BEIJING, Sept. 8, 2022 /PRNewswire/ — First High-School Education Group Co., Ltd. (“First High-School Education Group” or the “Company”) (NYSE: FHS),First
an education service provider primarily focusing on high schools in Western China, today announced its unaudited financial results for the six months ended June 30, 2022.First
First Half 2022 Financial Highlights – Continuing Operations
- Total revenues were RMB211.4 million (US$31.6 million), an increase of 20.9% from RMB174.8 million in the first half of 2021.
- Gross profit was RMB90.0 million (US$13.4 million), an increase of 32.6% from RMB67.9 million in the first half of 2021.
- Income from operations was RMB53.8 million (US$8.0 million), an increase of 348.6% from RMB12.0 million in the first half of 2021.
- Net income was RMB42.7 million (US$6.4 million), compared with a net loss of RMB3.8 million in the first half of 2021.
- Adjusted net income[1] (Non-GAAP) was RMB42.7 million (US$6.4 million), an increase of 282.1% from RMB11.2 million in the first half of 2021.
Operational Highlights – Continuing Operations
- The total number of students enrolled at our school programs and public schools that we provide management services as of September 8, 2022 was 29,718, an increase of 34.7% from 22,062 as of September 8, 2021.
- The total number of school programs at our school programs and public schools that we provide management services as of September 8, 2022 was 24, an increase of 14.3% from 21 as of September 8, 2021.
Mr. Tommy Zhou, Chief Financial Officer of First High-School Education Group, commented:
The second quarter of 2022 continues the positive trend we have already set forth.
In the first half of 2022, the Company’s revenue from continuing operations increased
20.9% to RMB211.4 million (US$31.6 million), net income increased to RMB42.7
million (US$6.4 million), and adjusted net income increased 282.1% to RMB42.7 million (US$6.4 million), all compared to the same period of 2021.
The increase in revenue was a result of greater student enrollment completed in September 2021, and the expanded offering of education and student related services,
such as liberal education courses, sales of education materials, and meal catering services.
High-School Education Announces
We believe our revenue will continue to increase with recently completed student enrollment for the class of 2022 at an increased class size. For our continuing operations,
we were able to admit 7,963 students for class of 2022, compared with 7,268 for class of 2021.
Among the admitted students, the number of self-funded students increased 1,008,
reflecting our great education quality and strong brand recognition.
The increase in net income and profitability was a result of the Company’s perennial drive for increasing operating efficiency.
As of September 8, 2022, we had 14 high school programs,
five Gaokao repeater programs and five school management service programs.
Since our last earnings release on May 17, 2022,
we were engaged for three additional school management service programs,
including one in Henan province and two in Yunnan province.
Additionally, we provided recruitment and management services for a vocational school in Yunnan province.
We are pursuing to have a long-term management service program with them.
We look forward to expanding further into the operation of vocational school programs.