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| Thursday, 16 January 2020, 17:53 HKT/SGT | |
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Revenue Amounted to Approximately RMB210.9 Million with a YOY Increase of Approximately 19.4%;
The Sihui campus is developing as scheduled, Business development in Singapore and Shenzhen saw significant breakthrough, Business of Vocational education training will become a new revenue growth factor
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HONG KONG, Jan 16, 2020 - (ACN Newswire) - Edvantage Group Holdings Limited ("Edvantage Group" or the "Group", stock code: 0382.HK) announces an update on certain latest unaudited financial and operational information, and business development of the Group for the three months ended 30 November 2019 (the "Period under Review").
Business Update Highlights (for the three months ended 30 November 2019)
- The revenue of the Group amounted to approximately RMB210.9 million, representing a YOY increase of approximately 19.4%;
The gross profit of the Group amounted to approximately RMB104.3 million, representing a YOY increase of approximately 21.3%;
The gross profit margin increased by 0.8 percentage point to 49.5% as compared to the corresponding period of last year;
- The total number of student enrolments was 35,227, representing a YOY increase of 7.7%;
- The average tuition fees for student enrolments of Huashang College and Huashang Vocational College for the Period under Review were RMB24,671 and RMB15,617, representing a YOY increase of 13.3% and 3.5% respectively
During the Period under Review, the revenue of Edvantage Group amounted to approximately RMB210.9 million, representing a YOY increase of approximately 19.4%. The gross profit of the Group increased by 21.3% to approximately RMB104.3 million and the gross profit margin increased by 0.8 percentage point to 49.5% as compared to the corresponding period of last year. During the Period under Review, the total number of student enrolments of the Group was 35,227, representing a YOY increase of 7.7%. The total number of student enrolments of Huashang College Guangdong University of Finance & Economics ("Huashang College") was 24,116, representing a YOY increase of 6.3%, and the total number of student enrolments of Guangzhou Huashang Vocational College ("Huashang Vocational College") was 10,661, representing a YOY increase of 11.3%. Apart from an increase in student enrolments, the average tuition fees for student enrolments of the Group also recorded significant increase. The average tuition fees for student enrolments of Huashang College and Huashang Vocational College for the Period under Review were RMB24,671 and RMB15,617, representing a YOY increase of 13.3% and 3.5% respectively.
BUSINESS UPDATE
Core Business Update
Rooted in the Guangdong-Hong Kong-Macau Greater Bay Area, benefited from the favourable national policies, the Group adhere to the market demand by proactively adding majors and disciplines
As the largest private education group in the Guangdong-Hong Kong-Macau Greater Bay Area, Edvantage Group proactively grasp the national policy trends and provide the quality education resources for talents with the ambition to develop a career in the Greater Bay Area. During the Period under Review, Huashang College continued to see the business programmes as strategic focus(e.g. accounting, finance, economics and business English), and adhere to the market demands at the same time by adding 7 more majors including health services and management, data science and big data technology, business management, animation, public utility management, marketing (international class), tourism management (international class). The top 5 majors of Huashang College in terms of student enrolments of 2019/20 school year remains to be accounting, English, international economics and trade, financial engineering and Chinese literature. In addition, accounting and journalism of Huashang College were selected to be the distinguished college disciplines cultivation pilot of 2019 in Guangdong province. During the Period under Review, Huashang Vocational College's majors increased to 34, with the new majors of big data technology and application, traditional chinese pharmacology, drug operation and management, TCM health care, early childhood education, pharmacy and math media art design.
The Group proactively enrich education resources, expand overseas and domestic school network, continuously consolidate its sizable students base
The new Sihui campus: To further expand the Group's domestic campus network, Huashang College is constructing an approximately 533,300 sq. m new campus in Sihui of Zhaoqing, Guangdong Province, which will accommodate approximately 16,000 students. The Sihui campus is expected to commence operation in September 2020 with the enrolment of 3,000 students for the initial school year. It is expected that the total number of student enrolments will increase by 3,000 in each subsequent year.
The existing Zengcheng campus: The Group is building a Science & Technology Centre and an International Conference Centre at Zengcheng campus in Huashang College to improve the overall infrastructure of campuses in China and enhance the overall education quality, as well as to boost up the Group's industry reputation. At present, Science & Technology Centre and International Conference Centre at Zengcheng campus are under construction as scheduled.
The new Singapore campus: Being the pioneer of overseas expansion, the Group continues to accelerate the global school network expansion besides the existing Global Business College of Australia ("GBCA"). During the Period under Review, the Group has acquired NYU Language School, which has been accredited as EduTrust by the Education Department of Singapore. NYU Language School provides long-term and short-term language training courses as well as preparatory courses for the admission of different schools in Singapore for local and overseas students. Moreover, the Group has established the Singapore campus based in the existing NYU Language School. Expected to commence operation in April 2020, the Singapore campus is situated in city centre with favourable geographical location and excellent accessibility. It is also in the vicinity of various universities, including the National University of Singapore and the Nanyang Academy of Fine Arts, which are accessible within a short period of time. In addition to the language preparatory courses, the new campus also provides undergraduate and college courses and start-up/training courses. It is qualified to offer internationally-recognised courses and accept local and overseas students in Singapore. The breakthrough of acquiring NYU Language School the Group made will allow the students of Huashang College and Huashang Vocational College from China to attend the new Singapore campus sooner. In addition, it will also optimize the education service quality of the Group and increase the learning resources available to the students.
