Alef Education shareholders approve $109.6mln cash dividend for 2024
ABU DHABI: Alef Education Holding Plc (Alef Education) today announced the successful conclusion of its first Annual General Meeting (AGM).
Shareholders approved the Board of Directors' report on the Company's activity and its financial statements for the financial year ended 31st December 2024 (FY 2024), including the distribution of cash dividends amounting to AED199.2 million for the second half of FY 2024 of which AED67.5 million will be distributed to free float investors in April 2025.
The approval brings the total dividend for FY 2024 to AED402.8 million, underscoring Alef Education's commitment to delivering sustainable value to its shareholders through a robust and transparent dividend policy promising a total of AED135 million to its free float investors in each year 2024 and 2025.
During the AGM, Abdulhamid M. Saeed Alahmadi, Chairman of Alef Education, highlighted the Company's strong financial and operational performance since its landmark IPO on the Abu Dhabi Stock Exchange (ADX) in June 2024.
Alef Education delivered strong financial results in FY 2024, reporting a net profit before tax of AED491.7 million, reflecting 6 percent year-on-year growth. With the expansion of Alef Education's footprint, now reaching 1.4 million students through innovative learning solutions, the Company reported Revenues of AED759.0 million.
EBITDA surged by 5 percent year-on-year to reach AED512.2 million, reaffirming Alef Education's solid financial foundation supported by cost optimisation initiatives. The Company achieved an EBITDA margin of 67.5 percent, driven by strategic B2B partnerships and the resilience of long-term B2G contracts.
Geoffrey Alphonso, Chief Executive Officer of Alef Education, commented, '2024 was a transformational year for Alef Education. Our successful IPO, swift inclusion in the MSCI UAE Small Cap Index, and our expanding strategic partnerships solidify our position as a leader in AI-powered education. As we continue to drive innovation and operational excellence, we remain committed to delivering long-term value for our shareholders, students, and stakeholders.'
The AGM also highlighted key business development initiatives undertaken by the Company during FY 2024. As part of its growth strategy, Alef Education secured a contract worth more than AED30 million for a three-year period. Additionally, Alef Education partnered with MetaMetrics to develop Miqyas Al Dhad, an innovative tool designed to advance Arabic literacy across the Arab world.
Alef Education has strengthened its presence having signed several Memorandums of Understanding (MoUs) with ministries of education across multiple countries, facilitating the adoption of this new AI-powered Arabic literacy tool.
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