Bright Scholar Reports Higher Revenue and Earnings
As of Oct. 31, the company has signed contracts to operate an additional 12 kindergartens and one bilingual school.
Bright Scholar Education Holdings Ltd. (NYSE: BEDU) announced today its financial results for the fourth fiscal quarter, reporting 41.5 percent revenue growth.
The Foshan-based company, one of China's largest international and bilingual K-12 schools in China, reported revenue of 389.7 million yuan ($55.67 million) compared with $32.57 million for the same period last year.
"We remain committed to making investments in the education service industry and forming strategic partnerships to accelerate growth in our core business and our complementary business" said Jerry He, CEO of Bright Scholar. "During this fiscal year, we have completed four acquisitions (Xinqiao, Can-Achieve, Foundation Global Education and Zangxing) and we expect to complete the acquisition of renowned Zhejiang-based art training institution by the end of November 2018."
Net income in the three months ended Aug 31 was 11.7 million yuan, compared with a net loss of 3.7 million yuan in the same period of the last fiscal year.
Bright Scholar has been aggressively expanding its businesses in the past few months. As of Oct. 31, the company has signed contracts to operate an additional 12 kindergartens and one bilingual school with a total capacity of approximately 5,000 students within Country Garden properties. Country Garden is one of the largest Chinese property development companies based in Guangdong Province.
The stock of Bright Scholar closed at $12.41 per share Wednesday, up 30 cents.