EGX-listed education outfit CIRA Education reported EGP 389.6 mn in adjusted net income in FY 2021/2022, up 16% y-o-y, according to the company’s earnings release (pdf). CIRA Education’s fiscal year runs from September-August. The company’s revenues rose 19% y-o-y during the fiscal year to EGP 1.7 bn on increased enrollments in its higher education and K-12 segments. CIRA Education’s K-12 segment saw 8% y-o-y growth in enrollment rates, while enrollment at its universities rose 6% y-o-y.

Growth is still going strong, even with inflationary headwinds: “Our resilience amid ongoing market turmoil, and our ability to maintain strong margins all while executing a robust growth plan, is testament to the success of CIRA’s core mission: to deliver quality education across Egypt at affordable price points,” said CEO Mohamed El Kalla. Looking ahead, CIRA Education expects to launch the first phase of Saxony Egypt University, Egypt's first private technology university, in September 2023. Cairo Egypt for Education, a JV between CIRA Education and Elsewedy Capital, has also broken ground on two new schools in Cosmic Village: FuturesTech and Regent British School. Both are also expected to launch in September 2023. In the pre-K segment, CIRA Education has plans to operate 10 nurseries by the end of the upcoming academic year.

GO DEEPER- El Kalla recently walked us through the company’s recent rebranding and expansion plans and discussed his views on the education sector. You can read or listen to Part I here and read Part II here.