Taaleem Holding Company reported a 16% increase in profits (after tax), reaching 138.8 million dirhams by the end of the first half ending on February 29, 2024, compared to 119.5 million dirhams in the same period in 2023. A portion of these profits was set aside to pay income tax, which the company will start paying in 2025.
Taaleem Holding Company’s consolidated operating revenues for the first half of 2024 increased by 15% year-on-year, reaching AED 548.7 million. The company’s net profit (before tax) increased by 53% year-on-year, reaching AED 182.8 million. The implementation of corporate tax in September 2023 led to the recording of a one-time deferred tax liability provision of AED 27.7 million. These provisions align with International Accounting Standard No. 12 and require companies to measure deferred tax assets and liabilities based on tax rates. The company’s effective tax rate is currently at an impressive rate of only 8.9%, with the first payment to the Federal Tax Authority scheduled for May 2025.
In addition to its financial performance, Taaleem Holding Company also saw significant growth in other areas such as student enrollment and asset utilization rates in distinguished category schools. The number of students registered grew by a whopping 33% annually, totaling at a record high of
