Early childhood education service provider, RYB Education, reported a 2019 net loss of $2.2 million, compared to a net loss of $1.7 million reported for 2018.
Net revenue for 2019 was $182.3 million, up from revenue of $156.5 million reported for the 2018.
The Beijing-based company also reported results for the fourth quarter of 2019. It reported $658,000 in net income for the period, compared to net income of $68,000 reported for Q4 2018. Revenue for the quarter was $50.7 million, up from $45 million reported for fourth quarter of 2018.
RYB co-founder and chief executive Yanlai Shi said: “Looking back at the fourth quarter of 2019, in the face of many challenges in the overall market, we continued to focus on growing our core businesses whilst improving the educational quality of our offerings and services, increasing operational efficiencies, and achieving higher levels of customer satisfaction. We also further advanced the online-merge-offline process across our facilities.
“Throughout the year, we carried out our brand portfolio strategy in response to the diverse needs of students and families and actively supported new regulatory policies of early childhood education. Additionally, we continued to make smooth progress integrating new business operations across multiple geographies and enriching our suite of diversified products and services."
“Over the past two months, China has fought with tremendous courage against the coronavirus pandemic. As a responsible corporate citizen, we have proactively monitored the health status of our children, families and staff members, secured and provided healthcare supplies to our facilities in coronavirus impacted regions, and compiled a RYB Handbook on Covid-19 and distributed to all the facilities within our network. During the same time, we have also worked diligently to provide our students and families with resources for continuous co-parenting support that facilitate learning and parent-child interaction. In an effort to maintain educational continuity for families and teachers affected by facility closures, we have provided free access via our self-developed mobile app and collaborating third party platforms to an entire library of home education content. For example, in early February, we launched a series of online educational content comprising of 10 learning modules for our kindergartens. This approach has proven to be very popular, attracting over 100,000 participating students. For franchise play-and-learn centres, we also offered a 99-day free access to education content on the iLove app, which attracted over 300,000 registered users to date. Other parts of the efforts also include additional online training for our teaching staff during this time. Going forward, we will continue to execute our growth strategy by focusing on our core operations, advancing our digital transformation, and developing new and innovative ways to serve children and families.”
- China: RYB Education reports third-quarter loss
- China: Second-quarter improvement for RYB Education
- China: First-quarter loss for RYB Education
Date published: 1 April 2020