Abo Moati net profit down 56% to SAR 4.5 mln in 9M FY2020/21

09/02/2021 Argaam Exclusive

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Abdullah Saad Mohammed Abo Moati for Bookstores Co. (Abo Moati) reported a net profit after Zakat and tax of SAR 4.5 million for the nine months period ended Dec. 31, 2020, 56% year-on-year (YoY) decline, from compared to SAR 10.1 million in the same period last year.

The fall in net profit was attributed to 25.6% decline in sales due to the decisions issued by the competent authorities within the precautionary measures and decisions to convert the study pattern to distance education 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.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	221.55	164.81	(25.6 %)
Gross Income	44.25	34.19	(22.7 %)
Operating Income	14.98	7.42	(50.5 %)
Net Income	10.12	4.50	(55.6 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.51	0.22	(55.6 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	84.59	68.39	(19.2 %)
Gross Income	17.29	13.89	(19.6 %)
Operating Income	5.86	4.21	(28.2 %)
Net Income	4.78	3.00	(37.3 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.24	0.15	(37.3 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	60.26	68.39	13.5 %
Gross Income	12.40	13.89	12.1 %
Operating Income	1.88	4.21	123.9 %
Net Income	3.30	3.00	(9.3 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.17	0.15	(9.3 %)

The company reported a net profit of SAR 3 million in Q3 ending Dec. 31, 2020, a 37% YoY decline, from SAR 4.8 million in the same quarter last year on lower sales.

When compared to previous quarter, net profit almost quadrupled due to higher sales as a result of returning to normal activities after the curfew period during the first quarter.

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