Hailiang Education Group, an education and management service provider of primary, middle, and high schools in China, has reported net profit of ¥25.3 million (£2.9 million) for the first quarter of fiscal year 2021 ending 30 September 2020, compared to a net loss of ¥19.4 reported for Q1 2020.
Revenue for the quarter was ¥298.5 million, up from ¥229.9 million reported for the first quarter of fiscal year 2020, a 29.8% increase.
As of 30 September 2020, company’s school network had expanded to 42 schools, 13 of which were affiliated schools that Hailiang sponsored and 29 of which were managed schools to which the company provided education and management services.
Also as of 30 September, the aggregate number of students enrolled in its affiliated and managed schools was 72,846, including 26,869 students enrolled in affiliated schools. The number of students enrolled in the basic educational programmes of affiliated schools was 21,607, and the number of students enrolled in the international programmes of its affiliated schools was 5,262.
Hailiang Education chairman and chief executive Dr Junwei Chen said: “Hailiang Education has achieved remarkable results through the continual improvement of brand awareness and the development of innovation strategies, albeit the Covid-19 pandemic still has temporary impact on part of our business. We will continue to build a one-stop comprehensive service platform for primary, middle and high school education, in order to provide students with high-quality education and management services and to vigorously develop additional education services, such as online and onsite educational training services, study trip services and overseas study services.
“We generated revenue of ¥263.1 million from primary, middle and high school educational services, an increase of 36.1% compared to the same period of last year. The net profit attributable to the company’s shareholders was ¥26.9 million, compared with the net loss attributable to the company’s shareholders of ¥15.3 million for the same period of last year. The net profit attributable to the company’s shareholders margin was 9%, and the net loss attributable to the company’s shareholders margin was 6.7% for the same period of last year, demonstrating Hailiang Education’s significant profitability.”
Date published: 1 December 2020