Strategic Roadmap and Financial Performance
Education Platform | Middlesex University Dubai
Revenue | AED MN
131.6
137.0
Financial and Operational Review | Period Ended 31st March 2022
Financial Performance (*)
49.1
44.1
FY20
FY21
1Q21
1Q22
13% growth in revenues driven by a 10% increase in admission revenues, from 16% growth in enrolments to over
4,000 students
International students account for 28% of the student body vs. 23% at the same time in the prior year
Positive impact on net profit as top-line growth was only partly offset by increased manpower cost to support higher
student numbers, higher marketing spend to drive enrolments and costs associated with the expansion to the new
DIAC campus
EBITDA | AED MN(1)
Net Cash / (Debt)
42.0%
0
Action Plan
29.7%
33.0%
28.4%
39.1
38.9
AED 27.1 MN(2)
Completed Initiative
31 Mar. 2022
Ongoing Initiative
✓ Achieved 16% enrolment growth against the backdrop of a challenging macro environment and competitive
Dubai higher education market
✓ Became largest KHDA regulated institution for student enrolments in AY 2020-21
✓ Launched a second campus in Dubai International Academic City in Sep 2021
✓ Awarded a 5-star rating from the KHDA
20.5
14.5
Corporate
✓ Developed, enhanced and tailored international student admissions and marketing plan
FY20
FY21
1Q21
1Q22
Strategy
-o-EBITDA Margin
Net Profit | AED MN
32.0% 34.0%
23.7%
22.7%
Corporate
Finance
✓ Launched a host of new virtual events and other recruitment initiatives
✓ Implemented a hybrid delivery model
Introducing new programs in line with market needs
Continuing assessment of international expansion options as well as domestic business development
opportunities to increase market share
✓ Distributed AED 100 MN dividends over the past 2 years (AED 36 MN in Jun 2020, AED 32 MN in Feb 2021
and AED 32 MN in Mar 2022)
Optimizing capital structure to fund growth initiatives
31.1
31.1
16.5
14.0
FY20
FY21
1Q21
1Q22
-O-NP Margin
ך
Reviewing organization structure design
Corporate
Governance
Enhancing internal systems through technology and automation, allowing for an increased speed and
accuracy of information and better planning around resources
(1) Prior year 1Q-21 includes AED2.9MN of rent expense now recognized below EBITDA as per IFRS 16 (2) Net Debt/Cash excluding lease liabilities of AED 49 MN
(*) The universities fiscal year ends on 30 August; results are presented based on Amanat's fiscal year ending on 31 December
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