Riyadh – Mubasher: The profits of Abdullah Saad Mohammed Abo Moati for Bookstores Company (Abo Moati) dropped by 35.7% during the first quarter ended 30 June 2019, compared to the corresponding period last year.
Year-on-year, the company’s net profits, after tax and Zakat, fell to SAR 1 million during Q1-19 from SAR 1.54 million, the company disclosed to the Saudi Stock Exchange (Tadawul) on Tuesday.
The company attributed the decline in profits to higher costs of sales, distribution, and financing, in addition to lower other revenues as a result of the decrease in leasing revenues.
It is worth highlighting that during the fiscal year ended 31 March 2019, Abo Moati’s profits edged up by 0.44% to SAR 18.21 million from SAR 18.13 million in the year-ago period.
Abo Moati is a company listed on the benchmark index on the Nomu-Parallel Market (NOMU).
