October 31, 2023
One on One Educational Services Limited (ONE)
Audited financials for the year ended August 31, 2023:
One on One Educational Services Limited (ONE) for the year ended August 31, 2023 reported a marginal decrease in Revenues from contract with customers totaling $266.58 million compared to $266.91 million in the corresponding period last year. Revenues from contract with customers for the fourth quarter had a 39% decrease to close at $44.28 million compared to $72.51 million for the comparable quarter of 2022.
Direct Cost amounted to $65.45 million (2022: $61.62 million), this represents an increase of 6% year over year.
Consequently, gross profit decreased by 2% to $201.14 million compared to $205.29 million for the year ended August 31, 2022. The company booked gross profit of $17.38 million for the fourth quarter versus $48.44 million reported for the similar quarter of 2022.
Other Income increased by 11% to close at $10.93 million (2022: $9.84 million), while Administrative Expenses increased by 31% from $149.09 million in 2022 to $195.48 million in the period under review. Also, selling expenses for the year ended August 31, 2023 amounted to $34.93 million, a 56% increase relative to $22.45 million reported in 2022.
Operating Loss for the year ended August 31, 2023, amounted to $18.34 million relative to operating profit of $43.59 million reported in 2022. Operating Loss for the fourth quarter amounted to $47.49 million (2022: operating loss of $15.42 million).
Finance costs totalled $4.78 million, a 69% decrease from the corresponding period last year. (2022: $15.17 million).
Expected credit loss amounted to $9.66 million, a 23% decline over the same period last year. (2022: $12.56 million).
Loss Before Taxation for the year ended August 31, 2023, amounted to $32.77 million relative to profit of $15.86 million reported in 2022. Loss Before Taxation for the fourth quarter amounted to $57.91 million (2022: loss before taxation of $32.91 million).
Taxation for the year ended August 31, 2023 increased 39% to reach $4.99 million (2022: $3.60 million).
Net Loss for the year end amounted to $37.76 million compared to net profit of $12.26 million reported in 2022. For the fourth quarter, net loss was $59.16 million (2022: net loss of $27.77 million).
Consequently, Loss Per Share for the year end amounted to $0.02 (2022: EPS: $0.01). For the quarter, LPS amounted to $0.031 (2022: LPS of $0.036). The number of shares used in these calculations was 1,900,000,000.
Notably, ONE’s stock price closed the trading period on October 30, 2023 at a price of $1.00.
Balance Sheet Highlights
The company’s assets totalled $514.56 million (2022: $580.74 million). The contraction in total assets was particularly due to ‘Cash and Bank Balances’ declining by 77% from $253.31 million in 2022 to $57.13 million in 2023.
Shareholder’s equity was $404.08 million (2022: $441.84 million), representing a book value per share of $0.21 (2022: $0.31).
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