Riyadh – Mubasher: Tihama Advertising and Public Relations Company moved to losses during the second quarter of 2019, suffering SAR 8.7 million.

Total revenues grew by 16% to SAR 15.7 million in Q2-19, compared to SAR 13.5 million in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Tuesday.

The company attributed the move to losses to the increase in selling and distribution expenses by around SAR 4.1 million mainly due to acquisition of a subsidiary and commencing of Production sector operations during the period.

For the first half of 2019, Tihama’s net losses recorded SAR 7.3 million, versus profits of SAR 1.1 million in H1-18.

The company generated SAR 30.7 million in revenues during the six-month period ended September, 11.6% higher than SAR 27.5 million in the same period last year.

Loss per share registered SAR 0.92 during the first half of the current fiscal year, against a profit per share of SAR 0.2 in the same half last year.

In a separate statement, the company revealed that its accumulated losses reached 24.6% or SAR 18.4 million of its capital as of 30 September.