Abo Moati reports SAR 26.9M net profit in FY 2023/2024; Q4 at SAR 2.7M

09/06/2024 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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	0.99	(73.4 %)
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	0.99	(89.3 %)
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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