Page 60 - ALEF EDUCATION PR REPORT OCTOBER 2024

11/1/24, 4:14 PM Alef Education Reports Strong Financial Performance for Q3 2024
Alef Education’s adjusted EBITDA climbed by 6% year-on-year to AED 395 million,

showcasing the success of its cost-cutting initiatives and operational efficiencies.

CEO Geoffrey Alphonso highlighted the company's resilience, citing long-term contracts

like the ADEK agreement as essential to their sustained revenue growth.

“Our performance during the first nine months of 2024

underscores the resilience and strength of our business

model,”

Alphonso stated, noting their commitment to both shareholders and impactful educational

solutions.

In the first nine months of 2024, Alef Education expanded its user base, converting
approximately 13% of its 1.2 million users to paid subscriptions, resulting in over 150,000

paid users. The number of unique paid schools in the UAE doubled from 82 to 164,

illustrating Alef’s growing influence in the private sector. Looking forward, the company

aims to grow through organic expansion and strategic partnerships, with a strong dividend

program designed to enhance shareholder value.

News Source: Emirates News Agency

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