Tihama Advertising’s H1 net loss down to SAR 18m

30/06/2014 Argaam Exclusive

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Tihama Advertising and Public Relations Co. (TAPRCO)

Tihama Advertizing and Public Relations Company reported a net loss of SAR 18m for H1 ended September 30, 2014, a 30% decline compared to a net loss of SAR 25.6m for the same period last year.

Financials (M)

Item	6m 2013	6m 2014	Change‬
Revenues	58.37	53.52	(8.3 %)
Gross Income	(3.01)	2.68	189.1 %
Operating Income	(27.51)	(17.68)	35.7 %
Net Income	(25.54)	(17.99)	29.6 %
Average Shares	17.01	17.01	-
EPS (Riyals)	(1.50)	(1.06)	29.6 %

The decline of H1-2014’s net loss compared to the same period last year is due to the increase of gross profit of SAR 5.7 million as a result of the increase of net revenues from outdoor advertising by SAR 1.7 million in addition to charging same period last year with Provision for Doubtful debts and slow moving inventory of SAR 4 million, In addition Selling and Marketing expenses decreased by approximately SAR 4.2 million, while in return finance charges increased by SAR 3 million following the increase of debts.

The decline of Q3-2014’s net loss compared to the same period last year was attributed to the increase of gross profit by SAR 6 million as a result of the increase of net revenues from outdoor advertising by SAR 2.5 million and in addition to charging same quarter of last year with Provision for Doubtful debts and slow moving inventory of SAR 1.5 million, increase of Distribution revenues by SAR 2 million. In addition selling and Marketing expenses decreased by approximately SAR 3.4 million, while in return finance charges increased by SAR 1 million following the increase of debts.

The decline of Q3-2014’s net loss compared to the previous quarter was attributed to the increase of net revenues from outdoor advertising, Distribution and bookstores by SAR 10 million, In addition General, Selling and Marketing expenses decreased by approximately SAR 1.2 million, finance charges decreased by approximately SAR 0.8 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2013	Q2 2014	Change‬
Revenues	38.27	40.57	6.0 %
Gross Income	0.04	6.51	15030.2 %
Operating Income	(12.07)	(3.08)	74.4 %
Net Income	(11.68)	(3.07)	73.8 %
Average Shares	17.01	17.01	-
EPS (Riyals)	(0.69)	(0.18)	73.8 %

