Hailiang Education Group Inc. Announces Financial Results for the First Quarter of Fiscal Year 2021

HANGZHOU, China, Nov. 30, 2020 /PRNewswire/ — Hailiang Education Group Inc. (Nasdaq: HLG) (“Hailiang Education”, the “Company” or “we”), an education and management service provider of primary, middle, and high schools in China, announced its financial results for the first quarter of fiscal year 2021 ended September 30, 2020.

“Hailiang Education has achieved remarkable results through the continual improvement of brand awareness and the development of innovation strategies, albeit the COVID-19 pandemic still has temporary impact on part of our business. We will continue to build a one-stop comprehensive service platform for primary, middle and high school education, in order to provide students with high-quality education and management services and to vigorously develop additional education services, such as online and onsite educational training services, study trip services and overseas study services. In the first quarter of fiscal year 2021, we recorded revenue of RMB298.5 million (US$44.0 million), increased by 29.8% from RMB229.9 million for the same period of last year. We generated revenue of RMB263.1 million (US$38.8 Million) from primary, middle and high school educational services, an increase of 36.1% compared to the same period of last year. The net profit attributable to the Company’s shareholders was RMB26.9 million (US$4.0 million), compared with the net loss attributable to the Company’s shareholders of RMB15.3 million for the same period of last year. The net profit attributable to the Company’s shareholders margin was 9.0%, and the net loss attributable to the Company’s shareholders margin was 6.7% for the same period of last year, demonstrating Hailiang Education’s significant profitability,” said Dr. Junwei Chen, the Chairman and Chief Executive Officer of Hailiang Education.

Dr. Chen said, “The first quarter of fiscal year 2021 was a critical period for the new school year enrollment. As of September 30, 2020, the number of students enrolled at our affiliated schools reached 26,869, an increase of about 10.8% year-on-year. The total student enrollment of 72,846 in our affiliated and managed schools increased by approximately 9.5% year-on-year. We added three affiliated schools to our school network, namely Lanzhou Hailiang Experimental School, Hailiang Overseas Chinese School, and Wuhu Hailiang Experimental School, all of which started their first year of enrollment for the 2020-2021 school year in the first quarter of fiscal year 2021. As of September 30, 2020, there were 568, 828 and 409 students enrolled in these three schools, respectively. The Company also acquired Jinhua Hailiang Foreign Language School (“JHFL”) and completed the transfer of sponsorship in September 2020. As of September 30, 2020, the number of students enrolled in JHFL reached 739, an increase of 164 from the same period of last year. The increase in the number of students enrolled in our schools has proved that the Company’s precautionary measures during the COVID-19 have been effective and recognized by the public. The Company has successfully seized the opportunity to develop amid the negative impact of the COVID-19 on the education industry and the public’s philosophy of education. In addition, as of September 30, 2020, the number of

Read more