Mohamed El-Kalla, CEO of Cairo for Investment and Real Estate Development Company (CIRA), revealed Wednesday that they will deliver the first phase of Saxony Egypt University – the first private technological university in the country – by September 2023, according to the time schedule.
He added that the company also started the construction of two new schools in the Cosmic Village in 6th of October City, affiliated to the Futures Tech and the British Regent School. It is part of a partnership project between the public and private sectors that involves the CIRA Education, Elsewedy Capital, and the Sovereign Fund of Egypt.
El-Kalla expressed his happiness with the strong performance that the company achieved throughout the year to continue its successful path, since it was listed on the Egyptian Exchange in 2018.
He said that the company was able to achieve its targets in terms of financial performance during the current year, and even succeeded in exceeding them, indicating that this was reflected in the growth of revenues to more than EGP 1.7bn during fiscal year 2021/2021, which resulted in achieving strong growth in revenues.
El-Kalla pointed out that the company succeeded in implementing its main mission, which is to provide high-quality educational services and value at affordable prices, thanks to its ability to meet the challenges in the market and achieve these strong results, in addition to moving forward with the implementation of growth plans and targeted expansions.
CIRA achieved consolidated revenues of EGP 1.717bn in the last fiscal year ending last August, achieving a growth of 24%, due to the increase in the number of students enrolled in the basic and pre-university education stage (12-K) as well as university education.
The company’s operating profits before taxes, charges, depreciation and amortization increased at an annual rate of 19% to reach EGP 808.2m during the same period, accompanied by a decline in the operating profit margin by 1.8 points to 47%, due to the initial costs associated with the expansion initiatives adopted by the company recently.
Cairo Investment’s adjusted net profit rose to EGP 394.2m during fiscal year 2021/22, accompanied by a net profit margin of 23% during the same period.
The company monitored an increase in the number of students enrolled in Badr University to 14,007 students during FY 2021/22 academic year, which is an annual growth rate of 6%, in light of the opening of new faculties, which resulted in an increase in the university’s operational capacity at an annual rate of 32% during the same period, which did not reach its maximum capacity so far as a result of its recent opening.
In terms of the basic and pre-university education sector, the number of students in the company’s schools reached 30,820 students, with an annual increase of 8%. This reflects the increase in the operational capacity of the affiliated schools by 13% to reach 34,000 students.