Tihama’s H1 2023/24 losses widen to SAR 17.9M; Q2 at SAR 6.5M

Tihama’s H1 2023/24 losses widen to SAR 17.9M; Q2 at SAR 6.5M

10/12/2023 Argaam Exclusive

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Tihama Advertising and Public Relations Co. widened net losses by 55.7% to SAR 17.9 million in the six-month period ended on Sept. 30, 2023, from SAR 11.5 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 47.62 37.83 (20.6 %)
Gross Income 15.43 11.57 (25.1 %)
Operating Income (8.49) (21.47) (152.8 %)
Net Income (11.48) (17.89) (55.8 %)
Average Shares 5.00 40.00 -
EPS (Riyals) (2.30) (0.45) 80.5 %

During the first six months of the fiscal year (FY), Tihama said that gross profits from continued operations decreased by nearly SAR 3.8 million. This came as gross profits from the advertising segment declined by around SAR 2 million in the same period. The segment’s topline also dropped on the expiry of an advertising site lease contract and a pullback in the production business by approximately SAR 900,000.

 

The company booked a SAR 1.5 million provision for slow-moving inventory. The six-month figures were hurt by an increase in selling and general expenses of SAR 6.5 million.

 

The increased expenses were attributed to recording financial reorganization expenses of approximately SAR 500,000, an impairment loss in trade receivables of around SAR 400,000, and a rise in Zakat provisions of roughly SAR 3.8 million.

 

The second-quarter net loss increased by 48.9% to SAR 6.5 million, from SAR 4.37 million in the year before, as gross profits from continued operations decreased by nearly SAR 2.2 million.

 

The company booked a SAR 1.5 million provision for slow moving inventory. The six-month figures were hurt by an increase in selling and general expenses of SAR 3.9 million.

 

On a sequential basis, net losses shrank from SAR 11.4 million in Q1 2023/24.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 30.48 26.67 (12.5 %)
Gross Income 10.68 8.49 (20.5 %)
Operating Income (1.01) (8.02) (692.5 %)
Net Income (3.41) (6.36) (86.5 %)
Average Shares 5.00 40.00 -
EPS (Riyals) (0.68) (0.16) 76.7 %

Total shareholders’ equity stood at SAR 247.1 million as of Sept. 30, 2023, compared to SAR -6.3 million in the year-earlier period.

 

