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Abu Dhabi, UAESaturday 23 June 2018

GEMS full year net profit rises 2.5 per cent amid rising revenues 

Dubai-based school operator's income buoyed by higher average revenue per student

Malaysia fund Khazanah buys 3 per cent stake in GEMS Education. Reem Mohammed/The National
Malaysia fund Khazanah buys 3 per cent stake in GEMS Education. Reem Mohammed/The National

GEMS, the largest private school operator in Dubai, said on Monday its 2017 financial year net profit rose 2.5 per cent, boosted by increased average revenue per student. Net income in the twelve months ended August 31 rose to US$129.6 million versus $126.5m in the same period last year, the company said in a statement posted on the website of Nasdaq Dubai. The company's revenues rose 17.3 per cent to $926.2m in the 12 months ended August 31 from $789.7m in the same period last year. Average revenue per student rose 6.6 per cent to $8,079 in the 12-month period from $7,579 in the same period last year.

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"This has been another year of continued reinvestment in our schools," said Dino Varkey, GEMS chief executive.

"Over the last four years, we have invested well over $1 billion to build 16 new schools, upgrade our infrastructure and develop our teachers' capabilities across the board. Our commitment to improving the quality of education is central to GEMS Education, and the reason for investing back into the business." ."

The company said that enrollment rose to 114,644 in the 12 months ended August 31, a 10 per cent increase from the previous year when enrollment rose to 104,200.