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

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 %

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.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 110.07 - 12.04 - 5.55 -
Q2 2015 118.38 - 15.11 - 9.52 -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 73.59 (33.1 %) 7.41 (38.4 %) 1.54 (72.2 %)
Q2 2016 93.62 (20.9 %) 10.55 (30.2 %) 4.95 (48.0 %)
Q3 2016 101.08 - 15.77 - 8.42 -
Q4 2016 114.04 - 16.05 - 8.25 -
Q1 2017 52.51 (28.7 %) 9.15 23.4 % 2.43 57.6 %
Q2 2017 74.75 (20.2 %) 15.12 43.3 % 6.91 39.5 %
Q3 2017 96.67 (4.4 %) 14.86 (5.8 %) 7.72 (8.3 %)
Q4 2017 78.94 (30.8 %) 15.50 (3.4 %) 4.80 (41.8 %)
Q1 2018 47.70 (9.1 %) 8.66 (5.3 %) 1.95 (19.8 %)
Q2 2018 92.81 24.2 % 18.60 23.0 % 8.30 20.1 %
Q3 2018 99.17 2.6 % 17.62 18.5 % 7.47 (3.3 %)
Q4 2018 77.18 (2.2 %) 16.76 8.1 % 6.39 33.0 %
Q1 2019 44.32 (7.1 %) 9.14 5.5 % 2.01 2.8 %
Q2 2019 92.63 (0.2 %) 17.83 (4.2 %) 7.11 (14.4 %)
Q3 2019 84.59 (14.7 %) 17.29 (1.9 %) 5.86 (21.5 %)
Q4 2019 75.53 (2.1 %) 15.92 (5.0 %) 4.68 (26.7 %)
Q1 2020 36.16 (18.4 %) 7.90 (13.6 %) 1.32 (34.0 %)
Q2 2020 60.26 (34.9 %) 12.40 (30.4 %) 1.88 (73.5 %)
Q3 2020 68.39 (19.2 %) 13.89 (19.6 %) 4.21 (28.2 %)
Q4 2020 65.21 (13.7 %) 12.91 (18.9 %) (1.78) (138.1 %)
Q1 2021 45.38 25.5 % 10.49 32.8 % 2.00 50.8 %
Q2 2021 72.95 21.0 % 17.59 41.9 % 6.68 255.2 %
Q3 2021 90.46 32.3 % 19.37 39.4 % 8.18 94.2 %
Q4 2021 73.51 12.7 % 17.41 34.8 % 5.66 417.2 %
Q1 2022 62.94 38.7 % 16.43 56.7 % 4.66 133.3 %
Q2 2022 101.78 39.5 % 27.08 53.9 % 13.99 109.4 %
Q3 2022 86.29 (4.6 %) 20.09 3.7 % 8.35 2.1 %
Q4 2022 63.37 (13.8 %) 16.81 (3.5 %) 3.72 (34.3 %)
Q1 2023 49.89 (20.7 %) 13.71 (16.6 %) 2.50 (46.2 %)
Q2 2023 89.06 (12.5 %) 26.26 (3.0 %) 14.09 0.7 %
Q3 2023 75.06 (13.0 %) 22.22 10.6 % 9.22 10.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 4.42 - 0.22 - 4.42 0.22
Q2 2015 8.06 - 0.40 - 8.06 0.40
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 1.20 (72.8 %) 0.06 - 1.20 0.06
Q2 2016 3.82 (52.6 %) 0.19 - 3.82 0.19
Q3 2016 7.45 - 0.37 - 7.45 0.37
Q4 2016 7.11 - 0.36 - 7.11 0.36
Q1 2017 1.43 18.8 % 0.07 - 1.43 0.07
Q2 2017 4.99 30.6 % 0.25 - 4.99 0.25
Q3 2017 7.04 (5.4 %) 0.35 - 7.04 0.35
Q4 2017 4.67 (34.3 %) 0.23 - 4.67 0.23
Q1 2018 1.54 8.2 % 0.08 - 1.54 0.08
Q2 2018 5.87 17.5 % 0.29 - 5.87 0.29
Q3 2018 6.19 (12.1 %) 0.31 - 6.19 0.31
Q4 2018 4.62 (1.2 %) 0.23 - 4.62 0.23
Q1 2019 0.99 (35.9 %) 0.05 - 0.99 0.05
Q2 2019 4.36 (25.7 %) 0.22 - 4.36 0.22
Q3 2019 4.78 (22.9 %) 0.24 - 4.78 0.24
Q4 2019 3.75 (18.7 %) 0.19 - 3.75 0.19
Q1 2020 (1.80) (282.0 %) (0.09) (2.52) 0.72 0.04
Q2 2020 3.30 (24.2 %) 0.17 - 3.30 0.17
Q3 2020 3.00 (37.3 %) 0.15 - 3.00 0.15
Q4 2020 0.84 (77.8 %) 0.04 - 0.84 0.04
Q1 2021 1.91 206.1 % 0.10 - 1.91 0.10
Q2 2021 5.31 60.9 % 0.27 - 5.31 0.27
Q3 2021 7.20 140.4 % 0.36 - 7.20 0.36
Q4 2021 0.68 (18.3 %) 0.03 (5.45) 6.13 0.31
Q1 2022 4.32 125.9 % 0.22 - 4.32 0.22
Q2 2022 12.81 141.2 % 0.64 - 12.81 0.64
Q3 2022 8.02 11.3 % 0.40 - 8.02 0.40
Q4 2022 (8.22) (1305.8 %) (0.41) (12.40) 4.18 0.21
Q1 2023 2.69 (37.7 %) 0.13 - 2.69 0.13
Q2 2023 13.05 1.9 % 0.65 - 13.05 0.65
Q3 2023 8.55 6.6 % 0.43 - 8.55 0.43

