Alef Education Holding announced robust financial results for the period ending September 30, 2024, marking its second earnings report since its June IPO.
The company recorded an 8% increase in adjusted profit before tax, reaching AED 379 million, driven by a strong revenue foundation and focused cost efficiencies. Revenues rose 2.5% to AED 551 million, underpinned by a strategic long-term contract with the Abu Dhabi Department of Education and Knowledge (ADEK), securing a steady revenue stream for the next seven years.
Alef Education’s adjusted EBITDA climbed by 6% year-on-year to AED 395 million, showcasing the success of its cost-cutting initiatives and operational efficiencies.
CEO Geoffrey Alphonso highlighted the company's resilience, citing long-term contracts like the ADEK agreement as essential to their sustained revenue growth.
“Our performance during the first nine months of 2024 underscores the resilience and strength of our business model,”
Alphonso stated, noting their commitment to both shareholders and impactful educational solutions.
In the first nine months of 2024, Alef Education expanded its user base, converting approximately 13% of its 1.2 million users to paid subscriptions, resulting in over 150,000 paid users. The number of unique paid schools in the UAE doubled from 82 to 164, illustrating Alef’s growing influence in the private sector. Looking forward, the company aims to grow through organic expansion and strategic partnerships, with a strong dividend program designed to enhance shareholder value.
News Source: Emirates News Agency
