Financial Results : Tihama Advertising’s H1 net loss down to SAR 18m

Tihama Advertising’s H1 net loss down to SAR 18m

30/06/2014 Argaam Exclusive

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Tihama Advertizing and Public Relations Company reported a net loss of SAR 18m for H1 ended September 30, 2014, a 30% decline compared to a net loss of SAR 25.6m for the same period last year.



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 58.37 53.52 (8.3 %)
Gross Income (3.01) 2.68 189.1 %
Operating Income (27.51) (17.68) 35.7 %
Net Income (25.54) (17.99) 29.6 %
Average Shares 17.01 17.01 -
EPS (Riyals) (1.50) (1.06) 29.6 %

The decline of H1-2014’s net loss compared to the same period last year is due to the increase of gross profit of SAR 5.7 million as a result of the increase of net revenues from outdoor advertising by SAR 1.7 million in addition to charging same period last year with Provision for Doubtful debts and slow moving inventory of SAR 4 million, In addition Selling and Marketing expenses decreased by approximately SAR 4.2 million, while in return finance charges increased by SAR 3 million following the increase of debts.

The decline of Q3-2014’s net loss compared to the same period last year was attributed to the increase of gross profit by SAR 6 million as a result of the increase of net revenues from outdoor advertising by SAR 2.5 million and in addition to charging same quarter of last year with Provision for Doubtful debts and slow moving inventory of SAR 1.5 million, increase of Distribution revenues by SAR 2 million. In addition selling and Marketing expenses decreased by approximately SAR 3.4 million, while in return finance charges increased by SAR 1 million following the increase of debts.

