Arabian Centres Co.’s (Cenomi Centers) Q1 2023 net profit more than doubled to SAR 383.4 million, from SAR 175.2 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 519.17 | 576.78 | 11.1 % |
| Gross Income | 446.06 | 487.70 | 9.3 % |
| Operating Income | 378.76 | 490.10 | 29.4 % |
| Net Income | 175.18 | 383.35 | 118.8 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.37 | 0.81 | 118.8 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 550.84 | 576.78 | 4.7 % |
| Gross Income | 458.83 | 487.70 | 6.3 % |
| Operating Income | 316.71 | 490.10 | 54.7 % |
| Net Income | 391.18 | 383.35 | (2.0 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.82 | 0.81 | (2.0 %) |
The profit surge was spurred by a revenue increase of 11.1% year-on-year (YoY) to SAR 576.8 million for Q1 2023, driven primarily by higher net rental revenue and a 5.6% YoY rise in media sales.
The shopping mall operator reported an increase in other operating income to SAR 267.9 million, from SAR 20 million in Q1 2022, driven by a profit of SAR 238.7 million from the non-core assets sale program.
Cenomi Centers also reported a decrease in net fair valuation loss on investment properties to SAR 51.7 million in Q1 2023, from SAR 74.1 million in Q1 2022. Interest expenses on lease liabilities also declined by 34.8% YoY to SAR 26.4 million
On a sequential basis, net profit dropped 17% from SAR 461.69 million in Q4 2022, as the company recorded a fair value loss of SAR 51.7 million in Q1 2023 against a gain of SAR 220.5 million in the previous quarter.
Shareholders’ equity, after minority interest, jumped to SAR 14.04 billion as of March 31, 2023, from SAR 13.54 billion in the year-earlier period.
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