Tihama posts net loss at SAR 40.8m in I3 of 2013

30/09/2013 Argaam Exclusive

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Tihama Advertising and Public Relations Co. (TAPRCO)

Tihama Advertising & Public Relations Company, reported SAR 40.8m net loss in I3 of 2013, compared to SAR 2m net profit in the same period last year, as shown in the following table:



Financials (M)

Item 9m 2012 9m 2013 Change‬
Revenues 103.97 91.00 (12.5 %)
Gross Income 22.87 (4.65) (120.3 %)
Operating Income (6.24) (44.81) (618.5 %)
Net Income 2.06 (40.81) (2081.0 %)
Average Shares 17.01 17.01 -
EPS (Riyals) 0.12 (2.40) (2081.0 %)


Current Quarter Comparison (M)

Compared With The
Item Q3 2012 Q3 2013 Change‬
Revenues 35.41 32.62 (7.9 %)
Gross Income 5.82 (1.64) (128.2 %)
Operating Income (4.89) (17.30) (253.7 %)
Net Income (2.44) (15.27) (525.6 %)
Average Shares 17.01 17.01 -
EPS (Riyals) (0.14) (0.90) (525.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 35.83 - 5.53 - 2.09 - 0.12
Q2 2004 45.57 - 10.88 - 3.70 - 0.22
Q3 2004 35.26 - 4.05 - 1.35 - 0.08
Q4 2004 21.30 - 9.24 - 2.56 - 0.15
Q1 2005 26.41 (26.3 %) 6.97 26.0 % 3.74 78.9 % 0.22
Q2 2005 38.52 (15.5 %) 11.27 3.6 % 3.56 (3.8 %) 0.21
Q3 2005 28.23 (19.9 %) 8.15 101.2 % 2.11 56.3 % 0.12
Q4 2005 24.24 13.8 % 4.75 (48.6 %) 2.92 14.1 % 0.17
Q1 2006 25.84 (2.1 %) 7.66 9.9 % 4.11 9.9 % 0.24
Q2 2006 35.66 (7.4 %) 11.28 0.1 % 4.32 21.3 % 0.25
Q3 2006 34.41 21.9 % 11.85 45.4 % 4.72 123.6 % 0.28
Q4 2006 23.91 (1.3 %) 8.07 69.9 % 5.92 102.6 % 0.35
Q1 2007 26.97 4.4 % 9.02 17.7 % 4.76 15.8 % 0.28
Q2 2007 39.45 10.6 % 11.97 6.1 % 6.27 45.1 % 0.37
Q3 2007 36.26 5.4 % 10.24 (13.6 %) 7.46 58.0 % 0.44
Q4 2007 34.04 42.3 % 14.50 79.7 % 9.53 61.1 % 0.56
Q1 2008 32.01 18.7 % 9.03 0.1 % 5.86 23.1 % 0.34
Q2 2008 33.86 (14.2 %) 10.59 (11.6 %) 8.50 35.7 % 0.50
Q3 2008 44.24 22.0 % 15.28 49.2 % 7.82 4.8 % 0.46
Q4 2008 31.68 (6.9 %) 10.73 (26.0 %) 7.95 (16.6 %) 0.47
Q1 2009 25.88 (19.1 %) 6.81 (24.6 %) 3.24 (44.7 %) 0.19
Q2 2009 25.76 (23.9 %) 4.92 (53.5 %) 4.07 (52.1 %) 0.24
Q3 2009 30.19 (31.7 %) 7.69 (49.7 %) (9.78) (225.2 %) (0.58)
Q4 2009 35.93 13.4 % 10.60 (1.1 %) 9.80 23.4 % 0.58
Q1 2010 24.73 (4.5 %) 8.71 27.9 % 6.81 110.2 % 0.40
Q2 2010 62.52 142.7 % 12.24 148.9 % 4.42 8.6 % 0.26
Q3 2010 43.57 44.3 % 11.56 50.3 % 8.36 185.5 % 0.49
Q4 2010 36.17 0.7 % 15.53 46.4 % 4.08 (58.4 %) 0.24
Q1 2011 35.79 44.8 % 6.95 (20.2 %) (2.67) (139.3 %) (0.16)
Q2 2011 47.14 (24.6 %) 16.21 32.5 % 8.46 91.2 % 0.50
Q3 2011 38.75 (11.1 %) 8.81 (23.8 %) (1.74) (120.8 %) (0.10)
Q4 2011 35.05 (3.1 %) 17.99 15.8 % 13.09 220.7 % 0.77
Q1 2012 24.37 (31.9 %) 8.19 17.8 % 1.65 161.7 % 0.10
Q2 2012 44.18 (6.3 %) 8.86 (45.3 %) 2.85 (66.3 %) 0.17
Q3 2012 35.41 (8.6 %) 5.82 (34.0 %) (2.44) (40.3 %) (0.14)
Q4 2012 33.42 (4.7 %) 4.58 (74.5 %) (1.11) (108.5 %) (0.07)
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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 21.53 % 12.49 % 7.03 %
Q1 2005 24.23 % 14.35 % 8.83 %
Q2 2005 25.95 % 15.08 % 9.23 %
Q3 2005 31.13 % 17.14 % 10.46 %
Q4 2005 26.52 % 12.62 % 10.50 %
Q1 2006 27.25 % 11.74 % 10.87 %
Q2 2006 27.94 % 11.36 % 11.81 %
Q3 2006 29.58 % 7.52 % 13.37 %
Q4 2006 32.43 % 7.57 % 15.91 %
Q1 2007 33.25 % 9.52 % 16.30 %
Q2 2007 32.80 % 10.11 % 17.36 %
