Abo Moati not to renew HP distribution agreement to focus on high-profit segments

02/05/2023 Argaam

Abo Moati decides not to renew HP distribution agreement

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Abdullah Saad Mohammed Abo Moati for Bookstores Co. (Abo Moati) announced that its subsidiary, Moujah for Trade Co. decided not to renew the HP distribution agreement, as jointly agreed on May 1. The agreement expires on June 30, 2023.

 

In a statement to Tadawul, Abo Moati pointed out that the decision was taken as the company aims to focus on high-profit segments.

 

The HP brand sales of SAR 78.5 million represented 28% of the group’s consolidated sales in the fiscal year ended March 31, 2022.

 

These sales also made up 15% of the company’s consolidated sales during the nine-month period ended Dec. 31, 2022, reaching SAR 37.8 million.

 

A decline in HP sales is expected as a financial impact of this decision, starting from the second quarter of the fiscal year ending on March 31, 2024, Abo Moati added.

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