CIRA net income down in 1Q2021-2022 on expansions, higher debt costs: Net earnings at private sector education outfit CIRA eased 12% to EGP 107.7 mn in the first quarter of their 2021-2022 fiscal year, which ended on November 30, according to the company’s latest earnings release (pdf). CIRA attributed the drop in net income to higher costs associated with establishing new institutes, which are yet to impact its top line. It also pointed to a 53% y-o-y increase in debt-related expenses, after the company took out new loans at higher interest rates and saw grace periods on existing loans come to an end.

But revenues are up: The company’s top line rose 16% y-o-y to EGP 430 mn, which it said came on the back of continued expansion in both K-12 and higher education, driving an uptick in enrollment. The solid top line growth came despite challenges “including nationwide changes in the admissions process, and regulatory delays associated with the launch of Badr University in Assiut,” said CEO Mohamed El Kalla.

CIRA ups its stake in Orcas: CIRA has increased its stake in Egyptian edtech startup Orcas to 12%, El Kalla said. CIRA’s prior stake in Orcas was not disclosed, though CIRA’s venture capital arm NFX Ventures has participated in two funding rounds for the edtech startup, most recently co-leading a USD 2.1 mn pre-series A round announced in January.

For the rest of the year: CIRA hopes to begin the enrollment process for Badr University in Assiut in 2022, once it receives its final operational licenses, says El Kalla (the university had been slated to launch this February). It is also planning to submit for presidential approval its plans for New Damietta University in partnership with Elsewedy this quarter, and will break ground on Cairo Saxony University in partnership with Al Ahly Capital by June.