Abo Moati net profit tumbles 62% to SAR 5.3 mln in FY2020/21

Abdullah Saad Mohammed Abo Moati for Bookstores Co. (Abo Moati) reported a net profit after Zakat and tax of SAR 5.3 million for the fiscal year ended March 31, 2021, a fall of 62% year-on-year (YoY).

The profit drop was attributed to a 22.17% YoY decline in sales due to the decisions issued by the competent authorities as part of the precautionary measures and decisions to convert the study pattern to distance learning to mitigate the spread of the COVID-19. In addition, the company paid customs differences pertaining to previous years amounting to SAR 2.5 million.

The board remuneration was also charged at SAR 900,000 in the previous year in the statement of profits and losses.

The company reported a net profit of SAR 830,000 in the fourth quarter, a 78% YoY decline, from SAR 3.8 million in the same quarter last year on lower sales.