Full Year 2024 Curro Holdings Ltd Earnings Call Transcript
Key Points
- Curro Holdings Ltd (JSE:COH) reported an 8% increase in revenue to ZAR5.1 billion, demonstrating financial resilience.
- EBITDA increased by 9% to ZAR1.2 billion, reflecting strong operational performance.
- The operating margin improved to over 18%, up from 17.8% the previous year, indicating enhanced efficiency.
- Recurring headline earnings rose by 13%, showcasing robust financial health.
- Cash generated from operations exceeded capital expenditures by ZAR200 million, continuing a trend of strong free cash flow generation.
- Learner enrollment decreased by 1.4% at the start of 2025 compared to 2024, reflecting economic challenges.
- The expected credit loss provision increased to 42% of gross receivables, up from 32% the previous year, indicating rising credit risk.
- Total bad debt-related costs increased to 4.3% of turnover, up from 3.3% in 2023, highlighting financial strain on consumers.
- Net finance costs rose to ZAR314 million from ZAR274 million in 2023, driven by higher interest rates and debt levels.
- The company processed impairments of ZAR460 million due to slower learner growth, impacting asset valuations.
Okay. I think that's just on 9:30 on -- sorry, 10:30 on my watch. Good morning, ladies and gentlemen. Welcome to Curro's presentation on the results for the financial year just ended on December 31, 2024.
I'm going to provide a brief overview of Curro's highlights for this period. We're going to summarize three key features of the investment case for our business. And then I'm going to explain our strategic focus in the future. I'll then hand over to our CFO, Burtie September, to talk you through some key financial information. And as usual, we will take questions at the end of the presentation.
So what do these results show? Well, I think the results show Curro's commitment to excellence in education. Curro is guided by our core belief that every child matters, and we've built a resilient business that effectively balances our social purpose with investor returns. Our learner focus has guided us throughout nearly three decades of operations and continues to drive our success. Current economic
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