Money and business
“Tihama” turns profitable at 859.3 thousand riyals in the second quarter
Tihama Advertising and Public Relations Company turned profitable during the second quarter of the current fiscal year.
The company said in a statement on Saudi Tadawul: The company achieved a net profit of 859,332 thousand riyals, compared to losses of 6,766 million riyals in the same period last year.
The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is mainly due to: a decrease in the losses of the public administration and investments sector by about 5.2 million riyals, mainly as a result of the increase in other revenues resulting from deposit revenues by about 2.4 million riyals, in addition to a decrease in professional and consulting fees by about 1.8 million riyals.
The reasons included: a decrease in advertising sector losses by about 2.6 million riyals, due to a contraction in activity compared to the same quarter of the previous year.
The reasons included: The production sector moved from losses to profits, recording an increase of about 1.5 million riyals due to the decrease in general and administrative expenses.
The reasons included: a decrease in the education sector’s profits by about 2.3 million riyals due to the creation of an inventory allocation with a value higher than what was created during the same quarter of the previous year.
The reason for the increase in net profit during the current quarter compared to the previous quarter is mainly due to: an increase in education sector profits by about 4.1 million riyals, due to the increase in sales as a result of the beginning of the 2024-2025 academic year.
The reasons included: a decrease in retail sector losses by about 1.5 million riyals, due to the increase in gross profit compared to the previous quarter and the decrease in selling and marketing expenses.
The reasons included: The production sector moved from losses to profits, recording an increase of about 885 thousand riyals due to the decrease in general and administrative expenses.
The reasons included: a decrease in the losses of the public administration and investments sector by about 1.5 million riyals, mainly as a result of the increase in other revenues and the decrease in general and administrative expenses.
The reason for the (decrease) in the net loss during the current period compared to the similar period of the previous year is mainly due to: a decrease in advertising sector losses as a result of the contraction in activity compared to the similar period of the previous year.
The reasons included: a decrease in production sector losses due to a decrease in general and administrative expenses.
The reasons included: a decrease in education sector profits by about 1.9 million riyals, due to the creation of an inventory allocation with a value higher than what was created during the similar period of the previous year.
This was offset by an increase in the losses of the retail sector by about 1.8 million riyals due to the increase in selling and marketing expenses, and a decrease in the losses of the general administration and investments sector by about 11 million riyals as a result of the decrease in general and administrative expenses and the increase in profits from deposit investments.
With reference to the company’s announcement published on the Tadawul website on 12/24/1445 corresponding to 06/30/2024 regarding Tihama Advertising, Public Relations and Marketing Company concluding an agreement with the WPP Group to establish a new company in the Kingdom of Saudi Arabia under the name ACG Saudi Arabia, with regard to the partners’ agreement. To extend the period for completing the legal ownership transfer and all other required regulatory approvals to before June 30, 2024 AD.
The company announced the partners’ agreement to extend the period for a period of 6 months to end on June 30, 2025, in order to complete the transfer of legal ownership, including completing the required regulatory approvals.
She added that the reasons for the delay from the previously announced date: Completion of the transfer of legal ownership, including completion of the required regulatory approvals.
She noted that any financial impact resulting from the transaction would be recorded based on the assets and liabilities on that date upon completion. Any potential impact cannot be estimated reliably currently.
The company said in a statement on Saudi Tadawul: The company achieved a net profit of 859,332 thousand riyals, compared to losses of 6,766 million riyals in the same period last year.
The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is mainly due to: a decrease in the losses of the public administration and investments sector by about 5.2 million riyals, mainly as a result of the increase in other revenues resulting from deposit revenues by about 2.4 million riyals, in addition to a decrease in professional and consulting fees by about 1.8 million riyals.
The reasons included: a decrease in advertising sector losses by about 2.6 million riyals, due to a contraction in activity compared to the same quarter of the previous year.
The reasons included: The production sector moved from losses to profits, recording an increase of about 1.5 million riyals due to the decrease in general and administrative expenses.
The reasons included: a decrease in the education sector’s profits by about 2.3 million riyals due to the creation of an inventory allocation with a value higher than what was created during the same quarter of the previous year.
The reason for the increase in net profit during the current quarter compared to the previous quarter is mainly due to: an increase in education sector profits by about 4.1 million riyals, due to the increase in sales as a result of the beginning of the 2024-2025 academic year.
The reasons included: a decrease in retail sector losses by about 1.5 million riyals, due to the increase in gross profit compared to the previous quarter and the decrease in selling and marketing expenses.
The reasons included: The production sector moved from losses to profits, recording an increase of about 885 thousand riyals due to the decrease in general and administrative expenses.
The reasons included: a decrease in the losses of the public administration and investments sector by about 1.5 million riyals, mainly as a result of the increase in other revenues and the decrease in general and administrative expenses.
The reason for the (decrease) in the net loss during the current period compared to the similar period of the previous year is mainly due to: a decrease in advertising sector losses as a result of the contraction in activity compared to the similar period of the previous year.
The reasons included: a decrease in production sector losses due to a decrease in general and administrative expenses.
The reasons included: a decrease in education sector profits by about 1.9 million riyals, due to the creation of an inventory allocation with a value higher than what was created during the similar period of the previous year.
This was offset by an increase in the losses of the retail sector by about 1.8 million riyals due to the increase in selling and marketing expenses, and a decrease in the losses of the general administration and investments sector by about 11 million riyals as a result of the decrease in general and administrative expenses and the increase in profits from deposit investments.
With reference to the company’s announcement published on the Tadawul website on 12/24/1445 corresponding to 06/30/2024 regarding Tihama Advertising, Public Relations and Marketing Company concluding an agreement with the WPP Group to establish a new company in the Kingdom of Saudi Arabia under the name ACG Saudi Arabia, with regard to the partners’ agreement. To extend the period for completing the legal ownership transfer and all other required regulatory approvals to before June 30, 2024 AD.
The company announced the partners’ agreement to extend the period for a period of 6 months to end on June 30, 2025, in order to complete the transfer of legal ownership, including completing the required regulatory approvals.
She added that the reasons for the delay from the previously announced date: Completion of the transfer of legal ownership, including completion of the required regulatory approvals.
She noted that any financial impact resulting from the transaction would be recorded based on the assets and liabilities on that date upon completion. Any potential impact cannot be estimated reliably currently.
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