The estimated annual financial results for Tuhama Advertising and Public Relations showed that the company had turned to a loss in the fiscal year ending March 31, 2020.
According to the results of the company for the Saudi market (Tadawul) today, Wednesday, the company incurred annual losses of 28.8 million riyals, compared to the profits for the same year of 3.4 million riyals.
>The company said in a statement to the stock exchange that the annual losses are due to 4 factors, the first of which is the high loss of operation as a result of precautionary measures to contain the Corona virus (Covid 19). >
She explained that the second factor of the loss is the expiration of the contract for renting advertisement sites in Riyadh. Third, the company has recorded a provision for slow moving and obsolete inventories, impairment losses and write off of old debts.
She indicated that the fourth year is the high losses from the retail sector during the year as a result of starting new activities alongside the impact of the acquisition of a new subsidiary, in addition to the impact of precautionary measures to contain Corona pandemic.
The company noted in the statement that these operating losses were partially offset by recording profit from new investments in the production sector.
