Saudi: Tihama’s net losses widen 55%, revenues down 20.5% in H1-23/24

Saudi: Tihama’s net losses widen 55%, revenues down 20.5% in H1-23/24

Tihama Advertising and Public Relations Company posted net losses after Zakat and tax of SAR 18.10 million in the first half (H1) of the fiscal year (FY) 2023/2024. The net losses widened by 54.70% year-on-year (YoY) in April-September 2023 from SAR 11.70 million, as shown in the income statements. The loss per share stood at SAR 0.45 in H1-23/24, compared to SAR 2.30 in the same period of the previous year. Revenues declined by 20.59% YoY to SAR 37.80 million in H1-23/24 from SAR 47.60 million. Accumulated Losses Tihama announced accumulated losses worth SAR 127.50 million as of 30 September 2023, adding that the amount represented 32% of the company’s SAR 400 million capital. Financial Results for Q2-23/24 In the second quarter (Q2) that ended on 30 September 2023, the Saudi company recorded a YoY increase of 100% in net loss to SAR 6.80 million from SAR 3.40 million. The revenues decreased by 12.46% to SAR 26.70 million in July-September 2023, compared to SAR 30.50 million in Q2 which ended on 30 September 2022. Quarter-on-quarter (QoQ), the net losses in Q2-23/24 shrank by 40.35% from SAR 11.40 million in Q1 which ended on 30 June 2023, while the revenues grew