Alef Education Reports AED551 Million in Revenues, Highlights Strategic Growth and Efficiency.

Abu dhabi: Alef Education Holding has announced its financial results for the period ending 30th September 2024. It marks Alef Education’s second set of results since its successful IPO in June 2024. Alef Education reported an 8 percent increase in adjusted profit before tax to AED379 million, driven by a solid revenue foundation from long-term contracts and a focus on achieving significant cost efficiencies throughout its operations.

According to Emirates News Agency, a key factor in the Company’s revenues, which rose 2.5% to AED551 million, is the long-term investment-grade contract with the Abu Dhabi Department of Education and Knowledge (ADEK). The contract will continue to provide reliable revenue over the next seven years, provisioning for a minimum of 80,000 students with a fixed fee per student.

Alef Education’s strategic focus on cost-cutting and operational efficiency led to significant savings, resulting in Adjusted EBITDA rising to AED395 million, marking a 6% year-on-year increase. Geoffrey Alp
honso, Chief Executive Officer of Alef Education, commented on the resilience and strength of their business model, highlighting consistent revenue growth driven by long-term strategic contracts such as the agreement with ADEK.

The company demonstrated strong operational performance in the first nine months of 2024, successfully converting approximately 13 percent of its 1.2 million users to paid subscriptions, resulting in more than 150,000 paid users across the Alef Education platform. This achievement was fueled by significant contract wins and a remarkable two-fold increase in B2B product sales. Notably, the number of unique paid schools in the UAE doubled from 82 to 164 this year, reflecting an expanding reach in the private sector.