KUALA LUMPUR (May 16): SEG International Bhd (SEGi) (KL:SEG) said its first-quarter net profit dropped 22.38% to RM3.57 million from RM4.6 million a year ago, primarily due to higher acquisition cost for students at the time of enrolment.

Earnings per share for the quarter ended March 31, 2024 (1QFY2024) fell to 0.29 sen from 0.38 sen for 1QFY2023, according the private tertiary education provider in a filing with Bursa Malaysia,

Revenue increased 8% year-on-year to RM49.67 million from RM45.99 million, driven by an increase in new enrolments.

Compared to 4QFY2023, net profit nearly quadrupled from RM896,000, while revenue rose 13.6% from RM43.74 million.

SEGi said new initiatives in 2023, such as skill-based programmes and new course offerings, had helped the group steadily increase student numbers and revenue. Extensive efforts to expand global market reach had also been made, it said.

"With these initiatives in place, we expect to normalise our return to pre-pandemic levels, and grow further in the coming years," the group added.

Shares in SEGi closed unchanged at 64 sen on Thursday, giving the group a market capitalisation of RM810.07 million.