Accumulated losses reached SAR 127.5 million during the same period, accounting for 32% of capital.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 12.95 (35.6 %) (3.83) (25.3 %) (14.60) 5.5 %
Q2 2014 40.57 6.0 % 6.51 15030.2 % (3.08) 74.4 %
Q3 2014 26.65 (18.3 %) (4.86) (195.7 %) (24.54) (41.9 %)
Q4 2014 24.16 12.8 % 10.81 430.9 % (3.23) 76.9 %
Q1 2015 14.28 10.2 % (5.55) (45.0 %) (13.24) 9.3 %
Q2 2015 26.04 (35.8 %) (4.73) (172.7 %) (19.42) (529.5 %)
Q3 2015 38.78 45.5 % 2.29 147.0 % (5.65) 77.0 %
Q4 2015 23.54 (2.6 %) 2.23 (79.3 %) (6.79) (110.0 %)
Q1 2016 13.43 (6.0 %) (4.66) 15.9 % (12.17) 8.1 %
Q2 2016 27.33 4.9 % 3.26 168.9 % (3.71) 80.9 %
Q3 2016 26.11 (32.7 %) (0.81) (135.6 %) (9.15) (62.0 %)
Q4 2016 19.78 (16.0 %) (2.86) (228.2 %) (13.82) (103.7 %)
Q1 2017 13.95 3.9 % 4.22 190.4 % (4.42) 63.7 %
Q2 2017 15.21 (44.4 %) 8.06 147.1 % (4.36) (17.4 %)
Q3 2017 28.77 10.2 % 11.82 1552.5 % 0.12 101.3 %
Q4 2017 13.63 (31.1 %) 6.36 322.2 % (4.90) 64.6 %
Q1 2018 14.00 0.4 % 8.22 94.9 % 0.17 103.8 %
Q2 2018 13.50 (11.2 %) 5.17 (35.8 %) (4.21) 3.4 %
Q3 2018 38.81 34.9 % 13.14 11.2 % 1.88 1483.2 %
Q4 2018 14.34 5.2 % 2.92 (54.1 %) (8.96) (82.9 %)
Q1 2019 14.95 6.8 % 7.00 (14.7 %) (4.45) (2733.7 %)
Q2 2019 40.07 196.8 % 13.94 169.4 % 0.37 108.7 %
Q3 2019 17.32 (55.4 %) 4.14 (68.5 %) (11.66) (719.1 %)
Q4 2019 24.48 70.7 % 5.12 75.3 % (20.40) (127.8 %)
Q1 2020 21.55 44.2 % 4.91 (29.9 %) (5.46) (22.6 %)
Q2 2020 21.42 (46.5 %) 3.48 (75.1 %) (8.37) (2392.6 %)
Q3 2020 12.33 (28.8 %) 2.28 (44.9 %) (16.21) (38.9 %)
Q4 2020 17.95 (26.7 %) (0.03) (100.6 %) (25.32) (24.1 %)
Q1 2021 13.89 (35.5 %) 2.56 (47.9 %) (10.89) (99.6 %)
Q2 2021 32.22 50.4 % 9.65 177.8 % (5.86) 29.9 %
Q3 2021 14.43 17.0 % 0.64 (72.2 %) (12.76) 21.3 %
Q4 2021 15.84 (11.7 %) 2.39 7562.5 % (14.96) 40.9 %
Q1 2022 17.14 23.4 % 4.75 85.9 % (7.48) 31.3 %
Q2 2022 30.48 (5.4 %) 10.68 10.7 % (1.01) 82.7 %
Q3 2022 23.70 64.3 % 6.17 871.0 % (8.11) 36.4 %
Q4 2022 10.50 (33.7 %) 10.04 320.3 % (17.69) (18.2 %)
Q1 2023 11.16 (34.9 %) 5.12 7.8 % (12.22) (63.3 %)
Q2 2023 26.67 (12.5 %) 8.49 (20.5 %) (8.02) (692.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 (14.93) (7.7 %) (0.88) - (14.93) (0.88)
Q2 2014 (3.07) 73.8 % (0.18) - (3.07) (0.18)
Q3 2014 (24.42) (59.9 %) (1.44) - (24.42) (1.44)
Q4 2014 1.27 110.8 % 0.07 - 1.27 0.07
Q1 2015 (11.45) 23.3 % (0.67) - (11.45) (0.67)
Q2 2015 (29.29) (855.6 %) (1.72) (10.94) (18.35) (1.08)
Q3 2015 11.54 147.2 % 0.68 18.00 (6.47) (0.38)
Q4 2015 (9.73) (864.1 %) (0.57) - (9.73) (0.57)
Q1 2016 (10.23) 10.6 % (0.60) - (10.23) (0.60)
Q2 2016 (3.09) 89.5 % (0.18) - (3.09) (0.18)
Q3 2016 (7.60) (165.9 %) (0.45) - (7.60) (0.45)
Q4 2016 (6.99) 28.2 % (0.41) - (6.99) (0.41)
Q1 2017 1.82 117.8 % 0.11 - 1.82 0.11
Q2 2017 2.22 171.8 % 0.13 1.07 1.15 0.07
Q3 2017 0.73 109.5 % 0.04 - 0.73 0.04
Q4 2017 (1.56) 77.7 % (0.09) - (1.56) (0.09)
Q1 2018 1.00 (45.1 %) 0.06 - 1.00 0.06
Q2 2018 0.53 (76.1 %) 0.03 - 0.53 0.03
Q3 2018 1.97 171.8 % 0.12 3.82 (1.85) (0.11)
Q4 2018 1.67 207.1 % 0.10 - 1.67 0.10
Q1 2019 1.18 17.7 % 0.07 7.21 (6.04) (0.36)
Q2 2019 0.63 18.7 % 0.04 1.11 (0.48) (0.03)
Q3 2019 (14.71) (845.6 %) (0.87) (2.53) (12.18) (0.72)
Q4 2019 (12.69) (860.2 %) (0.75) 1.93 (14.62) (0.86)
Q1 2020 (3.10) (363.3 %) (0.18) 0.55 (3.65) (0.21)
Q2 2020 (13.95) (2318.4 %) (0.74) (2.77) (11.18) (0.59)
Q3 2020 (14.62) 0.6 % (0.77) 3.09 (17.71) (0.94)
Q4 2020 (40.51) (219.3 %) (2.14) (7.96) (32.56) (1.72)
Q1 2021 (11.53) (272.4 %) (0.61) 1.40 (12.93) (0.68)
Q2 2021 (8.10) 41.9 % (0.43) (0.05) (8.05) (0.43)
Q3 2021 (9.54) 34.7 % (0.50) 1.60 (11.14) (0.59)
Q4 2021 (6.33) 84.4 % (0.34) 1.97 (8.30) (0.44)
Q1 2022 (7.13) 38.1 % (1.43) - (7.13) (1.43)
Q2 2022 (3.41) 57.9 % (0.68) - (3.41) (0.68)
Q3 2022 (9.02) 5.4 % (1.80) (1.32) (7.70) (1.54)
Q4 2022 (39.99) (531.6 %) (2.12) (22.58) (17.41) (0.92)
Q1 2023 (11.38) (59.5 %) (0.28) 1.08 (12.46) (0.31)
Q2 2023 (6.36) (86.5 %) (0.16) 1.49 (7.84) (0.20)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 38.66 % (24.64 %) (43.58 %)
Q1 2023 42.20 % (34.66 %) (54.04 %)
Q2 2023 41.39 % (45.54 %) (63.05 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 5.00 (6.22) (6.93) (0.15)
Q2 2022 5.00 (5.28) (6.00) (0.30)
Q3 2022 5.00 (5.18) (5.31) (4.45)
Q4 2022 18.90 (3.15) (1.89) (3.48)
Q1 2023 40.00 (1.60) (1.02) 6.37
Q2 2023 40.00 (1.67) (1.14) 6.18

