Riyadh – Mubasher: Tihama Advertising and Public Relations Co. on Thursday announced that its accumulated losses reached SAR 75 million ($20 million) to represent 50% of its capital of SAR 150 million.
Accordingly, the Saudi Stock Exchange (Tadawul) has put a yellow flag next to the company's name on the bourse's website.
Earlier today, Tihama posted net losses of SAR 22.7 million ($6.05 million) in the second quarter ended 30 September 2016, down 22.5% year-on-year from SAR 29.3 million ($7.81 million).
The decline in losses was attributed to higher charges of SAR 11 million in Q2-15 in the form of rents for previous financial periods, the company said, adding that Q2-15 also saw a charge "with a provision for doubtful debts of approximately SAR 7 million", alongside other expenses incurred during that period.
