Curro records profit, despite low enrolment: Here is how much they made from school fees

Despite Curro, one of the biggest private school groups in South Africa recording a significant growth in its earnings, lower learner enrolment from underperforming schools has weighed on the group’s operations.

Curro released its audited financial results for the year ended 31 December 2024 on Wednesday.

CEO Cobus Loubser said they achieved growth in revenue and profitability for the year, despite lower enrolment.

Curro grows in revenue

The group’s headline earnings for the year increased by 10% to R469 million, and its operating margin expanded to 18.2%. While total revenue increased by 8% to R5.1 billion

Curro’s earning before interest, taxation, depreciation, amortisation and office expenditure (EBITDA) increased by 8% to R1.5 billion in 2024, while group EBITDA (after head office expenditure) increased by 9% to R1.2 billion.

EBITDA measures the company’s overall financial performance and is often used instead of other metrics such as earnings, revenue, and income.

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How many learners were at Curro in 2024

Curro said its operational successes in 2024 did not translate to learner growth in 2025, with enrolment stunted by a weak consumer environment.

Curro’s weighted average number of learners for 2024 increased by 1% to 72 638 learners.

New enrolment lower than previous year by 1,018 learners in constrained consumer climate.

“The group recorded its most successful year ever, with excellent matric results for the Class of 2024, a wide range of exhilarating sports achievements, and significant engagement in cultural and community activities.”

How much they made from school fees

Fees are dependent on the location of the school and the areas it services.

Curro Uitzicht Primary School’s tuition fees start at R7,220 per month for a Grade 1 learner, and a Grade 7 learner will pay R8,810.

While Curro Delft High School’s tuition fees start at R2,750 per month for a Grade 8 learner, and a matric learner will pay R3,150 monthly.

“The total tuition fee revenue increased by 7% from the previous year. Ancillary revenue for the year was R53 million and 12% higher than last year’s.

“Discounts granted were well controlled and decreased to 6% as a ratio of total tuition fee revenue, from 7% in the previous year.”

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The school’s outlook

Curro is optimistic that its learner enrolment will increase in 2025, due to the success of 2024.

“The group opened three new campuses in Walvis Bay and Oshana in Namibia and at Barlow Park in Sandton, Johannesburg during 2024.

“The two new campuses in Namibia are part of a joint venture through a R37 million equity-accounted investment in Namibia.”

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