Q3 2007 31.04 % 10.15 % 19.27 %
Q4 2007 33.45 % 14.35 % 20.49 %
Q1 2008 32.26 % 14.13 % 20.54 %
Q2 2008 32.57 % 11.86 % 23.02 %
Q3 2008 34.26 % 13.41 % 22.00 %
Q4 2008 32.17 % 11.97 % 21.24 %
Q1 2009 31.99 % 10.77 % 20.27 %
Q2 2009 29.58 % 8.66 % 18.09 %
Q3 2009 26.56 % 1.98 % 10.64 %
Q4 2009 25.49 % (5.12 %) 7.74 %
Q1 2010 27.37 % (4.45 %) 10.88 %
Q2 2010 25.58 % 0.13 % 8.50 %
Q3 2010 25.85 % 1.29 % 14.74 %
Q4 2010 28.76 % 3.34 % 7.88 %
Q1 2011 25.99 % (0.87 %) 2.06 %
Q2 2011 30.89 % (0.61 %) 4.73 %
Q3 2011 30.09 % (0.81 %) (1.52 %)
Q4 2011 31.87 % 4.41 % 6.77 %
Q1 2012 35.23 % 9.88 % 10.28 %
Q2 2012 30.80 % 6.73 % 6.56 %
Q3 2012 29.39 % 9.03 % 6.21 %
Q4 2012 19.98 % 1.89 % 0.69 %
Q1 2013 12.18 % (9.78 %) (10.93 %)
Q2 2013 5.81 % (18.83 %) (22.86 %)
Q3 2013 (0.06 %) (32.70 %) (33.69 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 17.01 - - 11.26
Q2 2004 17.01 - - 10.99
Q3 2004 17.01 - - 11.08
Q4 2004 17.01 0.57 0.57 11.15
Q1 2005 17.01 0.67 0.67 11.45
Q2 2005 17.01 0.66 0.66 11.15
Q3 2005 17.01 0.70 0.70 11.27
Q4 2005 17.01 0.73 0.73 11.40
Q1 2006 17.01 0.75 0.75 11.65
Q2 2006 17.01 0.79 0.79 11.87
Q3 2006 17.01 0.94 0.94 12.07
Q4 2006 17.01 1.12 1.12 12.43
Q1 2007 17.01 1.16 1.16 12.64
Q2 2007 17.01 1.27 1.27 12.28
Q3 2007 17.01 1.43 1.43 12.72
Q4 2007 17.01 1.65 1.65 13.27
Q1 2008 17.01 1.71 1.71 13.61
Q2 2008 17.01 1.84 1.84 13.13
Q3 2008 17.01 1.86 1.86 13.58
Q4 2008 17.01 1.77 1.77 14.05
Q1 2009 17.01 1.62 1.62 14.24
Q2 2009 17.01 1.36 1.36 13.34
Q3 2009 17.01 0.32 0.71 12.77
Q4 2009 17.01 0.43 0.54 13.35
Q1 2010 17.01 0.64 0.75 13.66
Q2 2010 17.01 0.66 0.77 14.03
Q3 2010 17.01 1.73 1.45 14.69
Q4 2010 17.01 1.39 0.77 14.57
Q1 2011 17.01 0.83 0.22 14.59
Q2 2011 17.01 1.07 0.45 13.41
Q3 2011 17.01 0.48 (0.14) 13.31
Q4 2011 17.01 1.01 0.62 13.93
Q1 2012 17.01 1.26 0.88 14.03
Q2 2012 17.01 0.93 0.55 14.20
Q3 2012 17.01 0.89 0.51 14.06
Q4 2012 17.01 0.06 0.06 13.92
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - 4.13
Q2 2004 - - 6.04
Q3 2004 - - 7.57
Q4 2004 More than 50 More than 50 6.33
Q1 2005 More than 50 More than 50 5.19
Q2 2005 More than 50 More than 50 10.39
Q3 2005 More than 50 More than 50 14.45
Q4 2005 More than 50 More than 50 19.02
Q1 2006 More than 50 More than 50 10.66
Q2 2006 More than 50 More than 50 14.59
Q3 2006 More than 50 More than 50 34.81
Q4 2006 More than 50 More than 50 8.65
Q1 2007 More than 50 More than 50 8.82
Q2 2007 More than 50 More than 50 7.83
Q3 2007 More than 50 More than 50 8.50
Q4 2007 More than 50 More than 50 8.45
Q1 2008 47.67 47.67 6.00
Q2 2008 46.43 46.43 6.52
Q3 2008 28.61 28.61 3.93
Q4 2008 23.60 23.60 2.98
Q1 2009 33.56 33.56 3.81
Q2 2009 More than 50 More than 50 7.16
Q3 2009 More than 50 More than 50 6.01
Q4 2009 More than 50 More than 50 4.94
Q1 2010 More than 50 More than 50 4.68
Q2 2010 More than 50 More than 50 4.20
Q3 2010 35.84 42.87 4.22
Q4 2010 More than 50 More than 50 5.28
Q1 2011 More than 50 More than 50 4.75
Q2 2011 More than 50 More than 50 7.91
Q3 2011 More than 50 NEG 12.91
Q4 2011 More than 50 More than 50 14.09
Q1 2012 More than 50 More than 50 13.62
Q2 2012 More than 50 More than 50 14.16
Q3 2012 More than 50 More than 50 15.44
Q4 2012 More than 50 More than 50 16.15
Q1 2013 NEG NEG 17.36
Q2 2013 NEG NEG 21.47
Q3 2013 NEG NEG 21.71