The decline of Q3-2014’s net loss compared to the previous quarter was attributed to the increase of net revenues from outdoor advertising, Distribution and bookstores by SAR 10 million, In addition General, Selling and Marketing expenses decreased by approximately SAR 1.2 million, finance charges decreased by approximately SAR 0.8 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 38.27 40.57 6.0 %
Gross Income 0.04 6.51 15030.2 %
Operating Income (12.07) (3.08) 74.4 %
Net Income (11.68) (3.07) 73.8 %
Average Shares 17.01 17.01 -
EPS (Riyals) (0.69) (0.18) 73.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 26.41 (26.3 %) 6.97 26.0 % 0.14 106.9 %
Q2 2005 38.52 (15.5 %) 11.27 3.6 % 3.16 0.0 %
Q3 2005 28.23 (19.9 %) 8.15 101.2 % 0.73 178.5 %
Q4 2005 24.24 13.8 % 4.75 (48.6 %) (7.25) (106.6 %)
Q1 2006 25.84 (2.1 %) 7.66 9.9 % (0.88) (725.0 %)
Q2 2006 35.66 (7.4 %) 11.28 0.1 % 4.14 30.9 %
Q3 2006 34.41 21.9 % 11.85 45.4 % 0.90 23.0 %
Q4 2006 23.91 (1.3 %) 8.07 69.9 % (1.72) 76.3 %
Q1 2007 26.97 4.4 % 9.02 17.7 % 1.54 275.4 %
Q2 2007 39.45 10.6 % 11.97 6.1 % 4.42 6.9 %
Q3 2007 36.26 5.4 % 10.24 (13.6 %) 0.96 7.0 %
Q4 2007 34.04 42.3 % 14.50 79.7 % 5.33 410.5 %
Q1 2008 32.01 18.7 % 9.03 0.1 % 2.02 31.7 %
Q2 2008 33.86 (14.2 %) 10.59 (11.6 %) 1.76 (60.2 %)
Q3 2008 44.24 22.0 % 15.28 49.2 % 4.43 360.6 %
Q4 2008 31.68 (6.9 %) 10.73 (26.0 %) 2.95 (44.6 %)
Q1 2009 25.88 (19.1 %) 6.81 (24.6 %) (0.31) (115.4 %)
Q2 2009 25.76 (23.9 %) 4.92 (53.5 %) (1.58) (189.7 %)
Q3 2009 30.19 (31.7 %) 7.69 (49.7 %) (4.56) (202.9 %)
Q4 2009 35.93 13.4 % 10.60 (1.1 %) (0.15) (105.0 %)
Q1 2010 24.73 (4.5 %) 8.71 27.9 % 0.60 293.9 %
Q2 2010 62.52 142.7 % 12.24 148.9 % 1.50 195.4 %
Q3 2010 43.57 44.3 % 11.56 50.3 % (0.96) 79.0 %
Q4 2010 36.17 0.7 % 15.53 46.4 % (1.38) (840.1 %)
Q1 2011 35.79 44.8 % 6.95 (20.2 %) (6.59) (1193.2 %)
Q2 2011 47.14 (24.6 %) 16.21 32.5 % 4.20 178.9 %
Q3 2011 38.75 (11.1 %) 8.81 (23.8 %) (3.01) (214.2 %)
Q4 2011 35.05 (3.1 %) 17.99 15.8 % 6.48 568.7 %
Q1 2012 24.37 (31.9 %) 8.19 17.8 % (0.40) 93.9 %
Q2 2012 44.18 (6.3 %) 8.86 (45.3 %) (1.21) (128.8 %)
Q3 2012 35.41 (8.6 %) 5.82 (34.0 %) (4.89) (62.5 %)
Q4 2012 33.42 (4.7 %) 4.58 (74.5 %) (9.43) (245.6 %)
Q1 2013 20.10 (17.5 %) (3.05) (137.3 %) (15.45) (3,751.6 %)
Q2 2013 38.27 (13.4 %) 0.04 (99.5 %) (12.07) (897.4 %)
Q3 2013 32.62 (7.9 %) (1.64) (128.2 %) (17.30) (253.7 %)
Q4 2013 21.41 (35.9 %) (3.27) (171.3 %) (13.99) (48.3 %)
Q1 2014 12.95 (35.6 %) (3.83) (25.3 %) (14.60) 5.5 %
Q2 2014 40.57 6.0 % 6.51 15030.2 % (3.08) 74.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 3.74 78.9 % 0.22 - 3.74 0.22
Q2 2005 3.56 (3.8 %) 0.21 - 3.56 0.21
Q3 2005 2.11 56.3 % 0.12 - 2.11 0.12
Q4 2005 2.92 14.1 % 0.17 - 2.92 0.17
Q1 2006 4.11 9.9 % 0.24 - 4.11 0.24
Q2 2006 4.32 21.3 % 0.25 - 4.32 0.25
Q3 2006 4.72 123.6 % 0.28 - 4.72 0.28
Q4 2006 5.92 102.6 % 0.35 - 5.92 0.35
Q1 2007 4.76 15.8 % 0.28 - 4.76 0.28
Q2 2007 6.27 45.1 % 0.37 - 6.27 0.37
Q3 2007 7.46 58.0 % 0.44 - 7.46 0.44
Q4 2007 9.53 61.1 % 0.56 - 9.53 0.56
Q1 2008 5.86 23.1 % 0.34 - 5.86 0.34
Q2 2008 8.50 35.7 % 0.50 - 8.50 0.50
Q3 2008 7.82 4.8 % 0.46 - 7.82 0.46
Q4 2008 7.95 (16.6 %) 0.47 - 7.95 0.47
Q1 2009 3.24 (44.7 %) 0.19 - 3.24 0.19
Q2 2009 4.07 (52.1 %) 0.24 - 4.07 0.24
Q3 2009 (9.78) (225.2 %) (0.58) (6.60) (3.18) (0.19)
Q4 2009 9.80 23.4 % 0.58 4.82 4.98 0.29
Q1 2010 6.81 110.2 % 0.40 - 6.81 0.40
Q2 2010 4.42 8.6 % 0.26 - 4.42 0.26
Q3 2010 8.36 185.5 % 0.49 - 8.36 0.49
Q4 2010 4.08 (58.4 %) 0.24 10.53 (6.45) (0.38)
Q1 2011 (2.67) (139.3 %) (0.16) - (2.67) (0.16)
Q2 2011 8.46 91.2 % 0.50 - 8.46 0.50
Q3 2011 (1.74) (120.8 %) (0.10) - (1.74) (0.10)
Q4 2011 13.09 220.7 % 0.77 6.52 6.58 0.39
Q1 2012 1.65 161.7 % 0.10 - 1.65 0.10
Q2 2012 2.85 (66.3 %) 0.17 - 2.85 0.17
Q3 2012 (2.44) (40.3 %) (0.14) - (2.44) (0.14)
Q4 2012 (1.11) (108.5 %) (0.07) - (1.11) (0.07)
Q1 2013 (13.85) (939.5 %) (0.81) - (13.85) (0.81)
Q2 2013 (11.68) (510.1 %) (0.69) - (11.68) (0.69)
Q3 2013 (15.27) (525.6 %) (0.90) - (15.27) (0.90)
Q4 2013 (11.75) (960.1 %) (0.69) - (11.75) (0.69)
Q1 2014 (14.93) (7.7 %) (0.88) - (14.93) (0.88)
Q2 2014 (3.07) 73.8 % (0.18) - (3.07) (0.18)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 24.23 % 14.35 % 8.83 %
Q2 2005 25.95 % 15.08 % 9.23 %
Q3 2005 31.13 % 17.14 % 10.46 %
Q4 2005 26.52 % 12.62 % 10.50 %
Q1 2006 27.25 % 11.74 % 10.87 %
Q2 2006 27.94 % 11.36 % 11.81 %
Q3 2006 29.58 % 7.52 % 13.37 %
Q4 2006 32.43 % 7.57 % 15.91 %
Q1 2007 33.25 % 9.52 % 16.30 %
Q2 2007 32.80 % 10.11 % 17.36 %
Q3 2007 31.04 % 10.15 % 19.27 %
Q4 2007 33.45 % 14.35 % 20.49 %
Q1 2008 32.26 % 14.13 % 20.54 %
Q2 2008 32.57 % 11.86 % 23.02 %
Q3 2008 34.26 % 13.41 % 22.00 %
Q4 2008 32.17 % 11.97 % 21.24 %
Q1 2009 31.99 % 10.77 % 20.27 %
Q2 2009 29.58 % 8.66 % 18.09 %
Q3 2009 26.56 % 1.98 % 10.64 %
Q4 2009 25.49 % (5.12 %) 7.74 %
Q1 2010 27.37 % (4.45 %) 10.88 %
Q2 2010 25.58 % 0.13 % 8.50 %
Q3 2010 25.85 % 1.29 % 14.74 %
Q4 2010 28.76 % 3.34 % 7.88 %
Q1 2011 25.99 % (0.87 %) 2.06 %
Q2 2011 30.89 % (0.61 %) 4.73 %
Q3 2011 30.09 % (0.81 %) (1.52 %)
Q4 2011 31.87 % 4.41 % 6.77 %
Q1 2012 35.23 % 9.88 % 10.28 %
Q2 2012 30.80 % 6.73 % 6.56 %
Q3 2012 29.39 % 9.03 % 6.21 %
Q4 2012 19.98 % 1.89 % 0.69 %
Q1 2013 12.18 % (9.78 %) (10.93 %)
Q2 2013 5.81 % (18.83 %) (22.86 %)
Q3 2013 (0.06 %) (32.70 %) (33.69 %)
Q4 2013 (7.05 %) (44.71 %) (46.75 %)
Q1 2014 (8.26 %) (47.03 %) (50.95 %)
Q2 2014 (2.07 %) (37.46 %) (41.85 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 17.01 0.67 0.67 11.45
Q2 2005 17.01 0.66 0.66 11.15
Q3 2005 17.01 0.70 0.70 11.27
Q4 2005 17.01 0.73 0.73 11.40
Q1 2006 17.01 0.75 0.75 11.65
Q2 2006 17.01 0.79 0.79 11.87
Q3 2006 17.01 0.94 0.94 12.07
Q4 2006 17.01 1.12 1.12 12.43
Q1 2007 17.01 1.16 1.16 12.64
Q2 2007 17.01 1.27 1.27 12.28
Q3 2007 17.01 1.43 1.43 12.72
Q4 2007 17.01 1.65 1.65 13.27
Q1 2008 17.01 1.71 1.71 13.61
Q2 2008 17.01 1.84 1.84 13.13
Q3 2008 17.01 1.86 1.86 13.58
Q4 2008 17.01 1.77 1.77 14.05
Q1 2009 17.01 1.62 1.62 14.24
Q2 2009 17.01 1.36 1.36 13.34
Q3 2009 17.01 0.32 0.71 12.77
Q4 2009 17.01 0.43 0.54 13.35
Q1 2010 17.01 0.64 0.75 13.66
Q2 2010 17.01 0.66 0.77 14.03
Q3 2010 17.01 1.73 1.45 14.69
Q4 2010 17.01 1.39 0.77 14.57
Q1 2011 17.01 0.83 0.22 14.59
Q2 2011 17.01 1.07 0.45 13.41
Q3 2011 17.01 0.48 (0.14) 13.31
Q4 2011 17.01 1.01 0.62 13.93
Q1 2012 17.01 1.26 0.88 14.03
Q2 2012 17.01 0.93 0.55 14.20
Q3 2012 17.01 0.89 0.51 14.06
Q4 2012 17.01 0.06 0.06 13.92
Q1 2013 17.01 (0.86) (0.86) 13.11
Q2 2013 17.01 (1.71) (1.71) 12.42
Q3 2013 17.01 (2.46) (2.46) 11.52
Q4 2013 17.01 (3.09) (3.09) 10.78
Q1 2014 17.01 (3.15) (3.15) 9.90
Q2 2014 17.01 (2.65) (2.65) 9.72