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 13.02 % 6.71 % 5.12 %
Q1 2017 14.26 % 7.35 % 5.48 %
Q2 2017 16.38 % 8.31 % 6.13 %
Q3 2017 16.32 % 8.27 % 6.09 %
Q4 2017 18.04 % 8.13 % 5.99 %
Q1 2018 18.16 % 8.12 % 6.12 %
Q2 2018 18.23 % 8.11 % 6.05 %
Q3 2018 18.95 % 7.95 % 5.73 %
Q4 2018 19.45 % 8.51 % 5.75 %
Q1 2019 19.81 % 8.81 % 5.63 %
Q2 2019 19.58 % 8.63 % 5.16 %
Q3 2019 20.42 % 8.77 % 4.93 %
Q4 2019 20.25 % 8.60 % 4.67 %
Q1 2020 20.40 % 8.75 % 4.71 %
Q2 2020 20.85 % 7.99 % 4.89 %
Q3 2020 20.85 % 7.93 % 4.48 %
Q4 2020 20.48 % 5.99 % 3.41 %
Q1 2021 20.77 % 6.35 % 3.78 %
Q2 2021 21.79 % 8.30 % 4.39 %
Q3 2021 22.03 % 9.47 % 5.57 %
Q4 2021 22.98 % 11.74 % 7.28 %
Q1 2022 23.61 % 12.06 % 7.66 %
Q2 2022 24.43 % 13.32 % 9.27 %
Q3 2022 24.96 % 13.65 % 9.64 %
Q4 2022 25.58 % 13.60 % 9.33 %
Q1 2023 25.78 % 13.65 % 9.19 %
Q2 2023 26.63 % 14.41 % 9.68 %
Q3 2023 28.48 % 15.38 % 10.26 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 20.00 - - -
Q2 2015 20.00 - - 10.13
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 20.00 - - 10.00
Q2 2016 20.00 - - 10.24
Q3 2016 20.00 - - 10.17
Q4 2016 20.00 0.98 0.98 10.52
Q1 2017 20.00 0.99 0.99 10.61
Q2 2017 20.00 1.05 1.05 10.87
Q3 2017 20.00 1.03 1.03 10.82
Q4 2017 20.00 0.91 0.91 11.01
Q1 2018 20.00 0.91 0.91 11.09
Q2 2018 20.00 0.96 0.96 10.94
Q3 2018 20.00 0.91 0.91 11.28
Q4 2018 20.00 0.91 0.91 11.53
Q1 2019 20.00 0.88 0.88 11.60
Q2 2019 20.00 0.81 0.81 11.40
Q3 2019 20.00 0.74 0.74 11.65
Q4 2019 20.00 0.69 0.69 11.78
Q1 2020 20.00 0.55 0.68 11.73
Q2 2020 20.00 0.50 0.63 11.48
Q3 2020 20.00 0.41 0.54 11.60
Q4 2020 20.00 0.27 0.39 11.63
Q1 2021 20.00 0.45 0.45 11.79
Q2 2021 20.00 0.55 0.55 11.55
Q3 2021 20.00 0.76 0.76 11.88
Q4 2021 20.00 0.76 1.03 11.89
Q1 2022 20.00 0.88 1.15 12.03
Q2 2022 20.00 1.25 1.52 12.18
Q3 2022 20.00 1.29 1.56 12.54
Q4 2022 20.00 0.85 1.47 12.14
Q1 2023 20.00 0.76 1.38 12.28
Q2 2023 20.00 0.78 1.40 11.89
Q3 2023 20.00 0.80 1.42 11.84

