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Tihama Advertising and Public Relations Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Three Months )

TAPRCO 4070 1.74% 17.50 0.30
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 14.9 14 6.428 14.3 4.195
Gross Profit (Loss) 7 8.2 -14.634 4 75
Operational Profit (Loss) -4.4 0.2 - -7.6 -42.105
Net Profit (Loss) after Zakat and Tax 1.4 1 39.999 0.9 55.555
Total Comprehensive Income 1.4 1 39.999 1.7 -17.647
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Total Share Holders Equity (after Deducting Minority Equity) 64.7 58.5 10.598
Profit (Loss) per Share 0.16 0.13
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
10.3 75 13.7
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The increase in net profits during the current quarter compared to the same quarter of last year arose primarily from a net increase in other income of SAR 5.5 million, an increase of SAR 6.4 million in other income from settlement of advertising lease contracts after receiving the final settlement on some contracts, in return other revenues from settlement of credit balances dropped by around SAR 1.1 million, in addition the Company recognised gross profit of SAR 3.5 million from starting Production Sector operations during the current quarter. These gains were partially offset by a drop in Advertising Sector gross profit by around SAR 4.8 million, an increase in general and selling expenses of around SAR 3.4 million mainly as a result of commencing Production Sector operations and an increase in Retail Sector expenses, along with an increase in share of losses from associates by around SAR 0.4 million.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The increase in net profits during the current quarter compared to the last quarter arose primarily from recognition of gross profit of SAR 3.5 million from starting the Production sector operations during the current quarter, in addition finance charges dropped by SAR 1.9 as an affect of adoption of IFRS 16 in last quarter. This increase was partially offset by a decrease in advertising Sector gross profit by around SAR 0.4 million, an increase in share of losses from associates by around SAR 0.7 million, a drop in net other revenues by around SAR 3.8 million mainly from drop in other income resulting from settlement of advertising lease contracts.
Basis of the External Auditor's Opinion Qualified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion The Auditor's Report includes the following qualifications: As disclosed in note (6) to the condensed consolidated interim financial statements we have not been able to determine the impact of the non-issuance of the financial statements of the associate and the Group did not recognize any profits or losses on its investment in United Advertising Limited Company, Tihama Contemporary Media Company and Tihama New Media Company for the period ended 30 June 2019 and the year ended 31 March 2019. The Group relied on the management accounts prepared by the management of the associates in recording the share of loss from the associate J Walter Thompson MENA Company. Accordingly, we were unable to obtain adequate and appropriate audit evidence directly or through alternative audit procedures to determine the Group's share of the change in net assets of the entity invested in. Accordingly, we are unable to determine whether any changes to the condensed consolidated interim financial statements are necessary. As disclosed in note (3/1/5) to the condensed consolidated interim financial statements, the condensed consolidated interim financial statements include an investment in a subsidiary company, International Advertising Services Limited, whose financial statements have not been consolidated as its financial statements have not been issued since the year 2012 due to seizure of the company's operations as of 16 November 2011. We have not been able to obtain sufficient and appropriate audit evidence directly or through alternative audit procedures to determine the effect of this matter on the correctness of the disclosed condensed consolidated interim financial statements. Accordingly, we are unable to determine whether any changes to the condensed consolidated interim financial statements are necessary. Significant uncertainty relating to continuity as a going concern : We would like to draw attention to note (2/4) to the condensed consolidated interim financial statements and liquidity management, as explained in note (2/4) these events or circumstances indicate a material uncertainty, It may cast serious doubt that the company's ability to remain as a going concern, and our conclusion on this matter has not been modified. The Auditor 's Report draws the attention to the following: We would like to draw the attention to note (11) to the condensed consolidated interim financial statements which states that certain subsidiaries such as Tihama Modern Bookstores Company and Tihama International Advertising Company have not submitted Zakat declarations since formation, in addition Istidama International Real Estate Company has not submitted its Zakat declarations for the years since 2013. The management of the subsidiaries have made provisions for Zakat annually and our conclusion was not modified accordingly.
Reclassification of Comparison Items The Group has adopted International Financial Reporting Standard IFRS (16) Leases as from 1 April 2018 using the full retroactive application methodology. Accordingly certain changes have been made to the Comparative period in the Company's financial statements in the measurement, presentation and disclosure in accordance with the accounting policies adopted and in accordance with the requirements of the International Financial Reporting Standards adopted in Saudi Arabia, in addition certain comparative amounts have been reclassified to conform to the current period presentation.
Additional Information Earnings per share for the current period were calculated on the net profit attributable to equity holders of the parent company of SAR 1.17 million based on the weighted average number of shares issued as of 30 June 2019 of 7,500,000 shares, the earnings per share for the comparative period was calculated on the net profit attributable to equity holders of the parent company of SAR 1 million based on the weighted average number of shares issued as of 30 June 2018 of 7,500,000 shares. Accumulated losses amounted to SAR 10.3 million and 13.7% of share capital as of 30 June 2019.

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