| Element List | Explanation |
|---|---|
| Announcement Detail | Abdullah Saad Abo Moati for Bookstores Company announces that its subsidiary (Al-Maujah Trading Company) has not renewed the HP brand distribution agreement, according to the joint agreement between the two parties on 01/05/2023, as the agreement ends on 06/30/2023. |
The company would like to disclose to the shareholders the following:
• HP brand sales amounted to 78.5 Million Saudi Riyals (seventy eight million five hundred thousand saudi riyals), representing 28% of the group's consolidated sales according to the fiscal year ending on 03/31/2022, and sales for the same brand during the nine-month period ending on 31/12/2022 amount of 37.8 Million Saudi Riyals (thirty seven million and eight hundred thousand saudi riyals), representing 15% of the consolidated sales of the group during the period ending on this date.
• Financial impact: The company expects that this decision will have a financial impact, represented by a decrease in sales of the HP brand, starting from the beginning of the second fiscal quarter of the fiscal year that ends on 03/31/2024.
• The company would like to point out to the shareholders that this decision was taken because of the company's desire to focus on sectors with good profitability.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.