February 25, 2025
EduFocal Limited (LEARN)
Unaudited financials for the twelve months ended December 31, 2024:
EduFocal Limited (LEARN) for the twelve months ended December 31, 2024 reported a 63% decrease in Revenue totaling $97.17 million compared to $263.54 million in the corresponding period last year. Revenue for the fourth quarter had a 25% decrease to close at $14.86 million compared to $19.69 million for the comparable quarter of 2023.
Administrative & Operating Expenses amounted to $324.69 million (2023: $269.29 million), this represents an increase of 21% year over year. Consequently, depreciation and amortization expenses decreased by 64% to $10.51 million compared to $29.41 million for the twelve months ended December 31, 2023. The company booked depreciation and amortization expenses of $229,985 for the fourth quarter versus $7.44 million reported for the similar quarter of 2023.
Impairment gain on financial assets amounted to $216.45 million (2023: Impairment loss of $38.40 million), while Operating loss decreased by 64% from $59.26 million in 2023 to $21.58 million in the period under review. Finance costs for the twelve months ended December 31, 2024 amounted to $31.26 million, a 22% increase relative to $25.59 million reported in 2023.
Loss Before Taxation for the twelve months ended December 31, 2024, amounted to $52.53 million, a 37% decrease relative to $83.78 million reported in 2023. Loss Before Taxation for the fourth quarter amounted to $7.76 million (2023: Loss before Taxation of $142.51 million). The tax expense incurred amounted to $5.44 million versus the tax credit of $4.30 million in the prior year.
Net loss for the twelve months ended December 31, 2024, amounted to $57.97 million, a 27% decrease relative to net loss of $79.48 million reported in 2023. Net loss for the fourth quarter amounted to $13.20 million (2023: Net loss of $138.21 million).
Net loss attributable to owners of Edufocal Ltd for the twelve months ended December 31, 2024 amounted to $57.62 million (2023: $78.01 million) .
Consequently, Loss Per Share for the twelve months amounted to $0.09 (2023: LPS: $0.12), while Loss Per Share for the quarter totaled $0.02 (2023: LPS: $0.21). The number of shares used in these calculations was 648,446,094.
The company’s assets totalled $233.32 million (2023: $221.69 million). The movement in total assets was influenced by 42% increase in ‘Director’s Account’ amounting to $38.38 million (2023: $27.05 million) and a $7.40 million increase in ‘Intangible assets’ amounting to $157.72 million (2023: $150.32 million). Additionally, ‘Cash and Cash equivalents’ increased by $2.33 million to reach $2.49 million (2023: $158,705).
Shareholder’s deficit was $129.83 million (2023: Shareholder’s deficit of $70.09 million), representing a shareholder’s deficit per share of $0.20 (2023: shareholder’s deficit per share of $0.11).
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