Edvantage Group Announces FY2023 Interim Results
HONG KONG, Apr 27, 2023 – (ACN Newswire via SEAPRWire.com) – Edvantage Group Holdings Limited (“Edvantage Group” or the “Group”, stock code: 0382.HK), the largest private business higher and vocational education group in the Greater Bay Area, has announced its unaudited FY2023 Interim Results for the six months ended 28 February 2023 (the “Reporting Period”). During the Reporting Period, under the background of the state’s strong support for vocational education, the Group has been closely following the continuously favorable national policies of vocational education, adhering to high-quality and compliant school operation, the business operations have shown high-quality and sustainable development, with steady improvement in performance.
Highlights (Unaudited relevant data for the six months ended 28 February 2023)
— Revenue increased by 18.3% YoY to approximately RMB972.8million;
— Gross profit rose by 19.1% YoY to approximately RMB491.8 million;
— Profit for the period attributable to owners of the Company rose by 18.9% YoY to approximately RMB298.7 million;
— Number of student enrolments increased 12.2% against the corresponding period of last year to 85,603;
— Interim dividend per share is 9.0 HK cents.
During the Reporting Period, the Group’s revenue was approximately RMB972.8 million, representing an increase of 18.3% as compared with the corresponding period of the preceding year, which was mainly attributable to the increase in the number of student enrolments of Huashang College, Huashang Vocational College, Urban Vocational College and Urban Technician College of the Group and the revenue generated by the school acquired in the financial year ended 31 August 2022 (i.e. Huashang Technical School). Profit for the period attributable to owners of the Company rose by 18.9% YoY to approximately RMB298.7 million. The Board of the Group is pleased to declare an interim dividend of HK9.0 cents per share in respect of the six months ended 28 February 2023.
Paying close heed to national policies and market orientation to cultivate application-oriented talents for social needs
On May 1, 2022, the newly revised “Vocational Education Law of the People’s Republic of China” was officially implemented. The new law stipulates that vocational education is as important as general education. During the Reporting Period, China promulgated a series of beneficial vocational education policies, which provide more support for the vocational education sector, encourage companies to invest in schools and promote high quality and sustainable development of vocational education. With the advancement of science and technology and the development of digital technology, the schools under the Group have opened new majors in line with national policies and market orientation, such as pharmacy, artificial intelligence, cross-border e-commerce, intelligent connected vehicle technology, etc. Against the backdrop of such beneficial policies, the Group pays close heed to national policies to deepen school-enterprise cooperation and integration of industry and education, allowing the Group to achieve stable growth in operating result over consecutive years and record high enrolments
Further deepening the school-enterprise cooperation to push integration of industry and education
During the Reporting Period, the Group actively responded to national policies and focused on connotation construction. For talent demand in digital economy, health and other sectors, the Group cooperated with multiple famous enterprises in their respective sectors to further deepen the integration of industry and education.
Looking ahead to the future, the Group will continue to closely follow national policies, insist on talent strategy and the high-quality development of the integration of industry and education, as well as increase exploration of collaborative development among “industry, academia, and research”, cultivating high-level application-oriented and innovative talents with international perspectives to serve the society and contribute to the nation.
About Edvantage Group Holdings Limited
Edvantage Group Holdings Limited (“Edvantage Group” or the “Group”, stock code: 0382.HK) is the largest private business higher education and vocational education group in the Greater Bay Area, and an early mover in education sector in pursuing international expansion, listed in Hong Kong Main Board on 16 July 2019. The total number of full-time student enrolments of the Group was approximately 85,600 as of 28 February 2023. Operated 9 private education institutions, namely, Guangzhou Huashang College (Applied Undergraduate), Guangzhou Huashang Vocational College (Higher Vocational Education) and Guangdong Huashang Technical School (Secondary Vocational Education) located in Guangdong, China; Urban Vocational College of Sichuan (Higher Vocational Education) and Urban Technician College of Sichuan (Secondary Vocational Education) in Sichuan, China; GBA Business School (GBABS) in Hong Kong, China; Global Business College of Australia (GBCA) and Edvantage Institute Australia (EIA) in Australia; Edvantage Institute (Singapore) (EIS) in the downtown of Singapore.
While focusing on school operations, the Group also actively fulfil corporate social responsibility, extensively contributing to social welfare programmes including charity, poverty alleviation, education and revitalisation, in order to take the initiative in repaying society through action. Since its listing, the Group has made outstanding contribution in the field of ESG and has won the “InnoESG Care Prize” in 2021, Gelonghui’s “Mid-to-Small Market Value Corporate Social Responsibility Award of the Year”, and Zhitong Caijing’s “Best CSR Listed Company” award in 2022.
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