November 15, 2023
EduFocal Limited (LEARN) for the nine months ended September 30, 2023, reported a 64% increase in Revenue totaling $257.56 million compared to $156.61 million in the corresponding period last year. Revenue for the third quarter had a 98% increase to close at $46.86 million compared to $23.61 million for the comparable quarter of 2022. Management noted, “The strong revenue performance reported is mainly attributable to the execution of aggressive growth initiatives across both divisions.”
Administrative & Operating Expenses amounted to $173.80 million (2022: $127.23 million), this represents an increase of 37% year over year. Consequently, gross profit increased by 185% to $83.77 million compared to $29.38 million for the nine months ended September 30, 2022. The company booked gross loss of $6.33 million for the third quarter versus a loss of $14.40 million reported for the similar quarter of 2022.
There was no other income recorded for the period (2022: $27,015), while Impairment loss on financial asset was $21.57 million in 2022 relative to a gain of $9.62 million in the period under review. As a result, finance cost for the nine months ended September 30, 2023, amounted to $18.71 million, a 22% decrease relative to $23.96 million reported in 2022.
Profit Before Taxation for the nine months ended September 30, 2023, amounted to $74.68 million, relative to a loss of $16.11 million reported in 2022. Profit Before Taxation for the third quarter amounted to $8.86 million (2022: Loss of $27.70 million). Taxation totalled $10,535 (2022: nil).
Total Comprehensive Income for the nine months amounted to $74.67 million, relative to a loss of $16.11 million reported in 2022. Total Comprehensive Income for the third quarter amounted to $8.86 million (2022: Loss of $27.70 million).
Total comprehensive income attributable to shareholders for the nine months amounted to $75.50 million (2022: Loss of $16.11 million). For the third quarter, total comprehensive income attributable to shareholders was $9.06 million (2022: Loss of $27.70 million).
Consequently, Earnings Per Share for the nine months amounted to $0.12 (2022: LPS of $0.03), while Earnings Per Share for the quarter totaled $0.01 (2022: LPS of $0.04). The twelve-month trailing LPS was $0.13, and the number of shares used in these calculations was 648,446,094.
Notably, LEARN’s stock price closed the trading period on November 15, 2023, at a price of $1.78.
Balance Sheet Highlights
The company’s assets totalled $375.72 million (2022: $465.72 million). The decline in assets stemmed from an 80% fall in ‘cash and cash equivalents’ closing at $18.99 million.
Shareholder’s equity was $83.43 million (2022: $171.75 million), representing a book value per share of $0.13 (2022: $0.26).
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