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| The core net profit for FY2020 is being expected to increase by no less than 30% YoY |
HONG KONG, Sept 10, 2020 - (ACN Newswire) - Edvantage Group Holdings Limited ("Edvantage Group" or the "Group", stock code: 0382.HK), the largest private higher education group in Guangdong-Hong Kong-Macau Greater Bay Area (the "Greater Bay Area"), is pleased to announce positive profit alert for FY2020, expecting to record an increase of no less than 30% YoY in the core net profit of the Group for the 12 months ended 31 August 2020 (the "Period under Review"). This is the third time that the Group has released a positive profit alert after its listing.
The number of students and average tuition fee in the 2019/20 school year both have increased
The Group is benefited from the national policy to support the development of the Greater Bay Area and the pressing crave for business talents in the Greater Bay Area. At the same time, the Group's Huashang education brand and school-running capabilities have been recognized and sought after by the society. Given the popularity of international school-running models of its schools, during the Period under Review, the number of students and the average tuition fee of the two Chinese schools of the Group, Huashang College Guangdong University of Finance and Economics and Guangzhou Huashang Vocational College, increased compared with the same period last year. In addition, as the new Sihui and Xinhui campus have been put into use one after another, it is expected that the organic growth of the Group will become stronger day by day, thereby ensuring the continued improvement of the Group's performance.
Tuition fees for new students of the 2020/21 school year recorded impressive growth
The registration of freshmen for the 2020/21 school year has been delayed due to the COVID-19 epidemic. It is still in the admission stage and registration progress is expected to be announced in October. Regarding the tuition fees for new students in the 2020/21 school year, the range of tuition fees for the new students in the 2020/21 school year of the Group's institutions has increased considerably. The higher fees reflect the Group's continuous improvement in school quality. The tuition fees for new students taking undergraduate courses range from RMB 28,000~43,800, recording an increase of RMB 1,000~4,000 YoY; the tuition fee range for new students of junior college to bachelor's degree transfer programs is RMB 27,000~33,000, recording an increase of RMB 2,000~3,200 YoY; the tuition fee range for new students taking junior college courses is RMB 16,500~28,000, representing a general adjustment to increase by RMB 1,000 YoY. It is estimated that the Group's average tuition fee for undergraduates in the 2020/21 school year will be close to RMB 30,000, and the average tuition for junior colleges will be approximately RMB 17,000.
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 Greater Bay Area, and an early mover in education sector in pursuing international expansion. The total number of student enrolments of the Group were 35,444 and the Group owns 5 schools in both China and overseas as of 31 May 2020.
In China, the Group currently operates 2 private higher education institutions in Guangdong Province, namely undergraduate colleges Huashang College Guangdong University of Finance and Economics and Guangzhou Huashang Vocational College, featuring business courses (such as accounting, finance, economics and business English) as the strategic curriculum; In overseas, the Group operates a private vocational education institution named Global Business College of Australia ("GBCA") authorised by Australian Skills Quality Authority (ASQA) in Australia, offering vocational education courses and non-formal short-term courses. GBCA is the first Chinese international education institution approved by the Australian government. In December 2019, the Group has also acquired a private vocational education institution in Singapore, that is, Edvantage Institute (Singapore) ("EIS") (formerly known as NYU Language School), which has been accredited as EduTrust by the Education Department of Singapore. It is qualified to offer internationally-recognised courses and accept local and overseas students in Singapore. Moreover, the Group established a higher education institution Edvantage Institute Australia ("EIA"), which is granted by the Tertiary Education Quality and Standards Agency (TEQSA) in the first quarter of year 2020, and qualified to accept students, offer and award undergraduate and master degrees. It is expected to start students recruitment in the first quarter of year 2021.
Topic: Press release summary
Source: Edvantage Group Holdings Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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