‎“Abu Moati” profits increased to SR17 mln during year ending ‎on March, 2023‎

21 Jun 2023

Riyadh - Maaal

اقرأ المزيد

The net profit after zakat and tax of Abdullah Saad Muhammad Abu Moati Stationery Company grew to 17 million riyals during the year ending on March 31, 2023 AD, compared to 15 million riyals in the previous year, at a rate of 12%. This came after today’s announcement of the annual financial results ending in March 31, 2023 AD.

The operational profit amounted to 34 million riyals during the current year, compared to 25 million riyals in the previous year, with a growth of 32%.

As for gross profit, it amounted to 80 million riyals in the current year, compared to 65 million riyals in the previous year, an increase of 24%.

Earnings per share in the current year amounted to 0.85 riyals, compared to 0.76 riyals in the previous year.

The net profit increased during this year compared to the previous year by 12.05%. This is due to the increase in sales by 11.36% as a result of the return of commercial activities to normal in the current year compared to the previous year and the resumption of in-person studies for all stages after it was partially remote in the previous year. ..

As stated in the report of the external auditor, attention was drawn to Clarification No. 32, which indicates the important events that the company was exposed to during the fiscal year ending on March 31, 2023.

The following was mentioned in the report of the external auditor in note No. 32: –

During this year, the company’s server was subjected to an electronic attack, and this led to the suspension of the group’s financial system and the sales system of a number of branches. The company stopped operations and Group IT immediately began work on rebooting the system, and the group restored this information in the system from other available backups. The Group’s management believes that the necessary corrective actions have been taken and that all operations are now working properly, and that there is no potential material impact on the consolidated financial statements.