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.
| 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.
| 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 | 13.08 | 9.22 | (29.5 %) |
| 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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