Page 35 - ALEF EDUCATION PR REPORT - JULY 2024

7/31/24, 11:11 AM Abu Dhabi’s Alef Education posts $67.79 million in adjusted profit before tax in H1 2024
Abu Dhabi’s Alef Education posts $67.79 million in adjusted profit before tax in H1 2024
This translates to an adjusted profit before tax margin of 70 percent, up by 4 percentage
points from H1 2023

Alef Education converted 14 percent of its 1.1 million users to paid users (151,000) in H1 2024, driven by new contract wins and
doubled B2B product sales.
Abu Dhabi’s Alef Education Holding has announced its financial results for the period ending June
30th, 2024. This marks Alef Education’s inaugural set of financial statements since its successful
initial public offering on the Abu Dhabi Securities Exchange at the start of June 2024.
The company reported a 7 percent increase in adjusted profit before tax for the first six months,
reaching AED249 million ($67.79 million) compared to AED233 million ($63.43 million) a year
earlier. This translates to an adjusted profit before tax margin of 70 percent, up by 4 percentage
points from H1 2023, and remains substantially above industry benchmarks.
Robust top-line performance and disciplined cost management led to a 4 percent increase in
Adjusted EBITDA to AED259 million in the first half. In contrast, expenses declined by 6 percent to
AED112 million.

AI-powered products drive strong demand
Geoffrey Alphonso, chief executive officer of Alef Education, commented, “Alef Education’s solid
first half results demonstrate our ability to consistently deliver robust financial performance, which
is underpinned by the predictability and stability that stems from our long-term contracts and the
confidence our partners have in our ability to drive improved educational outcomes.
“The company’s AI-powered products, designed to empower students to realize their full potential,
continue to garner strong demand. We remain committed to harnessing cutting-edge technology to

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