘continued strong progress’
  • Dubai British School Jumeira to open in September for 1,900 pupils

Taaleem, the Dubai-listed schools operator, posted a surge in net profit for the nine months up to 31 May, driven by a strong increase in student enrolment. 

The company also benefitted from unrealised gains from its initial public offering (IPO) last November. 

Net profit rose 35 percent year on year to AED199.8 million ($54 million) as of the end of May.

Revenues grew 30 percent to AED709.2 million, including the acquisition of Jebel Ali School last May, the company said in a filing to Dubai Financial Market.

Student enrolment numbers were up 36 percent to a record 28,563 by the end of the period, across 10 private schools and 16 government-run schools. 

The financial performance was further boosted by “higher net finance income from undeployed IPO proceeds,” the company added. 

Taaleem raised AED204 million in its IPO at the end of last year, selling a 25.32 percent stake and becoming the largest dedicated K-12 (kindergarten to year 12) education provider on the market. 

The company said its latest results reflect “continued strong progress” executing a five-year growth strategy. Among other plans, this includes the forthcoming launch of Dubai British School Jumeira in September 2024, catering for up to 1,900 students, and the acquisition of Jebel Ali School. 

Taaleem DubaiTaaleem
Taaleem is opening Dubai British School Jumeira in September 2024

Taaleem has also acquired several UAE government-owned schools over the past year, including Dubai Schools Nad Al Sheba, four Emirates school establishments, and three Abu Dhabi Charter Schools. 

Excluding the acquisitions made during the period, Taaleem’s revenues were up 13.8 percent year on year to AED617.9 million. 

The company “significantly” reduced its net debt to a negative AED545.7 million, resulting in a “strong cash position”.

But it recently appointed a liquidity provider, it said, “underscoring Taaleem’s commitment to existing shareholders by improving the tradeability and liquidity of its shares”. 

Taaleem chairman Khalid Al Tayer said: “Our outstanding performance reflects our dedication to providing high-quality education at an affordable price point and the ongoing execution of our five-year strategy. 

He added: “We expect to continue to maintain our strong growth trajectory as we open in total four new premium [private] schools in the coming years and expand our participation in government public-private partnership initiatives.”