Tihama widens FY2022/23 loss to SAR 56.4 mln; Q4 at SAR 38.9 mln

Tihama widens FY2022/23 loss to SAR 56.4 mln; Q4 at SAR 38.9 mln

22/06/2023 Argaam Exclusive

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Tihama Advertising and Public Relations Co. (TAPRCO) slid into a deeper loss of SAR 56.4 million for the fiscal year ended 31 March 2023 from SAR 35.5 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 76.39 81.85 7.2 %
Gross Income 15.23 31.64 107.7 %
Operating Income (44.48) (35.06) 21.2 %
Net Income (35.50) (56.35) (58.7 %)
Average Shares 18.90 18.90 -
EPS (Riyals) (1.88) (2.98) (58.7 %)

The company reported an increase in general and administrative expenses by around SAR 24.1 million year-on-year (YoY). The provision for slow moving inventory increased by nearly SAR 18.6 million YoY.

 

During the 12-month period, Tihama recognized losses from claims of nearly SAR 4.3 million for the net book value of the outdoor advertising billboards. This came after a judgment was issued dismissing the company’s appeal against Riyadh Municipality for damages caused to the advertising billboards owned by the company, which were removed by the defendant in a way that led to damage.

 

Tihama also recorded SAR 500,000 losses from lawsuits. During the current year, the company also reported financial reorganization expenses of about SAR 1.5 million. Selling expenses rose by almost SAR 5.5 million YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 15.84 10.52 (33.6 %)
Gross Income 2.39 4.97 108.0 %
Operating Income (14.96) (18.45) (23.3 %)
Net Income (6.33) (35.85) (466.2 %)
Average Shares 18.90 18.90 -
EPS (Riyals) (0.34) (1.90) (466.2 %)

Shareholders’ equity, after minority interest, reached -SAR 57.6 million by the end of the 12-month period, against SAR 6.4 million a year earlier.

 

