Tihama narrows Q1 2024/25 losses to SAR 7.3M

Tihama Advertising and Public Relations Co.’s net losses shrank to SAR 7.3 million in the three months ended on June 30, 2024, from SAR 11.4 million in the year-earlier period.

Tihama said that it remained focused on strategies to boost profitability, achieving a SAR 1.3 million increase in gross profit from continuing operations in the three-month period compared to the same quarter last year.

It also reported a decrease in general and administrative expenses by SAR 4 million and an increase in other revenues by SAR 2.9 million.

Revenues in Q1 2024/25 decreased by SAR 77,436, mainly due to lower earnings from the production business, which was impacted by the failure to secure major projects during the period, as well as a decline in revenues from the education business.

This was offset by an increase in the retail business.

Total shareholders’ equity, after excluding minority interest, stood at SAR 207.08 million in Q1 2024/25, compared to SAR 254.74 million in the year-earlier period.

Accumulated losses reached SAR 167.1 million by the end of June 30, 2024, accounting for 41.77% of the company’s capital.

Tihama is currently conducting its procedures to reduce losses and convert them into profits, as it has sufficient liquidity, enabling it to meet its obligations when due.

In addition, it has plans to liquidate a number of subsidiaries and make new investments. It also targets the expansion of its business to generate cash flows to continue its operations.

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