ONE reports year end net profit of $12.26 million

January 17, 2023

One on One Educational Services Ltd. (ONE) reported for the year ended August 31, 2022, reported revenue from contracts with customers totalling $266.91 million, a decrease of 1% or $1.91 million when compared with the $268.82 million reported for the same period in 2021.

Direct costs amounted to $61.62 million (2021: $74.36 million), this represents a decrease of 17% year over year.

Gross Profit rose year on year by 6%, from $194.46 million in 2021 to $205.29 million in 2022.

Other income, for the year ended August 30, 2022 amounted to $9.84 million compared to $2.12 million in 2021.

Administrative expenses rose by 43% to close at $149.09 million (2021: $104.38 million). Selling expenses increased by 127% from $9.90 million in 2021 to $22.45 million in the period under review. Based on this increase, operating profit for the year ended period amounted to $43.59 million this is a decline of 47% to what was reported in 2021 which was $82.30 million.

Finance cost fell by 17% year over year, amounting to $15.17 million relative to $12.98 million recorded for the corresponding period 2021.

 Expected credit loss increased by 3,172% for the period in review $12.57 million up from $383,715 reported in the year ended August 2021.

Profit before tax for the period decreased by 77% to $15.86 million (2021: $68.93 million).

The company incurred taxation of $3.6 million for the year ended relative to $1.48 million reported for the corresponding period 2021. Net profit amounted to $12.26 million, an 82% decline in comparison to the $67.45 million that was reported in 2021.

Earnings per share (EPS) for the 12 months totalled $0.006 relative to an EPS of $0.036 booked 12 months prior. The number of shares used in the calculation was 1,900,000,000 units. Notably, ONE’s stock price closed the trading period on January 17, 2023 at a price of $1.28.

Balance Sheet Highlights:

The Company as of August 31, 2022, recorded total assets of $580.74 million (2021: $326.90 million) $253.84 million more than its value as at Aug 31, 2021. The increase in assets was largely due to an increase of $215.57 million in cash and bank balances to a total of $253.31 million (2021: $37.74 million).

Shareholders’ equity was $441.84 million (2021: $100.34 million), representing a book value per share of $0.23 (2021: $0.05).


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