Tihama trims H1 2022/23 net loss to SAR 9.8 mln; Q2 at SAR 2.4 mln

10/11/2022 Argaam Exclusive

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Tihama Advertising and Public Relations Co. trimmed net loss after Zakat and tax to SAR 9.8 million in H1 2021/22, ended Sept. 30, 2022, from SAR 19.7 million in the year-earlier period, due to higher gross operating profit, lower selling and administrative expenses and increased other income.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	46.12	47.62	3.3 %
Gross Income	12.21	15.43	26.4 %
Operating Income	(16.76)	(8.49)	49.3 %
Net Income	(19.63)	(11.48)	41.5 %
Average Shares	18.90	5.00	(73.5 %)
EPS (Riyals)	(1.04)	(2.30)	(121.1 %)

Q2 2022/23 net loss after Zakat and tax narrowed by 70.7% to SAR 2.4 million, from SAR 8.2 million in the year before, on higher gross operating profit and lower selling and administrative expenses.

On a sequential basis, net losses shrank from SAR 7.4 million on decreased selling and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	32.22	30.48	(5.4 %)
Gross Income	9.65	10.68	10.7 %
Operating Income	(5.86)	(1.01)	82.7 %
Net Income	(8.10)	(3.41)	57.9 %
Average Shares	18.90	5.00	(73.5 %)
EPS (Riyals)	(0.43)	(0.68)	(59.0 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	17.14	30.48	77.9 %
Gross Income	4.75	10.68	124.9 %
Operating Income	(7.48)	(1.01)	86.5 %
Net Income	(7.13)	(3.41)	52.2 %
Average Shares	5.00	5.00	-
EPS (Riyals)	(1.43)	(0.68)	52.2 %

Total shareholders’ equity, excluding minority interest, stood at SAR -1.5 million as of Sept. 30, 2022, compared to SAR 24.6 million in the year-earlier period.

Accumulated losses reached SAR 34.2 million during the same period, accounting for 68.4% of capital.

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