Accumulated losses reached SAR 82.8 million as of March 31, 2023, exceeding the company’s capital of SAR 50 million.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2013 20.10 (17.5 %) (3.05) (137.3 %) (13.85) (939.5 %) (0.81)
Q2 2013 38.27 (13.4 %) 0.04 (99.5 %) (11.68) (510.1 %) (0.69)
Q3 2013 32.62 (7.9 %) (1.64) (128.2 %) (15.27) (525.6 %) (0.90)
Q4 2013 21.41 (35.9 %) (3.27) (171.3 %) (11.75) (960.1 %) (0.69)
Q1 2014 12.95 (35.6 %) (3.83) (25.3 %) (14.93) (7.7 %) (0.88)
Q2 2014 40.57 6.0 % 6.51 15030.2 % (3.07) 73.8 % (0.18)
Q3 2014 26.65 (18.3 %) (4.86) (195.7 %) (24.42) (59.9 %) (1.44)
Q4 2014 24.16 12.8 % 10.81 430.9 % 1.27 110.8 % 0.07
Q1 2015 14.28 10.2 % (5.55) (45.0 %) (11.45) 23.3 % (0.67)
Q2 2015 26.04 (35.8 %) (4.73) (172.7 %) (29.29) (855.6 %) (1.72)
Q3 2015 38.78 45.5 % 2.29 147.0 % 11.54 147.2 % 0.68
Q4 2015 23.54 (2.6 %) 2.23 (79.3 %) (9.73) (864.1 %) (0.57)
Q1 2016 13.43 (6.0 %) (4.66) 15.9 % (10.23) 10.6 % (0.60)
Q2 2016 27.33 4.9 % 3.26 168.9 % (3.09) 89.5 % (0.18)
Q3 2016 26.11 (32.7 %) (0.81) (135.6 %) (7.60) (165.9 %) (0.45)
Q4 2016 19.78 (16.0 %) (2.86) (228.2 %) (6.99) 28.2 % (0.41)
Q1 2017 13.95 3.9 % 4.22 190.4 % 1.82 117.8 % 0.11
Q2 2017 15.21 (44.4 %) 8.06 147.1 % 2.22 171.8 % 0.13
Q3 2017 28.77 10.2 % 11.82 1552.5 % 0.73 109.5 % 0.04
Q4 2017 13.63 (31.1 %) 6.36 322.2 % (1.56) 77.7 % (0.09)
Q1 2018 14.00 0.4 % 8.22 94.9 % 1.00 (45.1 %) 0.06
Q2 2018 13.50 (11.2 %) 5.17 (35.8 %) 0.53 (76.1 %) 0.03
Q3 2018 38.81 34.9 % 13.14 11.2 % 1.97 171.8 % 0.12
Q4 2018 14.34 5.2 % 2.92 (54.1 %) 1.67 207.1 % 0.10
Q1 2019 14.95 6.8 % 7.00 (14.7 %) 1.18 17.7 % 0.07
Q2 2019 40.07 196.8 % 13.94 169.4 % 0.63 18.7 % 0.04
Q3 2019 17.32 (55.4 %) 4.14 (68.5 %) (14.71) (845.6 %) (0.87)
Q4 2019 24.48 70.7 % 5.12 75.3 % (12.69) (860.2 %) (0.75)
Q1 2020 21.55 44.2 % 4.91 (29.9 %) (3.10) (363.3 %) (0.18)
Q2 2020 21.42 (46.5 %) 3.48 (75.1 %) (13.95) (2318.4 %) (0.74)
Q3 2020 12.33 (28.8 %) 2.28 (44.9 %) (14.62) 0.6 % (0.77)
Q4 2020 17.95 (26.7 %) (0.03) (100.6 %) (40.51) (219.3 %) (2.14)
Q1 2021 13.89 (35.5 %) 2.56 (47.9 %) (11.53) (272.4 %) (0.61)
Q2 2021 32.22 50.4 % 9.65 177.8 % (8.10) 41.9 % (0.43)
Q3 2021 14.43 17.0 % 0.64 (72.2 %) (9.54) 34.7 % (0.50)
Q4 2021 15.84 (11.7 %) 2.39 7562.5 % (6.33) 84.4 % (0.34)
Q1 2022 17.14 23.4 % 4.75 85.9 % (7.13) 38.1 % (0.38)
Q2 2022 30.48 (5.4 %) 10.68 10.7 % (3.41) 57.9 % (0.18)
Q3 2022 23.70 64.3 % 6.17 871.0 % (9.02) 5.4 % (0.48)
Q4 2022 10.52 (33.6 %) 4.97 108.0 % (35.85) (466.2 %) (1.90)
2022 81.85 7.2 % 31.64 107.7 % (56.35) (58.7 %) (2.98)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 12.18 % (9.78 %) (10.93 %)
Q2 2013 5.81 % (18.83 %) (22.86 %)
Q3 2013 (0.06 %) (32.70 %) (33.69 %)
Q4 2013 (7.05 %) (44.71 %) (46.75 %)
Q1 2014 (8.26 %) (47.03 %) (50.95 %)
Q2 2014 (2.07 %) (37.46 %) (41.85 %)
Q3 2014 (5.36 %) (46.76 %) (53.32 %)
Q4 2014 8.27 % (35.27 %) (39.43 %)
Q1 2015 6.54 % (32.20 %) (35.65 %)
Q2 2015 (4.75 %) (53.85 %) (58.11 %)
Q3 2015 2.73 % (27.12 %) (33.89 %)
Q4 2015 (5.61 %) (28.92 %) (44.82 %)
Q1 2016 (4.79 %) (29.04 %) (44.00 %)
Q2 2016 3.02 % (14.41 %) (28.64 %)
Q3 2016 0.02 % (21.68 %) (33.91 %)
Q4 2016 (5.86 %) (28.55 %) (32.21 %)
Q1 2017 4.36 % (20.18 %) (18.19 %)
Q2 2017 11.46 % (25.68 %) (15.49 %)
Q3 2017 27.33 % (14.90 %) (4.24 %)
Q4 2017 42.57 % 2.59 % 2.98 %
Q1 2018 48.13 % 12.31 % 1.83 %
Q2 2018 45.17 % 16.74 % 1.00 %
Q3 2018 41.15 % 20.14 % (2.35 %)
Q4 2018 36.52 % 9.55 % 1.68 %
Q1 2019 34.61 % 4.24 % (6.97 %)
Q2 2019 34.21 % 8.06 % (6.19 %)
Q3 2019 32.30 % (4.13 %) (19.65 %)
Q4 2019 31.19 % (13.20 %) (34.41 %)
Q1 2020 27.17 % (12.24 %) (29.90 %)
Q2 2020 20.81 % (24.52 %) (49.10 %)
Q3 2020 19.78 % (31.46 %) (59.10 %)
Q4 2020 14.52 % (48.54 %) (88.86 %)
Q1 2021 12.63 % (63.37 %) (113.38 %)
Q2 2021 18.93 % (50.60 %) (93.26 %)
Q3 2021 16.32 % (46.58 %) (82.40 %)
Q4 2021 19.94 % (26.18 %) (52.91 %)
Q1 2022 21.89 % (21.61 %) (43.48 %)
Q2 2022 23.70 % (19.18 %) (38.49 %)
Q3 2022 27.52 % (13.52 %) (30.45 %)
Q4 2022 32.46 % (25.91 %) (38.29 %)
2022 38.65 % (25.91 %) (39.65 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 17.01 (0.86) (0.86) 13.11
Q2 2013 17.01 (1.71) (1.71) 12.42
Q3 2013 17.01 (2.46) (2.46) 11.52
Q4 2013 17.01 (3.09) (3.09) 10.78
Q1 2014 17.01 (3.15) (3.15) 9.90
Q2 2014 17.01 (2.65) (2.65) 9.72
Q3 2014 17.01 (3.18) (3.18) 8.29
Q4 2014 17.01 (2.42) (2.42) 8.36
Q1 2015 17.01 (2.22) (2.22) 7.69
Q2 2015 17.01 (3.76) (3.11) 5.97
Q3 2015 17.01 (1.64) (2.06) 6.65
Q4 2015 17.01 (2.29) (2.71) 6.07
Q1 2016 17.01 (2.22) (2.63) 5.44
Q2 2016 17.01 (0.68) (1.74) 4.10
Q3 2016 17.01 (1.80) (1.80) 3.65
Q4 2016 17.01 (1.64) (1.64) 2.96
Q1 2017 17.01 (0.93) (0.93) 3.07
Q2 2017 17.01 (0.62) (0.68) 3.45
Q3 2017 17.01 (0.13) (0.19) 3.50
Q4 2017 17.01 0.19 0.13 3.38
Q1 2018 17.01 0.14 0.08 3.45
Q2 2018 17.01 0.04 0.04 3.48
Q3 2018 17.01 0.11 (0.11) 3.60
Q4 2018 17.01 0.30 0.08 3.73
Q1 2019 17.01 0.31 (0.33) 3.80
Q2 2019 17.01 0.32 (0.39) 3.33
Q3 2019 17.01 (0.66) (1.00) 3.16
Q4 2019 17.01 (1.51) (1.96) 2.10
Q1 2020 17.01 (1.76) (1.82) 1.65
Q2 2020 18.90 (2.35) (2.20) 6.27
Q3 2020 18.90 (2.35) (2.49) 5.50
Q4 2020 18.90 (3.82) (3.44) 2.34
Q1 2021 18.90 (4.27) (3.93) 2.20
Q2 2021 18.90 (3.96) (3.77) 1.30
Q3 2021 18.90 (3.69) (3.42) 0.70
Q4 2021 18.90 (1.88) (2.14) 0.34
Q1 2022 18.90 (1.65) (1.83) (0.04)
Q2 2022 18.90 (1.40) (1.59) (0.08)
Q3 2022 18.90 (1.37) (1.40) (1.18)
Q4 2022 18.90 (2.93) (1.66) (3.30)

