For-profit post-secondary education provider Perdoceo has reported 2020 net income of $124.3 million, up from net income of $70 million reported for 2019. Revenue for the year was $687.3 million, up from $627.7 million reported for 2020.
The Schaumburg, Illinois-based company also reported figures for the fourth quarter of 2020, with net income of $27.1 million, compared to net income of $27.5 million reported for Q4 2019. Revenue for the quarter was $171.2 million, up from $158.5 million in revenue reported the final quarter of 2019.
Perdoceo stated that its total student enrolments at the end of last year had increased by 16.7%. Colorado Technical University (CTU) experienced a 4.2% increase while American InterContinental University (AIU) experienced a 39.2% increase in total student enrolments. It added that AIU’s total student enrolment growth was helped by the acquisition of Trident University International and bolstered by underlying organic growth.
Perdoceo president and chief executive Todd Nelson said: “We ended 2020 on a solid note. We experienced enrolment growth at both CTU and AIU and expanded the depth of our academic programme offerings with the Trident acquisition. Our balance sheet grew stronger allowing us to continue investing in data analytics, academic and student serving processes and technology, which we believe will further enhance student experiences, retention and academic outcomes.”
Date published: 2 March 2021