Higher education platform Taaleem reported EGP 185.3 mn in net income during FY2020-21, up 29% from the year before, according to the company’s earnings release (pdf). Revenues for the fiscal year, which ended on 31 August, rose 34% y-o-y to EGP 602.1 mn. This growth was buoyed by a 20% rise in tuition fees at its Nahda University in Beni Suef (NUB), coupled with a 12.5% increase in student intake. Developments at NUB, including the inauguration of new departments and its partnership with Northern Kentucky University in the US, “reflect Taaleem’s commitment to providing quality education for all at affordable costs,” said CEO Mohamed El Rashidi.

What’s next for Taaleem? A share buyback program. The company’s board of directors has also agreed to kick off soon a share buyback program for the shares it sold on the EGX earlier this year through its IPO. The company did not disclose the size of the buyback program. Taaleem’s was the first IPO on the EGX in 2021 after a two-year drought, closing its institution portion 2.3x oversubscribed.

Operationally: The higher education outfit has begun constructing a second campus for NUB, and will soon begin working on buildings to house new departments at the original campus, according to the release. Design plans for its second higher education institution, Badya University, developed in partnership with Palm Hills Development and set to start offering classes in September 2022, are also complete.