Riyadh – Mubasher: Tihama Advertising and Public Relations Company reported a net loss after Zakat and tax of SAR 28.8 million for the fiscal year (FY) ending on 31 March 2020, against a net profit of SAR 3.4 million in the previous year, as shown in the company's annual estimated financials.

Revenues of the company amounted to SAR 96.7 million by the end of March, up by 19.9% from SAR 80.6 million in Q1-19, according to a stock exchange statement on Wednesday.   

The turn to loss was ascribed to higher losses from operation due to the precautionary measures taken against the coronavirus (COVID-19), end of the advertising site contract in Riyadh, coupled with the write off of a slow-moving and obsolete inventory and rising losses from the retail sector.

Part of these losses was offset by profits realised from new investments in the production sector.