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 13.74 13.74 1.28
Q2 2017 9.99 9.99 0.96
Q3 2017 9.18 9.18 0.87
Q4 2017 11.21 11.21 0.92
Q1 2018 10.05 10.05 0.83
Q2 2018 9.52 9.52 0.83
Q3 2018 8.34 8.34 0.68
Q4 2018 10.77 10.77 0.85
Q1 2019 12.68 12.68 0.97
Q2 2019 17.33 17.33 1.23
Q3 2019 15.60 15.60 0.99
Q4 2019 27.64 27.64 1.63
Q1 2020 23.13 18.84 1.09
Q2 2020 32.54 26.01 1.42
Q3 2020 74.18 56.82 2.64
Q4 2020 More than 100 More than 100 4.60
Q1 2021 More than 100 More than 100 4.38
Q2 2021 96.82 96.82 4.63
Q3 2021 65.42 65.42 4.20
Q4 2021 51.31 37.70 3.26
Q1 2022 43.41 33.10 3.16
Q2 2022 22.99 18.88 2.36
Q3 2022 24.09 19.89 2.48
Q4 2022 30.09 17.36 2.10
Q1 2023 38.39 21.20 2.39
Q2 2023 44.04 24.49 2.88
Q3 2023 37.11 20.94 2.52

Business Segments (Million)

Compared With The
Period Retail and wholesale Inks segment Head office and leasing and others
Q3 2019 55.46 29.13 -
Q4 2019 48.80 26.73 -
Q1 2020 22.55 13.61 0.37
Q3 2020 40.21 28.18 -
Q4 2020 34.88 30.33 -
Q1 2021 28.83 16.55 -
Q2 2021 55.07 17.88 -
Q3 2021 56.36 34.10 -
Q4 2021 62.11 11.40 -
Q1 2022 48.57 14.37 -
Q2 2022 85.83 15.95 -
Q3 2022 77.78 8.51 -
Q4 2022 62.28 1.09 -
Q1 2023 48.86 1.03 -
Q2 2023 86.57 2.49 -
Q3 2023 73.65 1.41 -

Current
Market Cap (M Riyal) 606.00
Enterprise Value (EV) (M) 646.57
Shares Outstanding ((M)) 20.00
EPS ( Riyal) (TTM) 1.19
Book Value (BV) ( Riyal) 12.05
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 28.70
P/E (TTM) 25.46
Price/book 2.51
Return on Average Assets (%) (TTM) 7.3
Return on Average Equity (%) (TTM) 9.9

Abdullah Saad Mohammed Abo Moati for Bookstores Co. (ABO MOATI)


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