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 89.06 89.06 5.19
Q2 2005 More than 100 More than 100 10.39
Q3 2005 More than 100 More than 100 14.45
Q4 2005 More than 100 More than 100 19.02
Q1 2006 More than 100 More than 100 10.66
Q2 2006 More than 100 More than 100 14.59
Q3 2006 More than 100 More than 100 34.81
Q4 2006 95.88 95.88 8.65
Q1 2007 96.15 96.15 8.82
Q2 2007 75.53 75.53 7.83
Q3 2007 75.38 75.38 8.50
Q4 2007 68.06 68.06 8.45
Q1 2008 47.67 47.67 6.00
Q2 2008 46.43 46.43 6.52
Q3 2008 28.61 28.61 3.93
Q4 2008 23.60 23.60 2.98
Q1 2009 33.56 33.56 3.81
Q2 2009 70.41 70.41 7.16
Q3 2009 More than 100 More than 100 6.01
Q4 2009 More than 100 More than 100 4.94
Q1 2010 99.75 85.75 4.68
Q2 2010 89.02 76.86 4.20
Q3 2010 35.84 42.87 4.22
Q4 2010 55.27 99.52 5.28
Q1 2011 82.98 More than 100 4.75
Q2 2011 99.04 More than 100 7.91
Q3 2011 More than 100 NEG 12.91
Q4 2011 More than 100 More than 100 14.09
Q1 2012 More than 100 More than 100 13.62
Q2 2012 More than 100 More than 100 14.16
Q3 2012 More than 100 More than 100 15.44
Q4 2012 More than 100 More than 100 16.15
Q1 2013 NEG NEG 17.36
Q2 2013 NEG NEG 21.47
Q3 2013 NEG NEG 21.71
Q4 2013 NEG NEG 27.01
Q1 2014 NEG NEG 54.06
Q2 2014 NEG NEG 26.54

