Page 209 - ALEF EDUCATION PR REPORT MAY 2024

First glimpse into Alef’s earnings: The company reported AED 110 mn in net
income and AED 177 mn in revenue in 1Q 2024, according to the disclosure.
The company’s revenues grew 12.4% y-o-y in 2023 to AED 750 mn in 2023.
Dividends: Alef is planning to pay shareholders a minimum dividend payout
ratio of 90% of net income for both 2024 and 2025, and is targeting distributing
no less than AED 135 mn annually for both years, according to the
company’s intention to float (pdf). Dividends will be paid semi-annually, with
payouts for the first-half results distributed to shareholders in 4Q of that year,
and dividends for the second half paid in 2Q of the following calendar year.
Advisors: FAB and EFG Hermes are acting as joint lead managers and joint
bookrunners. FAB is also the listing advisor and lead receiving bank of the IPO,

with Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, and Al Maryah
Community Bank acting as receiving banks.
More on Alef: Founded in Abu Dhabi in 2016, Alef’s flagship learning platform
provides curated study plans for students using AI and machine learning tech,
spanning several international markets, including the UAE, the US, Morocco
and Indonesia.
REMEMBER- We have more IPOs in the pipeline: Earlier this week,
construction firm Alec tapped advisors for an IPO on the DFM. Amanat
Holdings is also reportedly looking to list either its education or healthcare
unit, with reports that its healthcare unit could raise some USD 200 mn as soon
as this year, while shisha producer Advanced Inhalation Rituals was said to
be eyeing an IPO in 1H 2024. Over on the ADX, Etihad Airways, and
supermarket chain LuLu group have each tapped banks to advise on their
transactions.

https://enterprise.news/uae/en/news/story/4e5daecb-6e2b-4935-8e23-
d15a2606694c/Alef%20Education%20plans%20June%20ADX%20debut