Financial Results : Tihama’s net profit slumps 71% in H1

Tihama’s net profit slumps 71% in H1

11/11/2018 Argaam Exclusive

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Tihama Advertising & Public Relations Co.’s net profit after zakat and tax plunged 71 percent year-on-year (YoY) to SAR 1.1 million in the first half ending Sept. 30, 2018.

 

The decline was attributed to one-off revenues of nearly SAR 8.3 million realized in the first half of last year. The company also generated almost SAR 1.1 million profit from selling its stake in Ad Art Median Co. in H1 2017-2018.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 29.15 27.50 (5.7 %)
Gross Income 12.28 13.39 9.1 %
Operating Income (8.78) (4.04) 54.0 %
Net Income 4.03 1.53 (62.1 %)
Average Shares 17.01 17.01 -
EPS (Riyals) 0.24 0.09 (62.1 %)

Tihama’s Q2 net profit after zakat and tax tumbled 96.3 percent YoY to SAR 80,000 due to lower advertising revenue.  

 

When compared to the previous quarter, net profit fell 91.8 percent on higher selling and general expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 15.21 13.50 (11.2 %)
Gross Income 8.06 5.17 (35.8 %)
Operating Income (4.36) (4.21) 3.4 %
Net Income 2.22 0.53 (76.1 %)
Average Shares 17.01 17.01 -
EPS (Riyals) 0.13 0.03 (76.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2014 26.65 (18.3 %) (4.86) (195.7 %) (24.54) (41.9 %)
Q4 2014 24.16 12.8 % 10.81 430.9 % (3.23) 76.9 %
Q1 2015 14.28 10.2 % (5.55) (45.0 %) (13.24) 9.3 %
Q2 2015 26.04 (35.8 %) (4.73) (172.7 %) (19.42) (529.5 %)
Q3 2015 38.78 45.5 % 2.29 147.0 % (5.65) 77.0 %
Q4 2015 23.54 (2.6 %) 2.23 (79.3 %) (6.79) (110.0 %)
Q1 2016 13.43 (6.0 %) (4.66) 15.9 % (12.17) 8.1 %
Q2 2016 27.33 4.9 % 3.26 168.9 % (3.71) 80.9 %
Q3 2016 26.11 (32.7 %) (0.81) (135.6 %) (9.15) (62.0 %)
Q4 2016 19.78 (16.0 %) (2.86) (228.2 %) (13.82) (103.7 %)
Q1 2017 13.95 3.9 % 4.22 190.4 % (4.42) 63.7 %
Q2 2017 15.21 (44.4 %) 8.06 147.1 % (4.36) (17.4 %)
Q3 2017 28.77 10.2 % 11.82 1552.5 % 0.12 101.3 %
Q4 2017 13.63 (31.1 %) 6.36 322.2 % (4.90) 64.6 %
Q1 2018 14.00 0.4 % 8.22 94.9 % 0.17 103.8 %
Q2 2018 13.50 (11.2 %) 5.17 (35.8 %) (4.21) 3.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q3 2014 (24.42) (59.9 %) (1.44) - (24.42) (1.44)
Q4 2014 1.27 110.8 % 0.07 - 1.27 0.07
Q1 2015 (11.45) 23.3 % (0.67) - (11.45) (0.67)
Q2 2015 (29.29) (855.6 %) (1.72) (10.94) (18.35) (1.08)
Q3 2015 11.54 147.2 % 0.68 18.00 (6.47) (0.38)
Q4 2015 (9.73) (864.1 %) (0.57) - (9.73) (0.57)
Q1 2016 (10.23) 10.6 % (0.60) - (10.23) (0.60)
Q2 2016 (3.09) 89.5 % (0.18) - (3.09) (0.18)
Q3 2016 (7.60) (165.9 %) (0.45) - (7.60) (0.45)
Q4 2016 (6.99) 28.2 % (0.41) - (6.99) (0.41)
Q1 2017 1.82 117.8 % 0.11 - 1.82 0.11
Q2 2017 2.22 171.8 % 0.13 1.07 1.15 0.07
Q3 2017 0.73 109.5 % 0.04 - 0.73 0.04
Q4 2017 (1.56) 77.7 % (0.09) - (1.56) (0.09)
