Tihama Advertising and Public Relations Co. widened net losses by 55.7% to SAR 17.9 million in the six-month period ended on Sept. 30, 2023, from SAR 11.5 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 47.62 | 37.83 | (20.6 %) |
| Gross Income | 15.43 | 11.57 | (25.1 %) |
| Operating Income | (8.49) | (21.47) | (152.8 %) |
| Net Income | (11.48) | (16.41) | (42.9 %) |
| Average Shares | 18.90 | 40.00 | - |
| EPS (Riyals) | (0.61) | (0.41) | 32.5 % |
During the first six months of the fiscal year (FY), Tihama said that gross profits from continued operations decreased by nearly SAR 3.8 million. This came as gross profits from the advertising segment declined by around SAR 2 million in the same period. The segment’s topline also dropped on the expiry of an advertising site lease contract and a pullback in the production business by approximately SAR 900,000.
The company booked a SAR 1.5 million provision for slow-moving inventory. The six-month figures were hurt by an increase in selling and general expenses of SAR 6.5 million.
The increased expenses were attributed to recording financial reorganization expenses of approximately SAR 500,000, an impairment loss in trade receivables of around SAR 400,000, and a rise in Zakat provisions of roughly SAR 3.8 million.
The second-quarter net loss increased by 48.9% to SAR 6.5 million, from SAR 4.37 million in the year before, as gross profits from continued operations decreased by nearly SAR 2.2 million.
The company booked a SAR 1.5 million provision for slow moving inventory. The six-month figures were hurt by an increase in selling and general expenses of SAR 3.9 million.
On a sequential basis, net losses shrank from SAR 11.4 million in Q1 2023/24.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 30.48 | 26.67 | (12.5 %) |
| Gross Income | 10.68 | 8.49 | (20.5 %) |
| Operating Income | (1.01) | (8.02) | (692.5 %) |
| Net Income | (3.41) | (4.87) | (42.9 %) |
| Average Shares | 18.90 | 40.00 | - |
| EPS (Riyals) | (0.18) | (0.12) | 32.5 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 11.16 | 26.67 | 139.1 % |
| Gross Income | 3.08 | 8.49 | 175.9 % |
| Operating Income | (13.45) | (8.02) | 40.4 % |
| Net Income | (10.64) | (4.87) | 54.2 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.27) | (0.12) | 54.2 % |
Total shareholders’ equity stood at SAR 247.1 million as of Sept. 30, 2023, compared to SAR -6.3 million in the year-earlier period.
Accumulated losses reached SAR 127.5 million during the same period, accounting for 32% of capital.
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