Business Segments (Million)

Compared With The
Period Library Sector Advertising and distribution sector Public administration & Investments sector
Q3 2006 10.61 38.39 -
Q4 2006 10.74 13.17 -
Q1 2007 8.61 18.36 -
Q2 2007 14.70 24.74 -
Q3 2007 12.01 24.26 -
Q4 2007 8.42 25.62 -
Q1 2008 9.39 22.62 -
Q2 2008 10.50 23.35 -
Q3 2008 17.19 27.05 -
Q4 2008 8.83 20.17 2.68
Q1 2009 8.88 17.00 -
Q2 2009 8.37 17.38 -
Q3 2009 12.98 17.22 -
Q4 2009 13.33 22.59 -
Q1 2010 4.20 20.52 -
Q2 2010 16.66 68.22 0.73
Q3 2010 9.23 35.07 -
Q4 2010 6.55 29.62 -
Q1 2011 8.75 27.05 -
Q2 2011 2.46 44.68 -
Q3 2011 6.34 32.41 -
Q4 2011 7.87 27.18 -
Q1 2012 4.12 20.25 -
Q2 2012 9.20 34.99 -
Q3 2012 5.23 30.18 -
Q4 2012 5.60 27.83 -
Q1 2013 2.19 17.92 -
Q2 2013 9.86 28.41 -
Q3 2013 5.99 26.64 -
Q4 2013 3.44 17.97 -
Q1 2014 3.07 9.88 -
Q2 2014 8.78 31.79 -


Financial Ratios
Current
Market Cap (M Riyal) 613.60
Enterprise Value (EV) (M) 324.30
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) (1.08)
Book Value (BV) ( Riyal) 5.18
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.96
Return on Average Assets (%) (TTM) (9.55 )
Return on Average Equity (%) (TTM) (18.65 )
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Share Price

Tihama Advertising and Public Relations Co.
15.34
0.22 1.46 %

Tihama Advertising and Public Relations Co. (TAPRCO)

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