LEARN reports three months net profit of $42.35 million

May 12, 2023

Edufocal Limited (LEARN), for the three months ended March 31, 2023, reported revenue of $112.66 million, 85% more than the $60.92 million reported in the previous corresponding period.

Administrative and Operating expenses increased by 35% to $60.84 million relative to the $45.06 million posted for the same period last year. LEARN has expanded its impact through the deepening of strategic relationships across the region and the US.

As such, gross profit amounted to $51.83 million, approximately 227% more when compared to the $15.86 million posted a year earlier.

As such, profit before taxation amounted to $42.35 million relative to the profit before taxation of $2.04 million reported during the corresponding period in 2022.

No tax charges were incurred during the period (2022: nil), as a result net profit amounted to $42.35 million compared to a net profit of $2.04 million in the comparable period last year.

Total comprehensive income attributable to shareholders closed at $42.35 million versus total comprehensive income of $2.04 million recorded twelve months earlier.

Earnings per share (EPS) amounted to $0.065 for the period relative to earnings per share (EPS) of $0.003 in 2022. The twelve months trailing loss per share is $0.213. The number of shares used in our calculations is 648,446,094 units. Notably, LEARN stock price close the trading period on May 15, 2023 at $1.98.

Balance Sheet at a glance:-

As at March 31, 2023, total assets totalled $308.61 million, 3% more than the $300.40 million booked as at March 31, 2022. The growth was primarily due to increase in ‘Intangible assets’ which closed at $132.88 million (2022: $113.89 million).

Shareholders’ equity closed at $51.15 million, down from last year’s $192.02 million resulting in book value per share of $0.077 (2022: $0.296).


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