Cairo Investment and Real Estate Development Company (CIRA) – integrated provider of education services – will establish a new school in New Mansoura city, the latest addition to the company’s school chain. The school construction is currently underway, and it’s expected to open in September 2020, CIRA Managing Director Mohamed El Kalla said.
The first phase of the school is expected to be ready in August, which includes the administration building, primary education building, and other services.
El Kalla added that the company witnessed overall growth in the first quarter (1Q) of the fiscal year (FY) 2019/20, in parallel with efforts to maximise the return for students and shareholders.
The company achieved a rise in revenues thanks to the increase in the number of new students enrolled in the new academic year, whether in university, basic education, and pre-university education, bringing the total number of students to 37,000.
The company is also preparing a new marketing campaign early 2020, El Kalla said.
The CIRA revenues increased by 55.8% year-over-year to EGP 313.1m in November 2019, compared to EGP 200.9m in November 2018.
The gross profit increased by 50.6% to reach EGP 173.5m in FY 2018/19, compared to EGP 115.2m in FY 2017/18.
The company’s net profits increased by 68.3% to EGP 105.8m in FY 2018/19, compared to EGP 62.8m in FY 2017/18.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to EGP 156.1m in 1Q20, a growth of 48%, compared to EGP 105.7m in 1Q19.
The CIRA’s operating profit margin increased to 50%, compared to 53% in the comparison period.
The company’s board approved a loan of EGP 100m from Ahli United Bank to finance the company’s projects.
The year 2020 will be the best for the company in light of the strong start of the academic year 2019-2020, and the continued growth of the company’s operations and financial results, which enhances its ability to achieve growth and increase the number of enrolled students.