Abo Moati‏ ‏profits jump 126% to SR4.3 mln in Q2‎

The net profit after zakat and tax for Abdullah Saad Muhammad Abu Moati Bookstores Co. jumped to SR 4.3 million during the first quarter, compared to SR 1.9 million during the same quarter of the previous year, by 126%.

This came after the announcement today of the financial results for the period ending on 06-30-2022 (three months).

The operational profit amounted to 5 million riyals during the first quarter, compared to 3 million riyals during the same quarter of the previous year, an increase of 96%.

As for the gross profit, it amounted to 16 million riyals during the first quarter, compared to 10 million riyals during the same quarter of the previous year, a growth of 57%.

Profits per share during the current period amounted to 0.22 riyals, compared to 0.1 riyals during the same period of the previous year

The net profit increased in the current quarter compared to the same quarter of the previous year due to an increase in sales by 38.70% as a result of the return of commercial activities to normal in the current quarter compared to the same quarter of the previous year and the resumption of the study in attendance at all stages after it was remotely in the quarter similar.

The net profit also increased in the current quarter compared to the previous quarter, due to the recording of losses in the value of goodwill in the previous quarter and the increase in the item of other income, which is represented in the refund of provisions that were no longer intended in the previous quarter.

Net profit increased in the current quarter compared to the same quarter of the previous year due to an increase in sales by 38.70% as a result of the return of commercial activities to normal in the current quarter and the return of schools to attendance education for all levels after being online in the same quarter last year.

Net profit increased in the current quarter compared to the previous quarter due to recording impairment loss of goodwill in the previous quarter along with the increase in other income due to reversal of provisions whosepurpose has been denied in the previous quarter.