Tihama Advertising reports a net loss of SAR 42.4 mln for the nine months ended Dec. 31, 2014

21/01/2015 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 42.4 million for the nine months ended December 31, 2014, a four percent increase compared to the same period last year.

 

A net loss of SAR 24.4 million was reported for the quarter ended December 31, 2014 compared to SAR 3.1 million for the quarter ended September 30, 2014.



Financials (M)

Item 9m 2013 9m 2014 Change‬
Revenues 91.00 80.17 (11.9 %)
Gross Income (4.65) (2.18) 53.2 %
Operating Income (44.81) (42.22) 5.8 %
Net Income (40.81) (42.41) (3.9 %)
Average Shares 17.01 17.01 -
EPS (Riyals) (2.40) (2.49) (3.9 %)

 

The increase of losses during the current period compared to the corresponding period of last year is due to the decrease of share of results from associates by SAR 4.5 million ,along with the increase of finance charges by SAR 1.5 million following increase in debts. In exchange Zakat provision decreased by SAR 2 million compared to the corresponding quarter of last year, in addition net losses of outdoor advertising sector decreased by SAR 4 million and other income increased by SAR 1 million.

 

The increase of losses during the current quarter compared to the same quarter last year is due the increase of provision for doubtful debts by SAR 6 million compared to the corresponding quarter of last year, in addition to the decrease in share of results from associates by SAR 4.5 million, along with the increase of finance charges by SAR 1.5 million following increase in debts. In exchange Zakat provision decreased by SAR 2 million compared to the corresponding quarter of last year.

 

The increase of this quarter’s net loss compared to the previous quarter was attributed to the decline of net advertising sector revenues by nearly SAR 10 million, in addition to charging the quarter with allowances for doubtful debts and slow-moving inventory of approximately SAR 10 million, as well as the decline of the company's share of results from associates by approximately SAR 1.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2013 Q3 2014 Change‬
Revenues 32.62 26.65 (18.3 %)
Gross Income (1.64) (4.86) (195.7 %)
Operating Income (17.30) (24.54) (41.9 %)
Net Income (15.27) (24.42) (59.9 %)
Average Shares 17.01 17.01 -
EPS (Riyals) (0.90) (1.44) (59.9 %)


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
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)
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)

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 %
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 %)
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 %)


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
Q3 2014 17.01 (3.18) (3.18) 8.29

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
Q3 2014 NEG NEG 31.88

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 -
Q3 2014 3.35 23.30 -

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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