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).
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