Riyadh – Mubasher: Tihama Advertising and Public Relations Company has reported a 53.80% surge in net loss during the first nine months (9M) of the fiscal year (FY) 2023/2024, recording SAR 32.30 million when compared to SAR 21 million in 9M-22/23.
The revenue dropped by 20.05% to SAR 57 million in the April-December 2023 period from SAR 71.30 million in the comparative period in FY22/23, according to the interim financial results.
The loss per share narrowed to SAR 0.80 in the nine-month period that ended on 31 December 2023 from SAR 4.10 in the year-ago period.
Accumulated Losses
Tihama announced accumulated losses worth SAR 141.40 million as of 31 December 2023, representing 35.40% of the company’s capital.
Financial Results for Q3-23/24
In the third quarter (Q3) of FY23/24, the Saudi company recorded a YoY increase of 52.68% in net loss to SAR 14.20 million from SAR 9.30 million.
The revenues decreased by 18.98% to SAR 19.20 million in October-December 2023, compared to SAR 23.70 million in Q3 which ended on 31 December 2022.
Quarter-on-quarter (QoQ), the net losses in Q3-23/24 soared by 108.82% from SAR 6.80 million in Q2 which ended on 30 September 2023, while the revenues tumbled by 28.08% from SAR 26.70 million.
It is worth mentioning that in the first half (H1) of FY23/24, Tihama posted net losses after Zakat and tax of net losses after Zakat and tax of SAR 18.10 million in addition to revenues worth SAR 37.80 million.
In June 2023, Tihamathe listed company closed the merger of its J. Walter Thompson MENA and Wunderman MENA businesses.