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 NEG NEG 17.36
Q2 2013 NEG NEG 21.47
Q3 2013 NEG NEG 21.71
Q4 2013 NEG NEG 27.01
Q1 2014 NEG NEG 54.06
Q2 2014 NEG NEG 26.54
Q3 2014 NEG NEG 31.88
Q4 2014 NEG NEG 28.72
Q1 2015 NEG NEG 31.09
Q2 2015 NEG NEG 43.89
Q3 2015 NEG NEG 14.16
Q4 2015 NEG NEG 13.03
Q1 2016 NEG NEG 17.36
Q2 2016 NEG NEG 20.56
Q3 2016 NEG NEG 18.64
Q4 2016 NEG NEG 30.47
Q1 2017 NEG NEG 18.83
Q2 2017 NEG NEG 12.20
Q3 2017 NEG NEG 17.64
Q4 2017 More than 100 More than 100 18.76
Q1 2018 More than 100 More than 100 16.75
Q2 2018 More than 100 More than 100 19.10
Q3 2018 More than 100 NEG 14.85
Q4 2018 More than 100 More than 100 15.84
Q1 2019 More than 100 NEG 14.94
Q2 2019 More than 100 NEG 15.60
Q3 2019 NEG NEG 16.11
Q4 2019 NEG NEG 22.67
Q1 2020 NEG NEG 20.52
Q2 2020 NEG NEG 5.52
Q3 2020 NEG NEG 21.74
Q4 2020 NEG NEG 43.30
Q1 2021 NEG NEG 49.25
Q2 2021 NEG NEG 87.51
Q3 2021 NEG NEG 141.76
Q4 2021 NEG NEG 219.29
Q1 2022 NEG NEG (1886.48)
Q2 2022 NEG NEG (714.93)
Q3 2022 NEG NEG (47.18)
Q4 2022 NEG NEG (11.15)

