Abo Moati’s net profit slips 8% to SAR 15.7 mln in H1 2023/24; Q2 at SAR 13.1 mln

06/11/2023 Argaam Exclusive

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Abdullah Saad Mohammed Abo Moati for Bookstores Co. reported a net profit of SAR 15.7 million for the six-month period ended Sept. 30, 2023, a decline of 8% compared to SAR 17.1 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	164.72	138.94	(15.6 %)
Gross Income	43.51	39.97	(8.1 %)
Operating Income	18.65	17.47	(6.3 %)
Net Income	17.13	15.74	(8.1 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.86	0.79	(8.1 %)

The dip in profit followed lower sales by 15.65% year-on-year (YoY) due to a decrease in ink segment sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	101.78	89.06	(12.5 %)
Gross Income	27.08	26.26	(3.0 %)
Operating Income	13.99	14.09	0.7 %
Net Income	12.81	13.05	1.9 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.64	0.65	1.9 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	49.89	89.06	78.5 %
Gross Income	13.71	26.26	91.5 %
Operating Income	2.50	14.09	462.7 %
Net Income	2.69	13.05	385.1 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.13	0.65	385.1 %

Q2 2023/24 profit rose 2% year-on-year (YoY) to SAR 13.1 million, as rental income went up and finance costs decreased YoY.

Compared to the previous quarter, Q2 earnings surged from SAR 2.69 million.

Total shareholder equity, no minority interest, amounted to SAR 237.8 million as of Sept. 30, 2023, compared to SAR 243.56 million by the end of same period last year.

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