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Abo Moati Bookstores’ profits down 19% in FY19/20

Abo Moati Bookstores’ profits down 19% in FY19/20
Revenues amounted to SAR 297.07 million in FY19/20
ABO MOATI
4191
0.47% 17.12 0.08

Riyadh – Mubasher: Abo Moati for Bookstores Company gained SAR 14.78 million in net profits after Zakat and tax in the fiscal year (FY) ended on 31 March 2020, 18.8% less than the previous year.

Revenues went down by 6.2% year-on-year (YoY) to stand at SAR 297.07 million by the end of March, compared to SAR 316.86 million in the year before, according to a bourse statement on Monday.  

The 19% fall in annual net earnings is due to lower sales of the ink division and closure of some wholesale and retail outlets from 16 March 2020 due to the coronavirus (COVID-19).

Moreover, the company’s other revenues dropped whereas operating expenses increased as new retail branches have been opened.