Bright Scholar Education Holdings Limited announced its unaudited financial results for the fourth quarter and full fiscal year ended August 31, 2024. For the full fiscal year 2024, the company reported an adjusted net income of RMB1.1 million, a significant improvement from an adjusted net loss of RMB192.6 million in the prior fiscal year. This turnaround was supported by stable total revenue from continuing operations of RMB1,755.2 million.
The Overseas Schools segment was a key driver of performance, with revenue increasing by 17.5% year-over-year to RMB951.2 million, contributing 54.2% of total revenue. Gross profit for fiscal year 2024 increased by 7.7% to RMB503.6 million, and the gross margin improved by 2.3 percentage points to 28.7%, primarily due to cost-saving measures and efficiency enhancements. Selling, General and Administrative (SG&A) expenses decreased by 8.1% to RMB469.0 million.
During the fiscal year, Bright Scholar completed the divestiture of all non-core businesses within its Complementary Education Services segment, streamlining operations to focus on its high-growth international Schools business. As of August 31, 2024, the company's cash and cash equivalents and restricted cash increased by 20% year-over-year to RMB505.8 million (US$71.3 million), reflecting enhanced financial health.
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