Cenomi Retail swings to SAR 113.8 mln profit in H1 2023; Q2 at SAR 169.2 mln

Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) reported a net profit of SAR 113.8 million in the first six months of 2023, compared to a loss of SAR 1.7 million in the year-ago period.

The net earnings were driven by operating income growth of 91% year-on-year (YoY) to SAR 178.4 million in H1 2023, while gross profit rose 15.4% YoY to SAR 486.1 million.

The gross profit was boosted by a decline in cost of revenue as rent and salaries decreased on the back of the company’s cost optimization program.

Meanwhile, selling, general and administrative expenses increased by 27.1% YoY to reach SAR 271.4 million.

Q2 2023 net profit jumped YoY to SAR 169.2 million, from SAR 61.9 million, as gross profit and other operating income led up.

Cenomi Retail posted a net loss of SAR 55.4 million in Q1 2023.

Total shareholders’ equity reached SAR 428.9 million at the end of H1 2023, compared with SAR 569.5 million a year earlier.

Accumulated losses reached 10%, or SAR 115.25 million, of capital at the end of the six-month period.

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