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 (10.59)
Q1 2023 NEG NEG 2.61
Q2 2023 NEG NEG 2.96

Business Segments (Million)

Compared With The
Period Retail Sector Trading & Distribution Services Production Advertising Sector Library Sector Advertising and distribution sector Public administration & Investments sector Eliminations
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 - 0.09 - 12.56 0.77 - - -
Q2 2016 - 11.60 - 14.23 1.50 - - -
Q3 2016 - 11.21 - 12.88 2.01 - - -
Q4 2016 - - - - 0.42 19.36 - -
Q1 2017 - 0.10 - 13.42 0.43 - - -
Q2 2017 - 1.22 - 11.43 2.55 - - -
Q3 2017 - 15.80 - 10.64 1.82 - - -
Q4 2017 - 2.99 - 10.40 0.75 - - -
Q1 2018 - 0.12 - 13.40 0.47 - - -
Q2 2018 - 1.11 - 11.07 1.32 - - -
Q3 2018 - 26.38 - 11.50 0.94 - - -
Q4 2018 - 0.16 - 13.15 1.02 - - -
Q1 2019 - 0.15 - 14.18 0.61 - - -
Q2 2019 - 26.58 - 6.50 6.98 - - -
Q3 2019 - 1.30 - 5.94 10.08 - - -
Q4 2019 - 0.30 - 16.46 7.72 - - -
Q1 2020 - 12.27 - 8.12 1.17 - - -
Q2 2020 - 14.05 - 3.89 3.48 - - -
Q3 2020 - 1.92 - 6.07 4.33 - - -
Q1 2021 - 0.26 8.50 1.48 6.10 - - -
Q2 2021 - 20.51 4.98 1.41 2.89 - - -
Q3 2021 - 1.56 3.94 1.43 7.49 - - -
Q4 2021 - 0.70 6.46 1.98 6.70 - - -
Q1 2022 8.19 1.23 6.16 1.65 0.01 - - (0.10)
Q2 2022 7.52 18.80 2.91 1.14 0.01 - - -
Q3 2022 7.36 7.30 7.66 1.37 - - - -
Q1 2023 8.34 0.25 1.86 0.71 - - - -
Q2 2023 9.92 13.38 2.39 0.98 - - - -


Financial Ratios
Current
Market Cap (M Riyal) 613.60
Enterprise Value (EV) (M) 396.89
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) (1.07)
Book Value (BV) ( Riyal) 5.18
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.96
Return on Average Assets (%) (TTM) (9.94 )
Return on Average Equity (%) (TTM) (18.94 )
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Share Price

Tihama Advertising and Public Relations Co.
15.34
0.22 1.46 %

Tihama Advertising and Public Relations Co. (TAPRCO)

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