Dubai-based Gems Education announced that its profits increased to $75m, up 77%, in the year ending March 31, from $42m a year earlier, as it added new schools and more students enrolled across the group, The National reported. Its cash and cash equivalents, however, decreased by $26.94m during the year to $24.61m, it said on Thursday. The company did not give any reason for the decrease in the figure. The group opened six schools across Abu Dhabi, Dubai, Ras Al Khaimah and Kampala during the financial year. “We also increased substantially our investment in schools, with over $267 million invested in this same period, and we will continue our expansion in the current year,” said Dino Varkey, the director of Gems Education.