Tihama cuts FY 2023/24 loss to SAR 46.8M; Q4 at SAR 15M

Tihama Advertising and Public Relations Co. narrowed its net losses to SAR 46.8 million in the fiscal year (FY) ended on March 31, 2024, from SAR 60.5 million in the year-earlier period.

The company posted a year-on-year (YoY) increase of SAR 3.3 million in the FY 2023/24 gross profit on the adoption of policies to enhance gross profit.

Other income grew YoY by nearly SAR 5.9 million for the same FY. Moreover, the company's share of results from associates soared YoY by around SAR 9.5 million.

Allowance for doubtful accounts declined by nearly SAR 400,000 in FY 2023/24, compared with the previous year.

Meanwhile, the firm reported lower revenues from the education segment for the same year due to the loss of some customers and the entry of new competitors. The production segment's revenues also fell amid failure to acquire major projects during the current year. In addition, the advertising segment's revenues went down on the expiration of some contracts with suppliers.

Further, the company reported higher selling, marketing, general, and administrative expenses in FY 2023/24, compared with the year before. 

Accumulated losses reached SAR 159.9 million during the same period, accounting for 39.98% of the company’s capital.