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Al Faleh Educational embarks on plans to cement its lead position in Qatar’s academic trajectory
Al Faleh Educational Holding is seeking further accreditation for its Doha Academy and planning to introduce new degree programmes at AFG College as part of cementing its position in Qatar’s academic trajectory and strengthen its topline. “Within the coming year we are looking to further improve our services and increase our income whether at the Doha Academy schools where we are currently considering further accreditations that will increase the demand to enrol in our well-established schools, or at AFG College where we are working alongside our partner the University of Aberdeen to introduce new degree programmes and expand our portfolio once they are approved by the Ministry of Education and Higher Education,” its chairperson and founder Sheikha Dr Aisha bint Faleh al-Thani told the annual general assembly meeting (AGM), which was convened recently.
The vision is to contribute to the education and development of Qatar’s future leaders in line with the Qatar National Vision 2030, she told the AGM, which approved the report of board on the company’s activities, financial position for the year ended August 31, 2022 and the future plans. At the AGM shareholders approved the board’s recommendation to distribute cash dividends of QR0.03125 for each share for the year ended August31, 2022.
The AGM also approved the report of the external auditor for the year and the financial position and statement for profit or loss for the company for the year.
Sheikha Aisha said Al Faleh Educational Holding’s revenues reached QR126.78mn for the period ended August 31, 2022 compared to QR121.94mn during the same period of the previous year, with a growth rate of 3.97%.
Earnings per share (EPS) amounted to QR0.051 for the period ended August 31, 2022 against QR0.052 for the same period of the previous year.
The company “fared well” in cash flow generation, with net cash at the end of the year of QR11.9mn, an increase of 75.3% from 2021.
This was largely the result of stable business performance and improved working capital management. The company’s borrowing decreased to QR22mn as on August 31, 2022, compared to QR33.8mn the same period of the previous year.
The AGM approved to discharge the board members from any liability for the year ended August 31, 2022, and not to grant them remuneration for the review year except for the yearly fixed lump sum amount adopted in accordance with the company’s Articles of Association.
The AGM heard the Shariah adviser’s report of the activity of the company for the year ended August 31, 2022 and also appointed Russell Bedford as an external auditor for the year ending August 31, 2023.