Dubai school operator Taaleem Holdings has reported a 14 per cent increase in its first-quarter profit on the back of higher revenue as enrolment continued to rise across its schools.
Net profit for the three months to the end of November climbed to Dh51 million ($14 million), from Dh44.6 million during the same period in the previous year, the company said in a filing on Tuesday to the Dubai Financial Market, where its shares are traded.
Taaleem's financial year is from September 1 to August 31.
Revenue during the first quarter rose by 32.4 per cent annually to about Dh232 million, mainly as a result of organic growth and a ramp-up across its premium school portfolio.
The company's total expenses were up 38 per cent to Dh183.4 million, with finance costs more than doubling to Dh6.89 million.
“The quarter has been one of strong progress with the company’s financial performance ahead of expectations,” chief executive Alan Williamson said.
“With exciting new projects to be launched in the near future, we will further provide exceptional education establishments to serve the new and growing communities in Dubai and Abu Dhabi.”
Mr Williamson said the company was currently seeking to recruit more teachers from around the world.
Taaleem, formerly known as Beacon Education, was founded in Dubai in 2004. It operates 26 schools across the UAE, offering British, American and International Baccalaureate curriculums to more than 27,000 pupils.
Earnings before interest, taxes, depreciation and amortisation (ebitda) rose 22.1 per cent to Dh78.3 million in the quarter, compared with the same period in the previous year, generating an ebitda margin of 33.8 per cent.
The net debt-to-ebitda ratio stood at minus 6.45 at the end of the quarter, indicating that the company has more cash than debt. This will be the case until the capital is used in line with the business strategy.
The adjusted net debt-to-ebitda ratio will be 2.5 if initial public offering proceeds are not included in the calculation.
The company raised Dh750 million from its IPO last year after selling 254.2 million shares, or a stake of 25.32 per cent.
The listing drew strong demand from UAE and international investors, and was more than 18 times oversubscribed, the company said in November.
Total enrolments in the first quarter of 2023 surged more than 45 per cent annually to 28,218 pupils.
Taaleem is the first education company to be listed on the DFM.
SHAITTAN
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5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
SPEC%20SHEET
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
EXPATS
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COMPANY%20PROFILE
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Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
UAE currency: the story behind the money in your pockets
