The group saw revenue improvement across all its revenue segments – tuition fees, registration fees, school shop revenue, enrichment programme revenue, interest income and other income.
Total operating expenses before depreciation and amortisation saw an increase of 10.8% y-o-y to $58.4 million from $52.7 million last year.
As at end-December 2022, cash and cash equivalents stood at $50.4 million.
The group has declared a final dividend of 1.1 cent per share, payable on May 19. This is lower than the 1.3 cent declared in FY2021.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
Looking forward, the group says: “With most international borders fully reopened, Singapore is seeing a step-up in expatriate families relocating to Singapore. Barring any set back by a further wave of pandemic, the group is cautiously optimistic that the student enrolment will also increase in tandem with the inflow of expatriate families entering and living in Singapore.”
However, the group expects the foreign system schools’ space and operating environment to remain competitive and challenging amid rising costs and a high inflationary environment.
Shares in Overseas Education closed at 26 cents on Feb 22.
