On February 6th, Boshile Education released its unaudited financial report for the first quarter ended November 30th, 2023.
According to the financial report, in the first quarter of the 2024 fiscal year, Boshile Education achieved a revenue of 573 million yuan, compared to 533 million yuan in the same period last year, a year-on-year increase of 7.6%.
Among them, the revenue contribution of overseas school business in the first quarter was 253 million yuan, a year-on-year increase of 28.4%, accounting for 44.2% of the total revenue; Thanks to the recovery of overseas tutoring and education business, the revenue of supplementary education services in the first quarter was 210 million yuan, a year-on-year increase of 12.8%; The domestic kindergarten and K12 operation service business continued to shrink, with revenue of 110 million yuan during the reporting period, a year-on-year decrease of 26.4%.
The revenue cost for the first quarter was 369 million yuan, an increase of 4.7% from the same period last year's 353 million yuan.
In terms of expenses, the total sales, management, and administrative expenses for the first quarter were 138 million yuan, a decrease of 1.3% from 140 million yuan in the same period last year.
During the reporting period, the net profit was 59.2 million yuan, a year-on-year increase of 40.9%. The adjusted net profit was 61.9 million yuan, a year-on-year increase of 37.3%. The operating profit was 74.5 million yuan, a year-on-year increase of 14.8%.
In terms of gross profit, during the reporting period, Boshile's gross profit was 203 million yuan, a year-on-year increase of 13.1%, and the adjusted gross profit was 207 million yuan, a year-on-year increase of 12.6%. The gross profit margin increased from 33.8% in the same period last year to 35.5%.
As of November 30, 2023, the company's cash and cash equivalents and restricted funds were RMB 522 million, compared to RMB 567 million as of August 31, 2023, a year-on-year decrease of 8.04%.
After the financial report was issued, as of February 6th, the stock price of Boshile Education rose 3.42% to $1.51 per share.
It is worth noting that on January 18th, Boshile announced the change and appointment of management.
Niu Ruolei succeeded Zhou Hongru as CEO, who had previously served as CFO, while Zhou Hongru continued to serve as the chairman of the company's board of directors. Zhang Hui, who previously served as the Chief Financial Officer, succeeded Niu Ruolei and was appointed as the Chief Financial Officer.
In addition, on January 19th, the board of directors of Boshile approved the 2024 stock incentive plan, which came into effect on the same day. Employees, directors, and consultants are eligible for share based incentives.
The company stated that the purpose of this plan is to attract and retain outstanding talents through stock incentives, fully mobilize the enthusiasm of core personnel, and effectively combine the interests of shareholders, the company, and the personal interests of the core team.