CURRO Holdings has released its results for the year ending 31 December 2021.
“At 18 February 2022, Curro had 70 408 new learners enrolled for the 2022 academic year which is an increase of 6% on a like-for-like basis from 2021,” said Andries Greyling, Chief Executive Officer of Curro Holdings. “This excludes the acquisition of HeronBridge College with an additional 1 169 learners. We are encouraged by the level of new enrolments for the 2022 academic year, which has commenced with much enthusiasm,” he added.
Increase of 49.2% in cash generated from operations
For the year under review, Curro generated R767 million of cash from its operating activities, 49.2% higher than the previous year. Revenue increased by 14.5% from R3 094 million in 2020 to R3 543 million in 2021. The schools’ EBITDA (earnings before interest, taxation, depreciation, amortisation, and head office expenditure) increased by 14.3% to R1 013 million (R886 million in 2020), while EBITDA (after head office expenditure) increased by 15% to R789 million (R686 million in 2020).
Curro’s headline earnings recovered to R245 million, 43.3% higher than the 2020 financial year. The recurring headline earnings of R245 million in 2021, increased by 36.9% from 2020 and 15.6% for the 2019 financial year.
Payment of dividend announced
Curro has announced the payment of a final dividend of 8.2 cents per share (2020: Nil) from income reserves for the year ended 31 December 2021, with a payment date of 22 March 2022.
Investments and expansions for 2022
Curro invested R929 million in the business in 2021, which included the construction of Curro Durbanville’s state-of-the-art new High School campus at Phesantekraal in Cape Town. The new Curro flagship campus opened on 13 January 2022. The enrolments at the new High School have exceeded expectations.
“Curro is committed to making a positive contribution to its communities and plans to invest up to R1.1 billion in the business in 2022. This is coupled with the finalisation of the acquisition of HeronBridge College, with the purchase price being settled once the property transfer has been registered,” explained Greyling.
