Overseas Education Limited provided consolidated earnings guidance for the year ended December 31, 2021. Based on the preliminary review of the draft unaudited consolidated financial results of the Group for the financial year ended 31 December 2021 ("FY 2021"), the Group expects to report a materially lower profit before income tax for Fiscal Year 2021, compared to the previous financial year ("FY 2020"). The prolonged COVID-19 pandemic continued to negatively impact student numbers, both in terms of new enrolments and in the retention of existing foreign students.

This caused a decline in revenue for Fiscal Year 2021. In addition, the Group received lower levels of government budget support measures and grants to help defray operating expenses in Fiscal Year 2021 when compared to Fiscal Year 2020. These factors led to the material decline in profit before income tax for Fiscal Year 2021.