Cenomi Centers profit rises to SAR 722 mln in H1 2023; Q2 at SAR 338.7 mln

Arabian Centres Co. (Cenomi Centers) reported a net profit of SAR 722 million, after minority interest, compared to SAR 358.3 million in the year-earlier period.

The company’s gross profit grew by 5.2% YoY to SAR 949.2 million, sending gross margins lower to 83.1% from 83.4% in H1 2022. Other operating income skyrocketed to SAR 272.1 million from SAR 21.3 million in H1 2022.

Net fair value gain on investment properties amounted to SAR 21.2 million in the first half, compared to net fair value loss of SAR 174.1 million a year earlier. Other operating expenses dropped by 37.7% YoY to SAR 18.1 million. Financing costs also decreased.

Cenomi Centers’ Q2 bottom line surged 85% to SAR 338.7 million from SAR 183.16 million in Q2 2022, thanks to a 0.4% rise YoY in revenue to SAR 565.3 million. The company’s gross profit edged down 0.1% YoY to SAR 458 million, sending gross margins lower to 81% from 81.4% in Q1 2022. 

Net fair value gain on investment properties came in at SAR 72.9 million in the three-month period, compared to net fair value loss of SAR 100 million a year earlier. Financing costs fell by 34.9% YoY to SAR 26 million. 

On a sequential basis, net profit dropped 11.7% from SAR 383.65 million in Q1 2023 on an 11.8% drop in operating profit to SAR 432.1 million. The first-quarter earnings implied a profit of SAR 238.7 million from the sale of Al Raed district land, part of the non-core asset sale program. 

Shareholders’ equity, no minority interest, reached SAR 13.95 billion by the end of H1 2023, compared to SAR 13.77 billion in the year-ago period. 

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