Page 61 - ALEF EDUCATION PR REPORT OCTOBER 2024

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Alef Edu ca tion records rev en ues of Dhs551m

Gulf Today · 1 Nov 2024

A bud ha bi: ale fe du cation hold ing has announced its n an cial res ults for the period end ing

30th Septem ber 2024. It marks Alef Edu ca tion’s second set of res ults since its suc cess ful IPO
in June 2024. Alef Edu ca tion repor ted an 8 per cent increase in adjus ted pro t before tax to
Dhs379 mil lion, driven by a solid rev enue found a tion from long-term con tracts and a focus

on achiev ing sig ni c ant cost e cien cies throughout its oper a tions.
Rein for cing Alef Edu ca tion’s lead ing pos i tion as a trus ted part ner for gov ern ments and
private schools in the UAE and bey ond, the Com pany’s suite of innov at ive bespoke edu ca tion
solu tions con tin ues to garner strong demand.
A key factor in the Com pany’s rev en ues, which rose 2.5% to Dhs551 mil lion, is the long-term

invest ment-grade con tract with the Abu Dhabi Depart ment of Edu ca tion and Know ledge
(ADEK). The con tract will con tinue to provide reli able rev enue over the next seven years. The
con tract with ADEK pro vi sions for a min imum of 80,000 stu dents with a xed fee per stu dent.

Alef Edu ca tion’s stra tegic focus on cost-cut ing and oper a tional e ciency led to sig ni c ant
sav ings, res ult ing in Adjus ted EBITDA rising to Dhs395 mil lion, mark ing a 6% year-on-year
increase.
Geo rey Alphonso, Chief Exec ut ive O cer of Alef Edu ca tion, com men ted, “Our per form ance
dur ing the rst nine months of 2024 under scores the resi li ence and strength of our busi ness

model. The con sist ent rev enue growth, driven by long-term stra tegic con tracts such as our
agree ment with ADEK, provides a solid found a tion for con tin ued sta bil ity and con d ence in
our oper a tions.”

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