Page 38 - ALEF EDUCATION PR REPORT - JULY 2024
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Alef was the first education technology business to list on a UAE stock exchange and raised
               nearly AED2 billion when it launched on the Abu Dhabi bourse.

               Revenues in the first six months of 2024 increased by 1 percent to AED354 million year on year,
               largely because of a long term contract with the Abu Dhabi Department of Education and
               Knowledge (Adek).

               Savings worth 6 percent were made in employee, software, legal and professional spending.
               Alef CEO Geoffrey Alphonso said the company would “pursue scale” to improve earnings and
               “maximise shareholder value”.

               The contract with Adek, which provides for a minimum of 80,000 students across the emirate,
               runs for the next seven years, although discussions have taken place to extend this by a further
               three years.

               Alef Education has also signed a two-year confidential government contract in the UAE worth
               AED31 million “to build and deliver values-based Islamic content”.

               In addition, a deal signed with the government of Kenya is expected to pave the way for
               commercial agreements.

               “The company has a sizeable pipeline of deals for the second half of 2024 and is in ongoing
               discussions with several governments to expand its offering across its high-growth target
               markets,” a statement said.

               Alef Education has agreed an AED67.5 million payout for the first half of 2024, implying an
               interim dividend per share of around AED0.05, with its dividend yield exceeding 8 percent at the
               current share price.

               The UAE raised $1.3 billion from three offerings in the six months from January, including Alef
               Education, which accounted for 37 percent of the total GCC IPO proceeds, but marked a 67
               percent decline compared with the previous year.

               Earlier this month Amanat Holding, an investment company in Dubai, announced plans to list its
               education platform.




























               https://www.agbi.com/markets/2024/07/alef-education-profits-rise-but-share-price-struggles/
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