HONG KONG, Feb 15, 2022 - (ACN Newswire) - 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, announced its unaudited financial data and the latest business update for the 3 months ended 30 November 2021 ("Period under Review").
Guangzhou Huashang Vocational College signed cooperation agreement with CMGE
Guangzhou Huashang Vocational College collaborated with Shenzhen Dianmao Technology Co., Ltd. to establish the "school of early childhood education industry"
Urban Vocational College of Sichuan led the establishment of the vocational education group of intelligent healthcare for the elderly
Highlights (Unaudited related data for the 3 months ended 30 November 2021)
-- Revenue increased by 61.5% YoY to approximately RMB393.5 million;
-- Gross profit rose by 62.0% YoY to approximately RMB196.9 million;
-- Number of student enrolments increased by 82.4% YoY to approx. 70,700;
-- Fullset financial statements of Sichuan Vocational Education Project will be consolidated for 12 months from FY2022;
-- Acquisition of Guangdong Vocational Education Project is completed and will consolidate its financial statements during the 2nd quarter of FY2022 (which is from December 2021 to February 2022)
Organic growth recorded a robust and sustainable development
M&A projects continuously contributed to the overall performance
During the Period under Review, the Group closely adhered to the direction of national policies, and provided featured, market-oriented higher education and vocational education service to students with high quality and high compliance. As a result, the Group recorded steady and sound development in operations and financial performance. The Group's revenue was approximately RMB393.5 million, representing an increase of 61.5% as compared with the corresponding period of last year, while gross profit was approximately RMB196.8 million, representing a year-on-year increase of 62.0%. The growth was mainly attributable to favorable earnings generated by the Urban Vocational College of Sichuan and Urban Technician College of Sichuan that the Group started consolidating its financial statements since January 2021 (Performance of two schools were not reflected during the first 3 months of FY2021, i.e., from September to November 2020.), and the increasing number of student enrolments and average tuition fees from both Guangzhou Huashang College and Guangzhou Huashang Vocational College.
During the Period under Review, owning to the consolidation of two high-quality schools in Sichuan, the number of student enrolments surged by 82.4% YoY to approximately 70,700. At the same time, with the reinforcement of education brand and continuous provision of diversified and international teaching services, the tuition fees increased gradually. In terms of tuition fees, the Group witnessed an increase ranging from RMB500 to RMB4,200 in Guangdong schools and an increase of RMB1,800 in Sichuan Schools. During the Period under Review, the Group increased educational input and provided teaching facilities and teaching faculty with high-quality, nurture students with high-standard and application-oriented training mode to increase their employment competence.
It's worth mentioning that the Group started consolidating Sichuan Vocational Education Project's financial statements since January 2021, therefore will consolidate its fullset financial statements for 12 months from FY2022. In addition, acquisition of Guangdong Vocational Education Project is completed, and the Group will consolidate its financial statements during the 2nd quarter of FY2022 (which is from December 2021 to February 2022). The Group believes that the acquisition of two well-qualify vocational education projects can bring considerable performance contributions and further drive the overall performance to achieve FY2022 revenue target. Under the background of strong encouragement in vocational education from national policies, the Group believes that all businesses will enjoy better and faster development owing to the favorable policies.
Frequently made breakthroughs on connotation construction
International school-running has been widely recognised
In October 2021, the General Office of the CPC Central Committee and the General Office of the State Council released the Guidelines on Promoting the High-quality Development of Modern Vocational Education, clearly supporting and encouraging listed companies and industry leaders to develop vocational education. During the Period under Review, the Group adhered to the direction of national policies and strived to develop vocational education. Focusing on connotation construction, the Group frequently made breakthroughs on teaching achievements, awards for teachers and students, scientific research and industry-education integration. Of these, in terms of the integration of industry and education, the schools under the Group has actively built partnerships with leading enterprises in various industries, in a bid to facilitate the innovation and development of the enterprises and see the enhancement of their school-running strength. As for exploring differentiated school operations, the Group also achieved outstanding results in operating high-quality international vocational education, and cultivated numbers of application-oriented, innovative and versatile talents with international vision. As a result, the Group's education brand has been widely recognised.
In terms of the integration of industry and education, the schools under the Group has actively built partnerships with leading enterprises in various industries, in a bid to facilitate the innovation and development of the enterprises and see the enhancement of their school-running strength. Of these, Huashang Vocational College has teamed up with Shenzhen CMGE Network Technology Co., Ltd. to set up an integrated industry-university-research collaboration platform for digital creative culture to train talents in the digital field. At the same time, it has collaborated with Shenzhen Dianmao Technology Co., Ltd. to establish the "school of early childhood education industry", aiming to train high-calibre talents to meet the needs of high-quality development and innovation of the early childhood education industry. In addition, Urban Vocational College led the establishment of the vocational education group of intelligent healthcare for the elderly in the Chengdu-Chongqing Economic Circle, facilitating the formation of a new pattern of elderly care in the Chengdu-Chongqing region.
Looking ahead, the Group will, as always, closely follow the national policy in running schools, and will continuously focus on connotation construction and explore diversified development based on the accumulation of nearly 19 years of high-quality school running. Based in the Guangdong-Hong Kong-Macao Greater Bay Area, radiating into the Chengdu-Chongqing Economic Circle, and facing China and the world, the Group will continue to drive the international development of its vocational education and cultivate application-oriented, innovative and versatile high-level skilled talents with international vision, with the goal of serving the society and the country.
While focusing on school-running, the Group will undertake corporate social responsibilities and engage in extensive social contributions. To cultivate application-oriented talent, the Group will continue to provide a variety of scholarships to encourage student learning to deepen their sense of social responsibility and cultivate their social competitiveness. As to social charity, the Group will continue to participate in social welfare undertakings for improving people's livelihood, alleviating rural poverty, invigorating education, etc. In the future, the Group will continue to operate in a responsible manner, fulfilling corporate social responsibilities and contributing to the society with practical actions.
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 student enrolments of the Group was approximately 71,000 as of 30 November 2021. Operated 8 private education institutions, namely, the Guangzhou Huashang College (Applied Undergraduate) and the Guangzhou Huashang Vocational College (Higher Vocational Education) located in Guangdong, China; the Urban Vocational College of Sichuan (Higher Vocational Education) and the Urban Technician College of Sichuan (Secondary Vocational Education) in Sichuan, China; the GBA Business School (GBABS) in Hong Kong, China; the Global Business College of Australia (GBCA) and the Edvantage Institute Australia (EIA) in Melbourne, Australia; the Edvantage Institute (Singapore) (EIS) in Singapore.
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