August 14, 2023
Administrative & Operating Expenses amounted to $120.60 million (2022: $89.21 million), this represents an increase of 35% year over year. Consequently, gross profit increased by 106% to $90.10 million compared to $43.79 million for the six months ended June 30, 2022. The Company booked gross profit of $38.27 million for the second quarter versus $27.93 million reported for the similar quarter of 2022.
Impairment loss on financial asset decreased by 49% from $21.57 million in 2022 to $10.94 million in the period under review. Finance cost for the six months ended June 30, 2023, amounted to $13.34 million, a 25% increase relative to $10.64 million reported in 2022.
As a result, Profit Before Taxation for the six months ended June 30, 2023, amounted to $65.82 million, a 468% increase relative to $11.58 million reported in 2022. Profit Before Taxation for the second quarter amounted to $23.46 million (2022: $9.54 million). Taxation recorded for the period amounted to $10.54 million.
Total Comprehensive Income for the six months ended June 30, 2023, amounted to $65.81 million, a 468% increase relative to $11.58 million reported in 2022. Total Comprehensive Income for the second quarter amounted to $23.45 million (2022: $9.54 million).
Total comprehensive income attributable to shareholders for the six months ended June 30, 2023, had a 468% increase to reach $65.81 million (2022: $11.58 million).
Edufocal highlighted, “Our vision is not just confined to the classroom; it’s about building a community where educators collaborate and grow. And with our platforms in place, we’re aligned with the goals of government agencies, aiming to boost teacher training and student performance. Leading our charge in Africa is our Chief Strategy Officer, Dr. Anna Bethune, who’s currently based in Lagos.”
Consequently, Earnings Per Share for the six months amounted to $0.10 (2022: EPS: $0.02), while Earnings Per Share for the quarter totaled $0.04 (2022: EPS: $0.01). The twelve-month trailing LPS was $0.19, and the number of shares used in these calculations was 648,446,094.
Notably, LEARN’s stock price closed the trading period on August 11, 2023, at a price of $1.61.
Balance Sheet Highlights
The company’s assets totalled $344.48 million (2022: $336.01 million). The 3% increase in assets resulted mainly from a $22.11 million increase in Intangible Assets to total $138.75 million.
Shareholder’s equity was $74.27 million (2022: $199.44 million), representing a book value per share of $0.12 (2022: $0.31).
Management indicated, “This quarter marked a significant milestone with the establishment of EduFocal Africa Inc and EduFocal Nigeria Limited. EduFocal Africa is not just about bringing technology to Nigeria. It’s about revolutionizing education there. We’re set to assist educators, ensuring they deliver top-tier lessons, all while simplifying administrative tasks.”
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