FHS's net profit in the first quarter increased by 264.4% year-on-year

According to the financial report,FHS's net profit in the first quarter increased by 264.4% year-on-year. End Quote

(1888PressRelease) May 21, 2022 - FHS (NYSE: FHS) announced that its revenue in the first quarter of 2022 was 89.3 million yuan, a year-on-year increase of 14.2%, and its net profit was 19.6 million yuan, a year-on-year increase of 264.4%. As of March 31, 2022, the total number of school projects providing management services for the first high school education and school projects in public schools is 22, and the total number of students is 21242.

Zhitong finance app learned that before the US stock market on May 17 (Tuesday), First High-school Education Group (FHS. US) announced the unaudited financial results for the first quarter of 2022 as of March 31, 2022.

The company's total revenue in the first quarter of 2022 was 89.34 million yuan (US $14.09 million), a year-on-year increase of 14.2% compared with 78.23 million yuan (RMB, the same below) in the same period of 2021. The net profit in the first quarter of 2022 was 19.55 million yuan (US $3.08 million), a year-on-year increase of 264.4% compared with 5.36 million yuan in the same period of 2021.

As of March 31, 2022, the total number of registered students in school programs and public schools provided by the company with management services was 21242, an increase of 3.0% over 20631 as of March 31, 2021.

As of March 31, 2022, the total number of school projects (including public school projects) provided by the company with management services was 22, an increase of 4.8% over 21 as of March 31, 2021.

The company's profit from continuing operations was 21.08 million yuan (US $3.32 million), the loss from non continuing operations was 1.53 million yuan (US $240000), and the net profit was 19.55 million yuan (US $3.08 million).

Comments of Mr. Tommy Zhou, chief financial officer of the company:

It can be seen from the data that the company's operation ability has been greatly improved after governance optimization. Compared with the same period last year, the operating revenue increased by 14.2%, reaching 89.34 million yuan, and the net profit increased by 264.4%, reaching 19.55 million yuan. The company's comprehensive service ability of modern education and business endurance continued to increase.

Since the third quarter of last year, we have made more attempts and efforts to optimize the company's operation. At present, the company has upgraded the original budget system and salary system in order to improve the efficiency of resource allocation and not waste a penny. Under the newly upgraded budget and capital planning system, the company can accurately calculate all daily cash flows in the next 1-2 months, evaluate the rationality of the expenses to be paid, make various capital arrangements in advance, and significantly reduce the invalid expenses that may occur in the process of daily operation. At the same time, the company has added a horizontal financial analysis and guidance team to conduct cross company and cross campus horizontal analysis and comparison through the data model, continuously track and actively improve the operation efficiency of each accounting entity. In addition, in terms of salary system, the company has improved the performance appraisal system and reward system based on industry and financial data, which has significantly improved the effectiveness of employee reward and incentive.

It can be seen from the published annual report and the first quarterly report that the company has initially achieved positive results through the implementation of fine management: for example, in terms of management expenses, the annual management expenses in 2021 were 73.98 million yuan, including 60.4 million yuan in the first half of the year and 13.58 million yuan in the second half of the year. For example, in terms of operating costs (mainly campus operating expenses and employee compensation), when the operating revenue increased by 14.2% year-on-year in the first quarter of 2022, and the number of students and campuses increased, the operating costs were the same as those in the same period last year. The company will continue to improve operational efficiency to achieve the development goal of ensuring stability and promoting stability.

Finally, the company's business expansion deserves everyone's attention and expectation. From May to September every year is the key node of college entrance examination acceptance and enrollment. This year, the company will increase courses in vocational education and quality education, and has made full deployment in Higher Vocational single enrollment, art, media, dance, music and other courses. At present, among the school projects in operation, 18 school projects are mature enrollment, and 2 recruit students in the first year. A school hosting service project in Central China will be added this month.

In the future, the company and its team will continue to improve the ability of operation, management and modern governance, and build a high-quality education comprehensive service system. We will wholeheartedly serve the needs of the society, look forward to providing better services for more students and parents in new and old campuses, and work with all sectors of society to jointly promote the high-quality development of education in China.

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