Tihama turns to loss of SAR 26 mln in FY 2019-2020

17/06/2020 Argaam Exclusive

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Tihama Advertising and Public Relations Co. (Tihama) reported a net loss after Zakat and tax of SAR 26 million for the fiscal year ending March 31, 2020 , compared to a net profit of SAR 5.2 million in the same period last year.

Financials (M)

Item	2018	2019	Change‬
Revenues	80.65	96.81	20.0 %
Gross Income	29.45	30.20	2.5 %
Operating Income	(11.11)	(36.15)	(225.5 %)
Net Income	5.17	(25.59)	(594.9 %)
Average Shares	17.01	17.01	-
EPS (Riyals)	0.30	(1.51)	(594.9 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	14.34	24.48	70.7 %
Gross Income	2.92	5.12	75.3 %
Operating Income	(8.96)	(20.40)	(127.8 %)
Net Income	1.67	(12.69)	(860.2 %)
Average Shares	17.01	17.01	-
EPS (Riyals)	0.10	(0.75)	(860.2 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	17.32	24.48	41.3 %
Gross Income	4.14	5.12	23.6 %
Operating Income	(11.66)	(20.40)	(74.9 %)
Net Income	(14.71)	(12.69)	13.8 %
Average Shares	17.01	17.01	-
EPS (Riyals)	(0.87)	(0.75)	13.8 %

The net loss was attributed to higher operational losses due to the impact of COVID-19 measures, writing off of slow moving and obsolete inventory, as well as loss of advertising site contracts in Riyadh.

In addition, other income fell as a result of decline in settlements of advertising rental contracts, a drop in service revenues, and an impairment loss in intangible assets’ value.

However, the company reported an increase in profit from associates.

Meanwhile, Tihama’s net loss after Zakat and tax widened to SAR 16.3 million in the fourth quarter of 2019, compared to a net profit of SAR 1.67 million in the same period of 2018.

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