Tihama Advertising and Public Relations Co. (TAPRCO) slid into a deeper loss of SAR 56.4 million for the fiscal year ended 31 March 2023 from SAR 35.5 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 76.39 | 81.85 | 7.2 % |
| Gross Income | 15.23 | 31.64 | 107.7 % |
| Operating Income | (44.48) | (35.06) | 21.2 % |
| Net Income | (35.50) | (56.35) | (58.7 %) |
| Average Shares | 18.90 | 18.90 | - |
| EPS (Riyals) | (1.88) | (2.98) | (58.7 %) |
The company reported an increase in general and administrative expenses by around SAR 24.1 million year-on-year (YoY). The provision for slow moving inventory increased by nearly SAR 18.6 million YoY.
During the 12-month period, Tihama recognized losses from claims of nearly SAR 4.3 million for the net book value of the outdoor advertising billboards. This came after a judgment was issued dismissing the company’s appeal against Riyadh Municipality for damages caused to the advertising billboards owned by the company, which were removed by the defendant in a way that led to damage.
Tihama also recorded SAR 500,000 losses from lawsuits. During the current year, the company also reported financial reorganization expenses of about SAR 1.5 million. Selling expenses rose by almost SAR 5.5 million YoY.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 15.84 | 10.52 | (33.6 %) |
| Gross Income | 2.39 | 4.97 | 108.0 % |
| Operating Income | (14.96) | (18.45) | (23.3 %) |
| Net Income | (6.33) | (35.85) | (466.2 %) |
| Average Shares | 18.90 | 18.90 | - |
| EPS (Riyals) | (0.34) | (1.90) | (466.2 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 23.70 | 10.52 | (55.6 %) |
| Gross Income | 6.17 | 4.97 | (19.4 %) |
| Operating Income | (8.11) | (18.45) | (127.5 %) |
| Net Income | (9.02) | (35.85) | (297.5 %) |
| Average Shares | 18.90 | 18.90 | - |
| EPS (Riyals) | (0.48) | (1.90) | (297.5 %) |
Shareholders’ equity, after minority interest, reached -SAR 57.6 million by the end of the 12-month period, against SAR 6.4 million a year earlier.
Accumulated losses reached SAR 82.8 million as of March 31, 2023, exceeding the company’s capital of SAR 50 million.
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