On April 24, GLONGHUI | New Oriental-S (09901.HK) announced financial results for the third quarter of the 2024 fiscal year ending February 29, 2024. In the third quarter of fiscal year 2024, net revenue increased 60.1% year over year to 1207.3 million US dollars; operating profit increased 70.6% year over year to 113.4 million US dollars; net profit attributable to New Oriental shareholders increased 6.8% year over year to 87.2 million US dollars.
As of February 29, 2024, the total number of schools and learning centers was 911, an increase of 68 compared with 843 as of November 30, 2023; compared with 712 as of February 28, 2023, an increase of 199. As of February 29, 2024, the total number of schools was 81.
New Oriental expects total net revenue for the fourth quarter of fiscal year 2024 (March 1, 2024 to May 31, 2024) to be between US$1,101.5 million and US$1,127.3 million, with a year-on-year increase of between 28% and 31%. Net revenue in RMB is expected to increase by between 34% and 37% in the fourth quarter of fiscal year 2024.
Yu Minhong, executive chairman of the board of directors of New Oriental, said, “We are pleased to see that our growth momentum continued to grow at a rate of 60.1% in the third quarter and exceeded our expectations, achieving a 60.1% year-on-year increase in revenue. Overseas examination preparation and overseas consulting services maintained a strong growth trend, showing year-on-year increases of about 52.6% and 25.7%, respectively. Meanwhile, domestic exam preparation services for adults and college students recorded a year-on-year increase of about 53.2%. All of our new education businesses achieved impressive results this quarter, and revenue increased 72.7% year over year. Among them, non-subject tutoring services were launched in nearly 60 cities this fiscal season, and the number of registrants was 355,000; intelligent learning systems and devices were also used in about 60 cities, and the number of active paying users reached 188,000 during the fiscal season. In addition to our strong growth momentum, we are unwavering in our commitment to improving the quality of teaching and providing students with a rich learning experience, which at the same time continues to increase our customer retention rate. I am confident that with its excellent brand advantages and rich educational resources, New Oriental will be able to seize various market opportunities now and in the future.”