Abdullah Saad Mohammed Abo Moati for Bookstores Co. reported a net profit of SAR 26.9 million for the fiscal year ended March 31, 2024, surging 59.2%, compared to SAR 16.9 million a year ago.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 314.38 | 270.49 | (14.0 %) |
| Gross Income | 80.41 | 76.41 | (5.0 %) |
| Operating Income | 30.72 | 24.69 | (19.6 %) |
| Net Income | 16.92 | 26.94 | 59.2 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.85 | 1.35 | 59.2 % |
Sales decreased by 13.96% year-on-year (YoY), mainly due to a decline in ink sales following the cancellation of the HP brand distribution agreement. Profit margins increased from 25.6% to 28.30% due to a change in the sales mix.
The company also cited the goodwill impairment loss recorded in the previous year at SAR 12.4 million from the investment in Al-Maujah Trading Co., a subsidiary, compared to no loss recorded this year. Rent revenue increased by SAR 928,000 YoY, while Zakat declined YoY.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 63.37 | 56.49 | (10.9 %) |
| Gross Income | 16.81 | 14.23 | (15.4 %) |
| Operating Income | 3.72 | (0.11) | (102.9 %) |
| Net Income | (8.22) | 2.65 | 132.2 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | (0.41) | 0.13 | 132.2 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 75.06 | 56.49 | (24.7 %) |
| Gross Income | 22.22 | 14.23 | (36.0 %) |
| Operating Income | 9.22 | (0.11) | (101.2 %) |
| Net Income | 8.55 | 2.65 | (69.0 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.43 | 0.13 | (69.0 %) |
The company swung to a net profit of SAR 2.7 million in Q4 2023/2024 versus a net loss of SAR 8.22 million year earlier.
On a sequential basis, net profit slumped 69% from SAR 8.55 million in Q3 2023/2024.
Total shareholders’ equity, no minority interest, fell to SAR 239.03 million by March 31, 2024, compared to SAR 242.8 million a year earlier.
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