Strategic positioning in the Greater Bay Area, enrich diversified education service and upgrade branding influence
New teaching venue in Shenzhen: As an education brand rooted in the Greater Bay Area, Edvantage Group proactively cultivate education resources in Shenzhen, a Greater Bay Area city known as a "Special Economic Zone" of China, an international metropolitan, the "Silicon Valley" in China and the Demonstration Pilot Zone. During the Period under Review, the Group set up a new teaching venue in Shenzhen for launching advanced courses on AI, big data, financial technology, etc. The new teaching venue is located in The Mixc Commercial Zone, Nanshan District, Shenzhen, and is expected to commence operation in April 2020. Edvantage Group accommodate the market's thirst for high-end technology talents, and leverage on Shenzhen's unique urban positioning in China, as well as its gigantic attraction for talents to actively enrich diversified education services and enhance the brand influence of Edvantage Group simultaneously.
Programme addition and improvement
Addition of College of Healthcare: To train healthcare professionals, establish a healthcare professional group covering healthcare services and management, the Group has established College of Healthcare in Huashang College and Huashang Vocational College. Its curriculum focuses on "cooperation with hospitals and corporates" and "school-enterprise cooperation." The programs offered by College of Healthcare include healthcare services and management, Chinese herbs, cosmetics science and technology and health enhancement with traditional Chinese pharmacy. Approximately 150 students have been initially enrolled at the colleges of health for the 2019/20 school year. The Group has also set up a modern and synthetic Chinese herbarium, which combines education, scientific research and popular science.
The establishment of Southwest University of Political Science & Law Huashang College: The Group actively expand and improve the programs simultaneously. Huashang College and Southwest University of Political Science & Law has signed a cooperation agreement on 31 December 2019 in relation to the joint establishment of the Southwest University of Political Science & Law Huashang College to award double bachelor's degree (Business+law) to enhance the level of recognition and the competitiveness of its graduates. The college plans to introduce the joint programmes in the year of 2020/21. It is expected that the tuition fees of joint programmes will be significantly higher than that of single subject programmes.
Vocational Education Training Business Update
Benefited from the provisional government policy on "1+X" certificate system, the business of vocational education training of the Group further grew, expected to become the new revenue growth factor
The business of vocational education training of the Group further grew under the provisional government policy on quality classification of vocational skills, i.e. "1 + X" certificate system, introduced for vocational colleges and technical training colleges. At present, relatively abundant certified vocational training courses have been introduced in Zengcheng campus, including CFA, junior accountant, computer science, teacher qualification certificate, CET 4, CET 6 and IELTS. Additionally, Zengcheng campus will see further development of the school of continuing education. It is expected that the contribution of revenue from continuing education in the school year of 2020/21 and beyond will be more significant. In addition to the operation of vocational education training, the Group will make use of its overseas teaching resources to introduce advanced vocational training for local and overseas students in its Shenzhen teaching centre in cooperation with Southwest University of Political Science & Law Huashang College. Looking forward, it is expected that the vocational training of the Group will have high growth and gross profit margin and will become a new revenue growth factor for the Group.
OUTLOOK
In recent years, benefited from the support of favourable national policies to the Greater Bay Area and its education industry, Edvanatge Group seized this golden opportunity and became the largest private higher education group in the area. The business progress in the first three months of financial year 2020 indicates that the average tuition fee of the Group's students in the future will have the potential to increase. In addition to the planned expansion of the Sihui and Zengcheng campuses and the overseas school network, the Group is confident about its future business development. At the same time, the Group will put enormous efforts to develop vocational education training, which is currently credited to other revenue, and bring more value for the shareholders. In the future, Edvantage Group will make full use of its existing advantages, firmly grasp the opportunities arising from the development of the Greater Bay Area and continue to propel the development of the Group with internationalization and informatization.
About Edvantage Group Holdings Limited
Edvantage Group Holdings Limited ("Edvantage Group" or the "Group", stock code: 0382.HK) is the largest private higher education group in the Guangdong-Hong Kong-Macau Greater Bay Area (in terms of total student enrolment of business majors for the 2017/2018 school year), and an early mover in education sector in pursuing international expansion. With a sizeable student base, the Company operates with economies of scale. In China, the Edvantage Group currently operates two private higher education institutions located in the Great Bay Area of Guangdong Province, China, namely Huashang College and Huashang Vocational College. Huashang College and Huashang Vocational College focus their programme offerings on business programmes, such as accounting, finance, economics and business English, and strive to help students to achieve employment prospects when they graduate, and to benefit from the availability of employment opportunities in the Greater Bay Area. The Company also operates a private vocational education institution named Global Business College of Australia ("GBCA") authorized by ASQA in Australia, offering vocational education courses and non-formal short-term courses aiming to provide students with competitive advantages and global prospective.
The Group has also acquired NYU Language School, a local school in Singapore and has established the Singapore campus based in the existing NYU Language School. NYU Language School has been accredited as EduTrust by the Education Department of Singapore. The Singapore campus is expected to commence operation in April 2020. In addition to the language preparatory courses, the new campus also provides undergraduate and college courses and start-up/training courses. It is qualified to offer internationally-recognised courses and accept local and overseas students in Singapore.
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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