Abo Moati profit slips 3% to SAR 24.3M in 9M 2023/24; Q3 at SAR 8.5M

05/02/2024 Argaam Exclusive

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Abdullah Saad Mohammed Abo Moati for Bookstores Co. (Abo Moati) reported a net profit of SAR 24.3 million for the nine months period ended Dec. 31, 2023, a decline of 3% compared to SAR 25.1 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	251.01	214.00	(14.7 %)
Gross Income	63.60	62.19	(2.2 %)
Operating Income	27.00	24.80	(8.2 %)
Net Income	25.14	24.29	(3.4 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	1.26	1.21	(3.4 %)

The profit drop was triggered by a 14.74% year-on-year (YoY) drop in sales on a fall in the ink segment sales.

The third-quarter net profit rose 7% to SAR 8.5 million, from SAR 8.02 million in Q3 2023/24, due to higher rent income and a 10.60% YoY rise in gross profit following a change in the sales mix.

The rise came despite a YoY decline of 13.01% in sales.

Compared to the second quarter, Abo Moati’s net profit fell 34.6% from SAR 13.05 million due to a 15.72% fall in sales on seasonal factors. Higher finance costs also weighed on the quarterly figures.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	86.29	75.06	(13.0 %)
Gross Income	20.09	22.22	10.6 %
Operating Income	8.35	9.22	10.4 %
Net Income	8.02	8.55	6.6 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.40	0.43	6.6 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	89.06	75.06	(15.7 %)
Gross Income	26.26	22.22	(15.4 %)
Operating Income	14.09	9.22	(34.6 %)
Net Income	13.05	8.55	(34.5 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.65	0.43	(34.5 %)

Total shareholders’ equity, no minority interest, reached SAR 236.8 million by the end of Dec. 31, 2023, compared to SAR 250.85 million in the same period last year.

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