Tihama Advertising and Public Relations Co. (TAPRCO) reported a net loss after Zakat and tax of SAR 9.4 million for the first quarter ending June 30, 2020, versus net profit of SAR 1.2 million in year-earlier period, driven by a decline of SAR 6.9 million in gross profit on the COVID-19 outbreak.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 14.95 | 21.55 | 44.2 % |
| Gross Income | 7.00 | 4.91 | (29.9 %) |
| Operating Income | (4.45) | (5.46) | (22.6 %) |
| Net Income | 1.18 | (3.10) | (363.3 %) |
| Average Shares | 17.01 | 17.01 | - |
| EPS (Riyals) | 0.07 | (0.18) | (363.3 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 24.48 | 21.55 | (12.0 %) |
| Gross Income | 5.12 | 4.91 | (4.0 %) |
| Operating Income | (20.40) | (5.46) | 73.2 % |
| Net Income | (12.69) | (3.10) | 75.6 % |
| Average Shares | 17.01 | 17.01 | - |
| EPS (Riyals) | (0.75) | (0.18) | 75.6 % |
The company also cited a drop of SAR 5.5 million in gross profit of the advertising segment and a decline of SAR 2.2 million in gross profit of the production division. Other revenue also retreated by SAR 6.6 million.
On a quarter-on-quarter basis, Tihama narrowed losses by 42.5%, due to lower selling and general expenses, employee layoff campaigns and salaries reduction. The company also implemented a number of cost-cutting strategies amid the COVID-19 outbreak.
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