Ahmed Jamal, Group CFO of Almasar Alshamel Education Co.
Ahmed Jamal, Group CFO of Almasar Alshamel Education Co., expects the fourth quarter to deliver strong performance, supported by a 14% year-on-year (YoY) increase in student and beneficiary numbers at the start of the 2026-2027 academic year, bringing the total to around 32,000. 
Jamal said the total number of students and beneficiaries reached approximately 28,900 by the end of the 2025-2026 academic year, covering those enrolled with Human Development Co. (HDC), Nama Group and Middlesex University Dubai, marking a 21% increase.
He said the third-quarter losses were normal and recurring on an annual basis, as the quarter coincides with the summer vacation, during which the group continues to incur salaries, rent and fixed operating expenses despite lower revenue.
Jamal said around SAR 4.5 million of the expenses recorded in Q3 2026 were related to a potential acquisition, adding that the expansion of the group’s business has increased operating costs, including salaries, rent and fixed expenses, further amplifying the impact of seasonality on third-quarter results.
The acquisition-related expenses recorded in Q3 covered due diligence and legal and financial advisory costs associated with the potential acquisition of a 60% stake in Al Qalam Educational Trading Co., which operates four schools in Riyadh, following the signing of a memorandum of understanding (MoU) in June 2026.
Jamal said the company is in the final stages of due diligence and contract preparation, noting that completion of the deal remains subject to the conclusion of negotiations and obtaining the necessary regulatory and legal approvals, with no definitive timeline for closing yet.
The group’s revenue is generated through its special-needs care and rehabilitation business in Saudi Arabia and its higher education operations in the UAE through Middlesex University Dubai, he said. The company does not consolidate the financial statements of Nama because it does not exercise control over the entity, instead recognizing its share of the associate’s results.
Regarding the group’s investment in Nama, Jamal said Almasar Alshamil’s share of Nama’s profits reached approximately SAR 54.4 million in the first nine months of 2026, up 94% YoY. Growth accelerated to 194% in Q3.
Nama delivered strong performance during the previous academic year, supported by a 24% increase in student numbers at Abu Dhabi University and Liwa University, Jamal said. Abu Dhabi University also climbed 43 places in the QS World University Rankings 2027, while expanding its portfolio of academic programs during the year.
Liwa College was upgraded to university status, coinciding with the launch of its new campus in Al Ain, he added. Nama Group’s revenue grew 25% YoY in the first nine months of 2026, alongside improvements in spending efficiency and cost rationalization.
Almasar Alshamil signed a non-binding MoU in June with the partners of Al Qalam Educational to explore the potential acquisition of a 60% stake in the company, with the MoU subsequently extended by two months, from Oct. 1 to Nov. 30, according to Argaam’s data.
Almasar Alshamil’s net profit rose to SAR 93.29 million in the first nine months of 2026, compared with SAR 70.86 million in the same period of 2025, while the company recorded a net loss of SAR 25.32 million in Q3 2026.
Ahmed Jamal, Group CFO of Almasar Alshamel Education Co.
Ahmed Jamal, Group CFO of Almasar Alshamel Education Co., expects the fourth quarter to deliver strong performance, supported by a 14% year-on-year (YoY) increase in student and beneficiary numbers at the start of the 2026-2027 academic year, bringing the total to around 32,000.
Jamal said the total number of students and beneficiaries reached approximately 28,900 by the end of the 2025-2026 academic year, covering those enrolled with Human Development Co. (HDC), Nama Group and Middlesex University Dubai, marking a 21% increase.
He said the third-quarter losses were normal and recurring on an annual basis, as the quarter coincides with the summer vacation, during which the group continues to incur salaries, rent and fixed operating expenses despite lower revenue.
Jamal said around SAR 4.5 million of the expenses recorded in Q3 2026 were related to a potential acquisition, adding that the expansion of the group’s business has increased operating costs, including salaries, rent and fixed expenses, further amplifying the impact of seasonality on third-quarter results.
The acquisition-related expenses recorded in Q3 covered due diligence and legal and financial advisory costs associated with the potential acquisition of a 60% stake in Al Qalam Educational Trading Co., which operates four schools in Riyadh, following the signing of a memorandum of understanding (MoU) in June 2026.
Jamal said the company is in the final stages of due diligence and contract preparation, noting that completion of the deal remains subject to the conclusion of negotiations and obtaining the necessary regulatory and legal approvals, with no definitive timeline for closing yet.
The group’s revenue is generated through its special-needs care and rehabilitation business in Saudi Arabia and its higher education operations in the UAE through Middlesex University Dubai, he said. The company does not consolidate the financial statements of Nama because it does not exercise control over the entity, instead recognizing its share of the associate’s results.
Regarding the group’s investment in Nama, Jamal said Almasar Alshamil’s share of Nama’s profits reached approximately SAR 54.4 million in the first nine months of 2026, up 94% YoY. Growth accelerated to 194% in Q3.
Nama delivered strong performance during the previous academic year, supported by a 24% increase in student numbers at Abu Dhabi University and Liwa University, Jamal said. Abu Dhabi University also climbed 43 places in the QS World University Rankings 2027, while expanding its portfolio of academic programs during the year.
Liwa College was upgraded to university status, coinciding with the launch of its new campus in Al Ain, he added. Nama Group’s revenue grew 25% YoY in the first nine months of 2026, alongside improvements in spending efficiency and cost rationalization.
Almasar Alshamil signed a non-binding MoU in June with the partners of Al Qalam Educational to explore the potential acquisition of a 60% stake in the company, with the MoU subsequently extended by two months, from Oct. 1 to Nov. 30, according to Argaam’s data.
Almasar Alshamil’s net profit rose to SAR 93.29 million in the first nine months of 2026, compared with SAR 70.86 million in the same period of 2025, while the company recorded a net loss of SAR 25.32 million in Q3 2026.
