January 7, 2024
One on One Educational Services Limited (ONE)
Audited financials for the twelve months ended August 31, 2024:
One on One Educational Services Limited (ONE) for the twelve months ended August 31, 2024 reported a 14% increase in Revenues totaling $303.31 million compared to $266.58 million in the corresponding period last year. Revenues for the fourth quarter had a 119% increase to close at $97.04 million compared to $44.28 million for the comparable quarter of 2023.
Direct Cost amounted to $100.67 million (2023: $65.45 million), this represents an increase of 54% year over year. Consequently, gross profit increased by 1% to $202.64 million compared to $201.14 million for the twelve months ended August 31, 2023. The company booked gross profit of $44.61 million for the fourth quarter versus $17.38 million reported for the similar quarter of 2023.
Other Income decreased by 70% to close at $3.27 million (2023: $10.93 million), while Administrative Expenses decreased by 6% from $195.48 million in 2023 to $182.85 million in the period under review. As a result, selling expenses for the twelve months ended August 31, 2024 amounted to $23.59 million, a 32% decrease relative to $34.93 million reported in 2023.
Operating Loss for the twelve months ended August 31, 2024, amounted to $536,193 (2023: $18.34 million). Operating Loss for the fourth quarter amounted to $3.26 million (2023: $47.49 million). Finance costs totaled $15.15 million, a 217% increase from the corresponding period last year. (2023: $4.78 million).
Loss Before Taxation for the twelve months ended August 31, 2024, amounted to $15.35 million (2023: $32.77 million). Loss Before Taxation for the fourth quarter amounted to $6.33 million (2023: $57.91 million).
Tax credit for the twelve months ended August 31, 2024, had a 226% increase to reach $16.29 million (2023: tax charges of $4.99 million). Net Profit for the twelve months amounted to $940,477 (2023: Net loss of $37.76 million). For the fourth quarter, Net Profit was $18.23 million (2023: Net loss of $59.16 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.0005 (2023: LPS: $0.02), while Earnings Per Share for the quarter totaled $0.01 (2023: LPS: $0.03). The number of shares used in these calculations was 1,900,000,000.
Notably, ONE’s stock price closed the trading period on January 06, 2025, at a price of $0.94 with a corresponding P/E ratio of 1899.04x.
Balance Sheet Highlights
The company’s assets totaled $607.68 million (2023: $514.56 million). The change in total assets was primarily attributable to a 29% increase in “Intangible assets” amounting to $343.34 million (2023: $266.41 million). Additionally, “Plant, Property and Equipment” increased by $12.85 million, amounting to $44.40 million (2023: $31.55 million), which was offset by a 24% decrease in “Cash and bank balances” amounting to $43.35 million (2023: $57.13 million).
Shareholder’s equity was $405.02 million (2023: $404.08 million), representing a book value per share of $0.21 (2023: $0.21).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
