Abo Moati Bookstore’s net profit falls 10% in 12M
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Nomu-listed Abdulla Saad Abo Moati For Bookstores Co.’s (Abo Moati) net profit fell 9.8 percent year-on year (YoY) to SAR 18.22 million in the twelve months ended March 31, down from SAR 20.2 million, a bourse filing stated Wednesday.
The company attributed the lower profits to higher operating expenses due to opening new retail branches.
Financials (M)
| Item | 2016 | 2017 | Change |
|---|---|---|---|
| Revenues | 382.33 | 302.87 | (20.8 %) |
| Gross Income | 49.78 | 54.63 | 9.7 % |
| Operating Income | 23.45 | 21.87 | (6.7 %) |
| Net Income | 20.19 | 18.13 | (10.2 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 1.01 | 0.91 | (10.2 %) |
Net profit decreased 37.4 percent YoY to SAR 4.76 million in the fourth quarter of the year, as sales declined 31 percent to SAR 79 million in Q4.
This was attributed to changes in the product mix, the adoption of a conservative credit policy to reduce credit risk, as well as higher operating expenses due to booking additional provisions for slow-moving inventory.
Compared to the previous quarter, net profit declined 32.4 percent.
Current Quarter Comparison (M)
| Item | Q4 2016 | Q4 2017 | Change |
|---|---|---|---|
| Revenues | 114.04 | 78.94 | (30.8 %) |
| Gross Income | 16.05 | 15.50 | (3.4 %) |
| Operating Income | 8.25 | 4.80 | (41.8 %) |
| Net Income | 7.11 | 4.67 | (34.3 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.36 | 0.23 | (34.3 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2017 | 52.51 | (28.7 %) | 9.15 | 23.4 % | 2.43 | 57.6 % |
| Q2 2017 | 74.75 | (20.2 %) | 15.12 | 43.3 % | 6.91 | 39.5 % |
| Q3 2017 | 96.67 | (4.4 %) | 14.86 | (5.8 %) | 7.72 | (8.3 %) |
| Q4 2017 | 78.94 | (30.8 %) | 15.50 | (3.4 %) | 4.80 | (41.8 %) |
| 2017 | 302.87 | (20.8 %) | 54.63 | 9.7 % | 21.87 | (6.7 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2017 | 1.43 | 18.8 % | 0.07 | - | 1.43 | 0.07 |
| Q2 2017 | 4.99 | 30.6 % | 0.25 | - | 4.99 | 0.25 |
| Q3 2017 | 7.04 | (5.4 %) | 0.35 | - | 7.04 | 0.35 |
| Q4 2017 | 4.67 | (34.3 %) | 0.23 | - | 4.67 | 0.23 |
| 2017 | 18.13 | (10.2 %) | 0.91 | - | 18.13 | 0.91 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2017 | 14.26 % | 7.35 % | 5.48 % |
| Q2 2017 | 16.38 % | 8.31 % | 6.13 % |
| Q3 2017 | 16.32 % | 8.27 % | 6.09 % |
| Q4 2017 | 18.04 % | 8.13 % | 5.99 % |
| 2017 | 18.04 % | 8.13 % | 5.99 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2017 | 20.00 | 0.99 | 0.99 | 10.61 |
| Q2 2017 | 20.00 | 1.05 | 1.05 | 10.87 |
| Q3 2017 | 20.00 | 1.03 | 1.03 | 10.82 |
| Q4 2017 | 20.00 | 0.91 | 0.91 | 11.01 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2017 | 13.74 | 13.74 | 1.28 |
| Q2 2017 | 9.99 | 9.99 | 0.96 |
| Q3 2017 | 9.18 | 9.18 | 0.87 |
| Q4 2017 | 11.21 | 11.21 | 0.92 |
| Current | |
| Market Cap (M Riyal) | 586.00 |
| Enterprise Value (EV) (M) | 633.34 |
| Shares Outstanding ((M)) | 20.00 |
| EPS ( Riyal) (TTM) | 1.19 |
| Book Value (BV) ( Riyal) | 12.05 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 28.15 |
| P/E (TTM) | 24.62 |
| Price/book | 2.43 |
| Return on Average Assets (%) (TTM) | 7.1 |
| Return on Average Equity (%) (TTM) | 9.9 |
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