Business Segments (Million)

Compared With The
Period Library Sector Advertising and distribution sector Public administration & Investments sector
Q3 2006 10.61 38.39 -
Q4 2006 10.74 13.17 -
Q1 2007 8.61 18.36 -
Q2 2007 14.70 24.74 -
Q3 2007 12.01 24.26 -
Q4 2007 8.42 25.62 -
Q1 2008 9.39 22.62 -
Q2 2008 10.50 23.35 -
Q3 2008 17.19 27.05 -
Q4 2008 8.83 20.17 2.68
Q1 2009 8.88 17.00 -
Q2 2009 8.37 17.38 -
Q3 2009 12.98 17.22 -
Q4 2009 13.33 22.59 -
Q1 2010 4.20 20.52 -
Q2 2010 16.66 68.22 0.73
Q3 2010 9.23 35.07 -
Q4 2010 6.55 29.62 -
Q1 2011 8.75 27.05 -
Q2 2011 2.46 44.68 -
Q3 2011 6.34 32.41 -
Q4 2011 7.87 27.18 -
Q1 2012 4.12 20.25 -
Q2 2012 9.20 34.99 -
Q3 2012 5.23 30.18 -
Q4 2012 5.60 27.83 -
Q1 2013 2.19 17.92 -
Q2 2013 9.86 28.41 -
Q3 2013 5.99 26.64 -

Current
Market Cap (M Riyal) 666.40
Enterprise Value (EV) (M) 371.14
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 2.86
Return on Average Assets (%) (TTM) (20.33 )
Return on Average Equity (%) (TTM) (61.91 )

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