Abo Moati net profit tumbles 62% to SAR 5.3 mln in FY2020/21
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Abdullah Saad Mohammed Abo Moati for Bookstores Co. (Abo Moati) reported a net profit after Zakat and tax of SAR 5.3 million for the fiscal year ended March 31, 2021, a fall of 62% year-on-year (YoY).
The profit drop was attributed to a 22.17% YoY decline in sales due to the decisions issued by the competent authorities as part of the precautionary measures and decisions to convert the study pattern to distance learning to mitigate the spread of the COVID-19. In addition, the company paid customs differences pertaining to previous years amounting to SAR 2.5 million.
The board remuneration was also charged at SAR 900,000 in the previous year in the statement of profits and losses.
Financials (M)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 297.07 | 230.03 | (22.6 %) |
| Gross Income | 60.17 | 47.10 | (21.7 %) |
| Operating Income | 19.66 | 5.63 | (71.3 %) |
| Net Income | 13.88 | 5.33 | (61.6 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.69 | 0.27 | (61.6 %) |
The company reported a net profit of SAR 830,000 in the fourth quarter, a 78% YoY decline, from SAR 3.8 million in the same quarter last year on lower sales.
Current Quarter Comparison (M)
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 75.53 | 65.21 | (13.7 %) |
| Gross Income | 15.92 | 12.91 | (18.9 %) |
| Operating Income | 4.68 | (1.78) | (138.1 %) |
| Net Income | 3.75 | 0.84 | (77.8 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.19 | 0.04 | (77.8 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
| 2020 | 230.03 | (22.6 %) | 47.10 | (21.7 %) | 5.63 | (71.3 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
| 2020 | 5.33 | (61.6 %) | 0.27 | (2.52) | 7.85 | 0.39 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| 2020 | 20.48 % | 5.99 % | 3.41 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2020
| Period | Retail and wholesale | Inks segment | Head office and leasing and others |
|---|---|---|---|
| Q1 2020 | 22.55 | 13.61 | 0.37 |
| Q3 2020 | 40.21 | 28.18 | - |
| Q4 2020 | 34.88 | 30.33 | - |
| Current | |
| Market Cap (M Riyal) | 608.00 |
| Enterprise Value (EV) (M) | 655.34 |
| 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) | 29.20 |
| P/E (TTM) | 25.54 |
| Price/book | 2.52 |
| Return on Average Assets (%) (TTM) | 7.1 |
| Return on Average Equity (%) (TTM) | 9.9 |
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