Item	Q1 2014	Q2 2014	Change‬
Revenues	12.95	40.57	213.2 %
Gross Income	(3.83)	6.51	270.1 %
Operating Income	(14.60)	(3.08)	78.9 %
Net Income	(14.93)	(3.07)	79.5 %
Average Shares	17.01	17.01	-
EPS (Riyals)	(0.88)	(0.18)	79.5 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2005	117.41	(14.9 %)	31.13	4.9 %	12.33	27.2 %	0.73
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
2006	119.84	2.1 %	38.87	24.9 %	19.06	54.6 %	1.12
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
2007	136.72	14.1 %	45.73	17.6 %	28.01	46.9 %	1.65
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
2008	141.78	3.7 %	45.61	(0.2 %)	30.12	7.5 %	1.77
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
2009	117.76	(16.9 %)	30.02	(34.2 %)	7.33	(75.7 %)	0.43
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
2010	190.08	61.4 %	51.35	71.0 %	23.67	222.8 %	1.39
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
2011	156.74	(17.5 %)	49.95	(2.7 %)	17.13	(27.6 %)	1.01
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)
2012	137.39	(12.3 %)	27.45	(45.1 %)	0.95	(94.4 %)	0.06
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)
2013	112.41	(18.2 %)	(7.92)	(128.9 %)	(52.56)	(5626.3 %)	(3.09)
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)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	137.95	(17.2 %)	29.69	2.1 %	9.69	25.0 %	0.57
2005	117.41	(14.9 %)	31.13	4.9 %	12.33	27.2 %	0.73
2006	119.84	2.1 %	38.87	24.9 %	19.06	54.6 %	1.12
2007	136.72	14.1 %	45.73	17.6 %	28.01	46.9 %	1.65
2008	141.78	3.7 %	45.61	(0.2 %)	30.12	7.5 %	1.77
2009	117.76	(16.9 %)	30.02	(34.2 %)	7.33	(75.7 %)	0.43
2010	190.08	61.4 %	51.35	71.0 %	23.67	222.8 %	1.39
2011	156.74	(17.5 %)	49.95	(2.7 %)	17.13	(27.6 %)	1.01
2012	137.39	(12.3 %)	27.45	(45.1 %)	0.95	(94.4 %)	0.06
2013	112.41	(18.2 %)	(7.92)	(128.9 %)	(52.56)	(5626.3 %)	(3.09)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2005	26.51 %	3.32 %	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 %
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 %
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 %
2008	32.17 %	11.97 %	21.25 %
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 %
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 %
2010	27.02 %	3.17 %	6.92 %
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 %
2011	31.87 %	4.44 %	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 %
2012	19.98 %	2.08 %	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 %)
Q4 2013	(7.05 %)	(44.71 %)	(46.75 %)
2013	(7.05 %)	(44.71 %)	(46.75 %)
Q1 2014	(8.26 %)	(47.03 %)	(50.95 %)
Q2 2014	(2.07 %)	(37.46 %)	(41.85 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	21.52 %	3.54 %	7.02 %
2005	26.51 %	3.32 %	10.50 %
2006	32.43 %	7.57 %	15.91 %
2007	33.45 %	14.35 %	20.49 %
2008	32.17 %	11.97 %	21.25 %
2009	25.49 %	(5.12 %)	7.74 %
2010	27.02 %	3.17 %	6.92 %
2011	31.87 %	4.44 %	6.77 %
2012	19.98 %	2.08 %	0.69 %
2013	(7.05 %)	(44.71 %)	(46.75 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	26.39 %	6.63 %	14.16 %
Q2 2005	29.26 %	17.96 %	9.24 %
Q3 2005	28.87 %	22.25 %	7.47 %
Q4 2005	19.60 %	(0.54 %)	12.05 %
Q1 2006	29.65 %	2.50 %	15.90 %
Q2 2006	31.64 %	17.26 %	12.11 %
Q3 2006	34.44 %	6.90 %	13.71 %
Q4 2006	33.75 %	(0.41 %)	24.74 %
Q1 2007	33.43 %	11.44 %	17.65 %
Q2 2007	30.35 %	18.39 %	15.88 %
Q3 2007	28.23 %	7.21 %	20.56 %
Q4 2007	42.60 %	19.58 %	28.00 %
Q1 2008	28.20 %	10.95 %	18.30 %
Q2 2008	31.27 %	9.93 %	25.11 %
Q3 2008	34.53 %	13.11 %	17.67 %
Q4 2008	33.86 %	13.61 %	25.08 %
Q1 2009	26.31 %	4.40 %	12.52 %
Q2 2009	19.09 %	(0.77 %)	15.81 %
Q3 2009	25.47 %	(9.95 %)	(10.54 %)
Q4 2009	29.51 %	(11.02 %)	13.87 %
Q1 2010	35.22 %	7.98 %	27.54 %
Q2 2010	19.57 %	8.31 %	7.07 %
Q3 2010	26.53 %	(2.42 %)	19.19 %
Q4 2010	42.93 %	(1.47 %)	(17.82 %)
Q1 2011	19.41 %	(14.42 %)	(7.47 %)
Q2 2011	34.39 %	12.23 %	17.94 %
Q3 2011	22.73 %	(3.49 %)	(4.49 %)
Q4 2011	51.32 %	21.86 %	18.76 %
Q1 2012	33.59 %	9.36 %	6.77 %
Q2 2012	20.06 %	2.24 %	6.45 %
Q3 2012	16.42 %	4.58 %	(6.89 %)
Q4 2012	13.71 %	(6.88 %)	(3.32 %)
Q1 2013	(15.19 %)	(66.28 %)	(68.91 %)
Q2 2013	0.11 %	(26.00 %)	(30.53 %)
Q3 2013	(5.04 %)	(46.32 %)	(46.81 %)
Q4 2013	(15.26 %)	(55.47 %)	(54.86 %)
Q1 2014	(29.53 %)	(97.04 %)	(115.22 %)
Q2 2014	16.04 %	(1.81 %)	(7.56 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	17.01	0.57	0.57	11.15
2005	17.01	0.73	0.73	11.40
2006	17.01	1.12	1.12	12.43
2007	17.01	1.65	1.65	13.27
2008	17.01	1.77	1.77	14.05
2009	17.01	0.43	0.54	13.35
2010	17.01	1.39	0.77	14.57
2011	17.01	1.01	0.62	13.93
2012	17.01	0.06	0.06	13.92
2013	17.01	(3.09)	(3.09)	10.78

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2013	NEG	NEG	27.01
Q1 2014	NEG	NEG	54.06
Q2 2014	NEG	NEG	26.54

Period	P/E	Adjusted P/E	Price/book
2004	More than 50	More than 50	6.33
2005	More than 50	More than 50	19.02
2006	More than 50	More than 50	8.65
2007	More than 50	More than 50	8.45
2008	23.60	23.60	2.98
2009	More than 50	More than 50	4.94
2010	More than 50	More than 50	5.28
2011	More than 50	More than 50	14.09
2012	More than 50	More than 50	16.15
2013	NEG	NEG	27.01

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	-
Q4 2013	3.44	17.97	-
Q1 2014	3.07	9.88	-
Q2 2014	8.78	31.79	-

Period	Library Sector	Advertising and distribution sector	Public administration & Investments sector
2006	48.06	71.77	-
2007	43.75	92.97	-
2008	45.90	93.20	2.68
2009	43.56	74.20	-
2010	36.64	153.43	-
2011	25.41	131.32	-
2012	24.15	113.24	-
2013	21.48	90.93	-

Financial Ratios

	Current
Market Cap (M Riyal)	661.60
Enterprise Value (EV) (M)	366.34
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	2.84
Return on Average Assets (%) (TTM)	(20.33 )
Return on Average Equity (%) (TTM)	(61.91 )

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Tihama Advertising’s H1 net loss down to SAR 18m

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Share Price

Tihama Advertising and Public Relations Co. (TAPRCO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2014 Q2

Financial Ratios

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Tihama Advertising’s H1 net loss down to SAR 18m

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Share Price

Tihama Advertising and Public Relations Co. (TAPRCO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2014

Revenue by Business Segment (Latest) 2014 Q2

Financial Ratios

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Business Segments (Million)