Abo Moati overcame stagnation, now looking to expand: Chairman
Nomu-listed Abdulla Saad Abo Moati for Bookstore Co. (Abo Moati) was able to overcome stagnation, and the decline in some retail activities last year by boosting efforts and diversification to achieve higher sales and profit, chairman Saad Abdullah Abo Moati told Argaam.
The slight rise in company earnings for the fiscal year ending on March 31 is attributed to higher sales and an increase in retail activities related to ilahui, the high-quality and affordable family products, he said.
According to data compiled by Argaam, the firm reported a net profit of SAR 18.2 million for the year ending March 31, compared to SAR 18.1 million a year earlier.
As for the size of the stationary, office supplies, and printers and inks business, Abo Moati said there are no precise figures on the segment.
However, if the smart products, computers, office furniture and engineering tools were excluded, the segment would be estimated at SAR 4-5 billion, he added.
“The company has a good share of specialty products, and is working to provide various market needs,” he said.
The firm owns 20 wholesale stationary, ink and retail stores, he said, adding that the majority of the stores are located in Riyadh, the most important city in terms of sales due to its population size.
Abo Moati is always searching for calculated expansion opportunities, as its business is intertwined with many activities.
The firm is currently focusing on increasing the number of retail stores and reaching clients across the Kingdom, the chairman added.