New Oriental Generates a Staggering USD 3.6 Billion in Net Income

Consumer Discretionary Author: Qasim Khan Jul 29, 2020 12:16 PM (GMT+8)

The Chinese edtech veteran is going strong as it releases results for the 2020 fiscal year and fourth-quarter earnings.

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New Oriental’s full-year net income for the fiscal year 2020 was approximately USD 3.579 billion, a YoY increase of 15.6% and an operating profit of USD399 million, a YoY increase of 30.6%. Net profit attributable to New Oriental was USD 413 million, which is a significant YoY of 73.6%.

The financial report shows that net income in the fourth quarter of fiscal 2020 was over USD 798 million, a YoY decrease of 5.3%; operating profit was USD 10.3 million, a YoY decrease of 86.7%. Net profit attributable to the company was USD 13.2 million, a decrease of 69.5% YoY.

According to statistics, the number of student registrations in the fourth quarter of New Oriental's 2020 fiscal year was approximately 2,585,600, a decrease of 6.2% YoY. As of May 31, 2020, the total number of schools and learning centers reached 1,465, a net increase of 211 compared with the same period last year (the total number of learning centers in 2019 was 1,254), and a net increase of 49 compared with the previous quarter.