Abo Moati profit up 74% to SAR 25.1 mln in 9M 2022/23; Q3 earnings at SAR 8 mln

09/02/2023 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 25.1 million for the nine months period ended Dec. 31, 2022, compared to SAR 14.4 million in the prior-year period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	208.79	251.01	20.2 %
Gross Income	47.45	63.60	34.0 %
Operating Income	16.86	27.00	60.1 %
Net Income	14.42	25.14	74.3 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.72	1.26	74.3 %

The profit growth was driven by a 20.22% rise year-on-year (YoY) in sales as commercial activities normalized in the current period. Additionally, in-person attendance resumed at schools for all stages.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	90.46	86.29	(4.6 %)
Gross Income	19.37	20.09	3.7 %
Operating Income	8.18	8.35	2.1 %
Net Income	7.20	8.02	11.3 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.36	0.40	11.3 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	101.78	86.29	(15.2 %)
Gross Income	27.08	20.09	(25.8 %)
Operating Income	13.99	8.35	(40.3 %)
Net Income	12.81	8.02	(37.4 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.64	0.40	(37.4 %)

The third-quarter net profit after Zakat and tax rose 11% to SAR 8 million, from SAR 7.2 million in Q3 2021/22, thanks to a decline in the cost of goods sold and financing charges.

Compared to the second quarter, Abo Moati’s net profit fell 37.4% from SAR 12.81 million on a 15.22% drop in sales due to seasonal factors.

Total shareholders’ equity, no minority interest, reached SAR 250.85 million by the end of Dec. 31, 2022, compared to SAR 237.63 million in the same period last year.

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