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| The adjusted net profit for FY2021H1 is being expected to increase by no less than 30% YoY |
HONG KONG, Mar 8, 2021 - (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 a positive profit alert for its interim results of the financial year 2021, expecting its adjusted net profit for the 6 months ended 28 February 2021 (the "Period under Review") to increase by no less than 30%, compared to the same period last year. This is the Group's fourth consecutive positive alert since its listing. The expected significant increase in profit is mainly attributable to (i) the increase in the number of student enrolments and average tuition fees of students of Guangzhou Huashang College ("Huashang College") (formerly known as Huashang College Guangdong University of Finance & Economics) and Guangzhou Huashang Vocational College ("Huashang Vocational College") during the Period under Review; and (ii) the consolidation of the financial results of Sichuan City Vocational College and Sichuan City Technician College since they were acquired by the Group during the Period under Review.
7 Schools in China and Overseas, Total Number of Student Enrolments More Than 60,000
Benefitting from national policies favouring the development of the Greater Bay Area as well as the Area's tremendous demand for business talents, plus society's recognition for and pursuit of the Group's education brand of 'Huashang', during the Review Period, the Group expanded the number of schools from 5 to 7 both in China and overseas, with student enrolments surging to more than 60,000. The growth was mainly due to an increase in student recruitment capabilities of the new Sihui Campus in Zhaoqing, as well as an increase in the number of student enrolments of the 2 schools in Chengdu, Sichuan. Furthermore, as Xinhui Campus in Jiangmen is expected to commence operation in September 2021, the Group's endogenous growth is getting more robust, which will ensure a continuous improvement in its performance.
Internationalisation and Differentiation School-running Brought Average Tuition Fees Significant Growth
The Group focuses on developing innovative and complex application talents equipped with global insights, and its schools' teaching modes of internationalisation and diversification have gained enormous popularity. Through cooperating with prominent enterprises, constructing high-end simulated laboratories and offering high-end international courses to local students, the Group's education quality and its brand have been enhanced. Therefore, China schools Huashang College and Huashang Vocational College both recorded increases in average tuition fees of students, compared to the same period last year.
First High-Quality M&A Project in China Accomplished, Expanding School Network
The Group's domestic school network in the Greater Bay Area has been extended to the Chengdu-Chongqing economic circle. In December 2020, it acquired two schools in Chengdu, Sichuan, namely Sichuan City Vocational College and Sichuan City Technician College, with financial results consolidated since January 2021. Currently, student enrolments of the two schools are about 24,000. Sichuan City Vocational College, which has experienced 10 years of undergraduate education and another 12 years of junior education, ranks No.1 in the Province. The Group believes the two schools in Chengdu, Sichuan can enhance its brand influence whilst achieving a huge synergy with Edvantage Group.
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-Macao Greater Bay Area and an early mover in education sector in pursuing international expansion. Up to now, the Group has more than 60,000 students in school, and it owns a total number of 7 schools in China and overseas.
In China, the Group currently operates 4 schools, including two Chinese private higher education institutions in Guangdong Province, the undergraduate college, the Guangzhou Huashang College, and a junior college, the Guangzhou Huashang Vocational College, with the strategic focus of major business, major health and IT as the main curriculum. As of now, the number of student enrolments is 38,351. On December 4, 2020, the Group's existing Chinese school network in the Greater Bay Area expanded to the Chengdu-Chongqing economic circle with great development potential, and acquired two colleges, Sichuan City Vocational College and Sichuan City Technician College in Chengdu, Sichuan with the number of full-time students in the two schools is about 24,000.
Overseas, the Group operates 3 schools, including 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. Another school is a private vocational education institution in Singapore with an EduTrust certification from the Ministry of Education, that is, Edvantage Institute (Singapore) ("EIS"), which provides short-term and long-term language training courses, various kinds of diploma and higher diploma programmes. Edvantage Institute Australia ("EIA") was authorised and approved by the Tertiary Education Quality and Standards Agency ("TEQSA"), being the Group's first higher education institution qualified to offer and award both undergraduate and master's degrees.
Topic: Press release summary
Source: Edvantage Group Holdings Limited
Sectors: Daily Finance, Daily News, Education
https://www.acnnewswire.com
From the Asia Corporate News Network
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