CIRA net income up 40% in 9M 2020-2021
Private sector education outfit CIRA’s net income rose 40% to EGP 462.1 mn in the first nine months of its fiscal year, which ends on 31 August, according to the company’s earnings release (pdf). Revenues during the period climbed to EGP 1.3 bn, up 28% y-o-y from last year. Top line growth was driven by an uptick in enrollment — with K-12 enrollment up 7% y-o-y, and higher-ed enrollment up 26% — alongside the inauguration of Regent School in New Mansoura last year.
CIRA raised its controlling stake in the British Columbia Canadian International School (BCCIS) in 9M2020-2021 through the acquisition of a 20% stake in its parent company, Star Light Educational DMCC Corporation, bringing its total share in BCCIS to 80%. CIRA is also expanding its footprint across new urban areas such as New Rashid and New Sohag. The company will also roll out 25 new nurseries through its new subsidiary, Innovvette, within five years.
Also in the company’s pipeline: The inauguration of three new faculties at its Badr University Cairo, with admissions set to open as of the upcoming academic year bringing the total number of operational faculties at BUC to 16. CIRA is in parallel working on Egypt’s first applied tech university — slated for opening by the start of the 2022-2023 academic year.
Looking ahead: Construction is “on track for completion” at CIRA’s BCCIS and Saxony International School in O West at the Sixth of October, CEO Mohamed El Kalla said. Also, “the construction of Badr University in Assiut is advancing on schedule, with the university currently in the process of obtaining its required licensing.” CIRA expects to close out the final quarter of its fiscal year and enter the new academic year in September with momentum to continue delivering growth, particularly with the company’s “ongoing commitment to the success of [its] students” and “mission to enable economic mobility,” according to El Kalla.