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Friday, 24 November 2023, 17:07 HKT/SGT
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Source: Edvantage Group Holdings Limited
Edvantage Group Announces FY2023 Annual Results
Focus on Cultivating Application-oriented Talents in Vocational Education
Promote High-quality Development of Edvantage Brand

HONG KONG, Nov 24, 2023 - (ACN Newswire) - Edvantage Group Holdings Limited ("Edvantage Group" or the "Group", stock code: 0382.HK), has announced its audited FY2023 Annual Results for the year ended 31 August 2023 (the "Reporting Period").

Highlights (relevant audited data for the year ended 31 August 2023)

-- Revenue increased by 17.0% YoY to approximately RMB1,973.0 million;

-- Gross profit rose by 19.9% YoY to approximately RMB1,018.4 million;

-- Adjusted net profit attributable to owners of the Company rose by 15.3% YoY to approximately RMB667.8 million;

-- Payment of a final dividend of HK9.0 cents per share recommended;

-- Dividend payout ratio at 30% for the year;

-- Number of student enrolments increased by 11.0% YoY to approximately 86,000.

During the Reporting Period, the Group's revenue totaled approximately RMB1,973.0 million, representing an increase of 17.0% as compared with the corresponding period of the preceding year. The increase was mainly attributable to a rise in the number of student enrolments and higher average tuition fees recorded by the Group's domestic schools. The adjusted net profit attributable to owners of the Company rose by 15.3% YoY to approximately RMB667.8 million. The number of student enrolments reached approximately 86,000, setting a new historical record. The Board of Directors of the Group has recommended the payment of a final dividend of HK9.0 cents per share for the year ended 31 August 2023, which, along with an interim dividend of HK9.0 cents per share, equates to a total annual dividend of HK18.0 cents per share and a dividend payout ratio of 30% for the year.

Ms. Liu Yi Man, Executive Director and Chief Executive Officer
From left to right: Mr. Yan Kwok Ting Sunny, Director of Investment, Corporate Finance & Investor Relations Department; Ms. Liu Wenqi, Chief Operating Officer; Mr. Liu Yuk Tung, Chief Financial Officer.

In accordance with national policies

Promote high-quality development of vocational education

In recent years, the People's Republic of China (the "PRC" or "China") has successively introduced a number of policies that encourage the advancement of vocational education and improve the top-level design of the vocational education system. According to the 14th Five-Year Plan issued in 2021, a target has been set to increase the gross enrolment rate in higher education within the PRC to 60% during the 14th Five-Year Plan period. In October 2022, a report to the 20th National Congress of the Communist Party of China was issued which included in its formulation the need for "in-depth implementation of a strategy of national rejuvenation through science and education and strengthening the country through talent", "adhering to the priority development of education", "accelerating the construction of an educational power", and "accelerating the construction of a high-quality education system". In December 2022, the State Council of the PRC released the "Guideline on the Strategic Plan for Expanding Domestic Demand (2022–2035)", which clearly proposed "improving the vocational and technical education and training system and enhancing the adaptability of vocational and technical education" and "encouraging social forces to provide diversified educational services as well as support and standardise the development of private education". In addition, in June 2023, eight departments, including the National Development and Reform Commission and the Ministry of Education, emphasised the integration and development of industry and education in vocational education. Benefiting from multiple favorable national policies, the Group has been closely complying with the national policies, firmly following the path of high-quality development, continuously deepening the integration of industry and education, and comprehensively improving the quality of education and teaching as well as the cultivation of talent to shoulder the important task of cultivating high-quality skilled professionals among various industries.

Closely follows industry trends and market needs 

Persist in providing high-quality and high-compliant education

The Group has actively responded to the national development strategies and closely followed the pace of industrial development in the Greater Bay Area and the Chengdu-Chongqing Economic Circle. It has applied for 20 new majors, including artificial intelligence application, intelligent vehicle technology, industrial robot application and maintenance, e-commerce, nursing, etc., in response to the requirements of major emerging industries in the region and facilitate the constructing of a modern economic system. Additionally, the Group's schools have achieved fruitful results in developing quality professions, among which, Guangzhou Huashang College has been granted one first-class undergraduate profession at the national level, six provincial first-class undergraduate professions and nine provincial first-class undergraduate courses. Since its establishment, the Group has insisted on industry-oriented development and meeting the urgent needs of the market, closely aligning with sunrise industries with strong demand for talent. The Group has taken the initiative of setting up related professions, with the aim of constantly improving the professional layout of vocational education and satisfying the needs of the market, as well as meeting the needs of students with different talent in terms of choices and diversification of their potentials.

Gradually advance the integration of industry and education with school-enterprise cooperation

Cultivate application-oriented talents who possess international vision

During the Reporting Period, the Group closely followed the development strategies of key industries in the PRC, and established strategic partnerships with a number of renowned enterprises in the industry by combining disciplines that constitute its major strengths, and by jointly constructing industry colleges and experimental and practical training bases for majors in healthcare, creative arts, e-commerce, and cloud accounting. At the same time, the Group has strictly adhered to the concept of "collaborative education between schools and enterprises" by working closely with more than 1,000 well-known enterprises and listed companies to encourage school-enterprise cooperation. This has included promoting the sharing of talent, technologies and resources between schools and enterprises, facilitating the organic amalgam of industry demand, and deepening industry-oriented talent cultivation. Internationalization of education is also one of the distinctive features of the Group's educational approach. With the easing of pandemic restrictions, there has been a continuous increase in students' demand for overseas learning and exchange. The Group has organised multiple batches of student visits to Hong Kong, Singapore, and Australia, helping them and the teachers better understand international market developments and enhancing students' overall abilities and employability competitiveness.

Prospect

Looking ahead, with strong policy support, the Group will observe national policies and market trends and provide career-oriented vocational education. The Group will continue to promote in-depth development of disciplines and professions that meet the needs of the new era. It will actively build a high-standard practical training system, continuously introduce advanced management concepts and increase investment in infrastructure. In addition, the Group will cultivate innovative talent, well-rounded talent and application-oriented talent, and individuals that possess international vision and can shoulder social responsibility for the country, so as to make positive contributions to the development of national education, and the national economic and social development of the PRC.

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 full-time student enrolments of the Group was approximately 86,000 as of 31 August 2023. Operated 9 private education institutions, namely, Guangzhou Huashang College (Applied Undergraduate), Guangzhou Huashang Vocational College (Higher Vocational Education) and Guangdong Huashang Technical School (Secondary Vocational Education) located in Guangdong Province, the PRC; Urban Vocational College of Sichuan (Higher Vocational Education) and Urban Technician College of Sichuan (Secondary Vocational Education) in Sichuan Province, the PRC; GBA Business School (GBABS) in Hong Kong, the PRC; Global Business College of Australia (GBCA) and Edvantage Institute Australia (EIA) in Australia; as well as Edvantage Institute (Singapore) (EIS) in the downtown of Singapore.

While focusing on school operations, the Group also actively fulfil corporate social responsibility, extensively contributing to social welfare programmes including charity, poverty alleviation, education and revitalisation, in order to take the initiative in repaying society through action. Since its listing, the Group has made outstanding contributions in the field of ESG and has won the "InnoESG Care Prize" in 2021, Gelonghui's "Mid-to-Small Market Value Corporate Social Responsibility Award of the Year", and Zhitong Caijing's "Best CSR Listed Company" award in 2022.

 




Topic: Press release summary
Source: Edvantage Group Holdings Limited

Sectors: Education
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