Tuhama Advertising and Public Relations, recorded a loss of 29.5 million riyals in the first quarter of 2020.

According to Arabia Net, the company explained in a statement, that the increase in operating losses by 26.1 million riyals is due to the impact of the loss of the advertising sites contract in Riyadh (18.0 million riyals). ), And record receivables and write offs of approximately 9.2 million riyals (including a provision for slow moving and obsolete inventory of 4.4 million riyals, and a provision for doubtful debts of about 3 million riyals).

The financial statements included the write-off of an old city amount of 1.8 million riyals.

The losses in the retail sector have also increased due to the start of operating new activities in the field of retail and travel, in addition to the effect of the acquisition and expansion of the retail exhibition units, in addition to the precautionary measures to contain Covid 19 virus.

These losses were partially offset by registering gross profit from new investments in the production sector, which amounted to approximately 2.8 million riyals.

During the current year, impairment losses were recorded in the value of intangible assets by about 2.4 million riyals.

The remaining balance represents the right to use e-learning programs and align educational curricula (these rights were acquired in 2011, losses in the value of these rights have been amortized and recorded with a total amount of 11.7 Million riyals between October 1, 2015 to March 31, 2020).

Other income decreased by about 8.1 million riyals, as the income from settlement of advertising rental contracts decreased by about 3.5 million riyals.

Service revenue decreased by about 1.2 million riyals, and net rental income fell by about 1.6 million riyals.

The group also recorded during the previous year other revenues from allocations that are no longer needed by approximately 2.6 million riyals, and income from credit balances settlement is not claimed by about 1.2 million Real.

This decrease was partially offset by registering approximately 1.4 million riyals in other revenue resulting from the impact of the acquisition of subsidiaries.

The company's share in associate profits has increased by about 5.5 million riyals.