Tihama cuts 9M 2021/22 net loss to SAR 29.2 mln; Q3 loss down to SAR 9.6 mln

Tihama Advertising and Public Relations Co. trimmed net losses after Zakat and tax to SAR 29.2 million in the nine-month period ended Dec. 31, 2021, from SAR 31.7 million a year earlier.

Losses narrowed on an increase of SAR 6.9 million in gross profit, with the gross profit from the retail segment growing by nearly SAR 8.9 million after the opening of new branches at airports. Moreover, the same period of last year included the impact of closure of the company’s branches as part of the COVID-19 precautionary measures.

The gross profit of the advertising segment also increased by almost SAR 2.6 million, as the same period of the previous year was affected by a decrease in advertising spending and media production from customers amid the pandemic.

The company cut the third-quarter net losses by 34.5% year-on-year (YoY) to SAR 9.6 million.

On a sequential basis, Q3 2021/22 losses narrowed by 18.1% from SAR 8.10 million.

Shareholders’ equity, after minority interest, plunged 83.9% to SAR 16.7 million in the nine-month period, from SAR 103.9 million in the same period last year.

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