Q1 2018 1.00 (45.1 %) 0.06 - 1.00 0.06
Q2 2018 0.53 (76.1 %) 0.03 - 0.53 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2014 (5.36 %) (46.76 %) (53.32 %)
Q4 2014 8.27 % (35.27 %) (39.43 %)
Q1 2015 6.54 % (32.20 %) (35.65 %)
Q2 2015 (4.75 %) (53.85 %) (58.11 %)
Q3 2015 2.73 % (27.12 %) (33.89 %)
Q4 2015 (5.61 %) (28.92 %) (44.82 %)
Q1 2016 (4.79 %) (29.04 %) (44.00 %)
Q2 2016 3.02 % (14.41 %) (28.64 %)
Q3 2016 0.02 % (21.68 %) (33.91 %)
Q4 2016 (5.86 %) (28.55 %) (32.21 %)
Q1 2017 4.36 % (20.18 %) (18.19 %)
Q2 2017 11.46 % (25.68 %) (15.49 %)
Q3 2017 27.33 % (14.90 %) (4.24 %)
Q4 2017 42.57 % 2.59 % 2.98 %
Q1 2018 48.13 % 12.31 % 1.83 %
Q2 2018 45.17 % 16.74 % 1.00 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2014 17.01 (3.18) (3.18) 8.29
Q4 2014 17.01 (2.42) (2.42) 8.36
Q1 2015 17.01 (2.22) (2.22) 7.69
Q2 2015 17.01 (3.76) (3.11) 5.97
Q3 2015 17.01 (1.64) (2.06) 6.65
Q4 2015 17.01 (2.29) (2.71) 6.07
Q1 2016 17.01 (2.22) (2.63) 5.44
Q2 2016 17.01 (0.68) (1.74) 4.10
Q3 2016 17.01 (1.80) (1.80) 3.65
Q4 2016 17.01 (1.64) (1.64) 2.96
Q1 2017 17.01 (0.93) (0.93) 3.07
Q2 2017 17.01 (0.62) (0.68) 3.45
Q3 2017 17.01 (0.13) (0.19) 3.50
Q4 2017 17.01 0.19 0.13 3.38
Q1 2018 17.01 0.14 0.08 3.45
Q2 2018 17.01 0.04 0.04 3.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2014 NEG NEG 31.88
Q4 2014 NEG NEG 28.72
Q1 2015 NEG NEG 31.09
Q2 2015 NEG NEG 43.89
Q3 2015 NEG NEG 14.16
Q4 2015 NEG NEG 13.03
Q1 2016 NEG NEG 17.36
Q2 2016 NEG NEG 20.56
Q3 2016 NEG NEG 18.64
Q4 2016 NEG NEG 30.47
Q1 2017 NEG NEG 18.83
Q2 2017 NEG NEG 12.20
Q3 2017 NEG NEG 17.64
Q4 2017 More than 100 More than 100 18.76
Q1 2018 More than 100 More than 100 16.75
Q2 2018 More than 100 More than 100 19.10

Business Segments (Million)

Compared With The
Period Trading & Distribution Services Advertising Sector Library Sector Advertising and distribution sector Public administration & Investments sector
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 -
Q3 2014 - - 3.35 23.30 -
Q4 2014 - - 2.99 21.17 -
Q1 2015 - - 1.02 13.26 -
Q2 2015 - - 3.80 22.24 -
Q3 2015 - - 1.92 36.86 -
Q4 2015 - - 1.31 22.23 -
Q1 2016 0.09 12.56 0.77 - -
Q2 2016 11.60 14.23 1.50 - -
Q3 2016 11.21 12.88 2.01 - -
Q4 2016 - - 0.42 19.36 -
Q1 2017 0.10 13.42 0.43 - -
Q2 2017 1.22 11.43 2.55 - -
Q3 2017 15.80 10.64 1.82 - -
Q4 2017 2.99 10.40 0.75 - -
Q1 2018 0.12 13.40 0.47 - -
Q2 2018 1.11 11.07 1.32 - -


Financial Ratios
Current
Market Cap (M Riyal) 613.60
Enterprise Value (EV) (M) 396.89
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) (1.07)
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) (9.94 )
Return on Average Equity (%) (TTM) (18.94 )
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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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