Abdullah Saad Muhammad Abu Muati Libraries recorded an 18.8% decrease in annual profits to reach 14.78 million riyals in the fiscal year ending March 31, 2020, and that Compared to 18.21 million riyals in the corresponding period of last year.
According to ArabiaNet, the operating profit of Abu Moati amounted to 60.17 million riyals, compared to 61.6 million riyals in the corresponding period of last year, a decrease of 2.3%.
The company said that the decrease in net profit during this year compared to the previous year is due to the decrease in sales of the inks sector and the closure of some wholesale and retail exhibitions from the date of 16 March 2020 due to the Corona virus, In addition to the increase in operating expenses as a result of opening new branches of the company in the retail sector, other revenues resulting from the decrease in rental income also decreased.
