Tihama reports SAR 4.5 mln profit in 9M 2017-18

08/02/2018 Argaam Exclusive

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Tihama Advertising and Public Relations Co. (TAPRCO)

Tihama Advertising and Public Relations Co. posted a net profit of SAR 4.5 million for the nine month period ending Dec. 31, 2017, compared to a net loss of SAR 41.90 million in the same period the previous year, driven by a SAR 25 million increase in advertising sector gross profit, as well as a decrease in obligations for advertising site lease contracts.

 

Tihama also recognized around SAR 1.1 million in gains from a stake sale in its subsidiary, Ad Art Median Company.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 66.86 57.92 (13.4 %)
Gross Income (2.22) 24.10 1187.9 %
Operating Income (25.03) (8.66) 65.4 %
Net Income (40.55) 4.76 111.7 %
Average Shares 17.01 17.01 -
EPS (Riyals) (2.38) 0.28 111.7 %

The company reported a net profit of SAR 800,000 in Q3 2017-18, against a net loss of SAR 8.20 million in the same quarter last year. The profit was attributed to a SAR 9.2 million increase in advertising sector gross profit, in addition to higher net income from bookstores and distribution sector.

 

Net profit plunged 63.6 percent on a sequential basis, as Tihama had recorded a gain of around SAR 7.8 million in the second quarter due to a decrease in obligations for advertising site lease contracts.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 26.11 28.77 10.2 %
Gross Income (0.81) 11.82 1552.5 %
Operating Income (9.15) 0.12 101.3 %
Net Income (7.60) 0.73 109.5 %
Average Shares 17.01 17.01 -
EPS (Riyals) (0.45) 0.04 109.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q4 2014 24.16 12.8 % 10.81 430.9 % 1.27 110.8 % 0.07
Q1 2015 14.28 10.2 % (5.55) (45.0 %) (11.45) 23.3 % (0.67)
Q2 2015 26.04 (35.8 %) (4.73) (172.7 %) (29.29) (855.6 %) (1.72)
Q3 2015 38.78 45.5 % 2.29 147.0 % 11.54 147.2 % 0.68
Q4 2015 23.54 (2.6 %) 2.23 (79.3 %) (9.73) (864.1 %) (0.57)
Q1 2016 13.43 (6.0 %) (4.66) 15.9 % (10.23) 10.6 % (0.60)
Q2 2016 27.33 4.9 % 3.26 168.9 % (3.09) 89.5 % (0.18)
Q3 2016 26.11 (32.7 %) (0.81) (135.6 %) (7.60) (165.9 %) (0.45)
Q4 2016 19.78 (16.0 %) (2.86) (228.2 %) (6.99) 28.2 % (0.41)
Q1 2017 13.95 3.9 % 4.22 190.4 % 1.82 117.8 % 0.11
Q2 2017 15.21 (44.4 %) 8.06 147.1 % 2.22 171.8 % 0.13
Q3 2017 28.77 10.2 % 11.82 1552.5 % 0.73 109.5 % 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %)


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Business Segments (Million)

Compared With The
Period Advertising Sector Trading & Distribution Services Library Sector Advertising and distribution sector Public administration & Investments sector
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 -
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 12.56 0.09 0.77 - -
Q2 2016 14.23 11.60 1.50 - -
Q3 2016 12.88 11.21 2.01 - -
Q4 2016 - - 0.42 19.36 -
Q1 2017 13.42 0.10 0.43 - -
Q2 2017 11.43 1.22 2.55 - -
Q3 2017 10.64 15.80 1.82 - -

Current
Market Cap (M Riyal) 668.00
Enterprise Value (EV) (M) 372.74
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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