Business Segments (Million)

Compared With The
Period Advertising Sector Production Trading & Distribution Services Library Sector Retail Sector Advertising and distribution sector Public administration & Investments sector Eliminations
Q1 2013 - - - 2.19 - 17.92 - -
Q2 2013 - - - 9.86 - 28.41 - -
Q3 2013 - - - 5.99 - 26.64 - -
Q4 2013 - - - 3.44 - 17.97 - -
Q1 2014 - - - 3.07 - 9.88 - -
Q2 2014 - - - 8.78 - 31.79 - -
Q3 2014 - - - 3.35 - 23.30 - -
Q4 2014 - - - 2.99 - 21.17 - -
Q1 2015 - - - 1.02 - 13.26 - -
Q2 2015 - - - 3.80 - 22.24 - -
Q3 2015 - - - 1.92 - 36.86 - -
Q4 2015 - - - 1.31 - 22.23 - -
Q1 2016 12.56 - 0.09 0.77 - - - -
Q2 2016 14.23 - 11.60 1.50 - - - -
Q3 2016 12.88 - 11.21 2.01 - - - -
Q4 2016 - - - 0.42 - 19.36 - -
Q1 2017 13.42 - 0.10 0.43 - - - -
Q2 2017 11.43 - 1.22 2.55 - - - -
Q3 2017 10.64 - 15.80 1.82 - - - -
Q4 2017 10.40 - 2.99 0.75 - - - -
Q1 2018 13.40 - 0.12 0.47 - - - -
Q2 2018 11.07 - 1.11 1.32 - - - -
Q3 2018 11.50 - 26.38 0.94 - - - -
Q4 2018 13.15 - 0.16 1.02 - - - -
Q1 2019 14.18 - 0.15 0.61 - - - -
Q2 2019 6.50 - 26.58 6.98 - - - -
Q3 2019 5.94 - 1.30 10.08 - - - -
Q4 2019 16.46 - 0.30 7.72 - - - -
Q1 2020 8.12 - 12.27 1.17 - - - -
Q2 2020 3.89 - 14.05 3.48 - - - -
Q3 2020 6.07 - 1.92 4.33 - - - -
Q4 2020 (10.90) - (0.55) 4.44 - - - -
Q1 2021 1.48 8.50 0.26 6.10 - - - -
Q2 2021 1.41 4.98 20.51 2.89 - - - -
Q3 2021 1.43 3.94 1.56 7.49 - - - -
Q4 2021 1.98 6.46 0.70 6.70 - - - -
Q1 2022 1.65 6.16 1.23 0.01 8.19 - - (0.10)
Q2 2022 1.14 2.91 18.80 0.01 7.52 - - -
Q3 2022 1.37 7.66 7.30 0.22 7.36 - - -


Financial Ratios
Current
Market Cap (M Riyal) 634.40
Enterprise Value (EV) (M) 339.14
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) (1.63)
Book Value (BV) ( Riyal) 5.83
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.72
Return on Average Assets (%) (TTM) (20.33 )
Return on Average Equity (%) (TTM) (61.91 )
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Share Price

Tihama Advertising and Public Relations Co.
15.86
(0.06) (0.38 %)

Tihama Advertising and Public Relations Co. (TAPRCO)

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