Financial Results : Tihama’s 9M 2022/23 losses shrink to SAR 17.6 mln; Q3 loss at SAR 8 mln

Tihama’s 9M 2022/23 losses shrink to SAR 17.6 mln; Q3 loss at SAR 8 mln

09/02/2023 Argaam Exclusive

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Tihama Advertising and Public Relations Co. (TAPRCO) trimmed net loss after Zakat and tax to SAR 17.6 million in the nine months ended on Dec. 31, 2022, from SAR 29.2 million in the year-earlier period.  



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 60.54 71.33 17.8 %
Gross Income 12.85 21.60 68.2 %
Operating Income (29.52) (16.60) 43.7 %
Net Income (29.17) (20.50) 29.7 %
Average Shares 18.90 5.00 (73.5 %)
EPS (Riyals) (1.54) (4.10) (165.7 %)

Losses narrowed on the back of higher gross operating profit from retail, advertising and production segments. Other revenue increased by around SAR 3.7 million, mainly due to the higher rent concessions of approximately SAR 2.7 million, in addition to gains from the disposal of real estate units in Dubai.

 

Tihama narrowed Q3 2022/2023 net loss after Zakat and tax to SAR 8.03 million, from SAR 9.54 million in the year-earlier period, driven by a SAR 7.4 million increase in gross profit from continuing operations. Gross profit from the production and distribution divisions increased by approximately SAR 3 million each on higher revenue.

 

Profit from discontinued operations increased by around SAR 1.6 million.

 

On a sequential basis, net loss after Zakat and tax widened from SAR 2.39 million in Q2 2022/2023. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 14.43 23.70 64.3 %
Gross Income 0.64 6.17 871.0 %
Operating Income (12.76) (8.11) 36.4 %
Net Income (9.54) (9.02) 5.4 %
Average Shares 18.90 5.00 (73.5 %)
EPS (Riyals) (0.50) (1.80) (257.5 %)

Shareholders’ equity, excluding minority interest, reached -SAR 18.3 million by the end of the nine-month period, versus SAR 13.2 million in the year-earlier period.

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