Cenomi Centers 9M 2024 profit at SAR 866.1M; Q3 at SAR 334.7M

10/11/2024 Argaam Exclusive

Arabian Centres Co. (Cenomi Centers) reported a profit of SAR 866.1 million in the first nine months of 2024 from SAR 1 billion a year earlier.

 


Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,709.75 1,759.37 2.9 %
Gross Income 1,411.94 1,458.98 3.3 %
Operating Income 982.21 996.16 1.4 %
Net Income 1,008.54 866.10 (14.1 %)
Average Shares 475.00 475.00 -
EPS (Riyals) 2.12 1.82 (14.1 %)

The profit decline was attributed to an increase in financing cost by 127% year-on-year (YoY) to SAR 207 million due to a one-time cost of SAR 53.6 million, a rise in average cost of debt and the increase in total debts considering that the company is in a near-peak investment stage in its two flagship development projects, Jawharat Riyadh and Jawharat Jeddah, which are expected to be delivered in H2 2025.

 

On the other hand, revenue increased by 2.9% YoY to SAR 1.75 billion in 9M 2024, compared to SAR 1.7 billion in 9M 2023.

 

The growth was supported by an improved like-for-like occupancy rate, which increased to 92.6% in 9M 2024 from 90.3% in 9M 2023.

 

Additionally, the grand opening of U Walk Jeddah in Q1 2024 and a continued rise in footfall across the portfolio, up 4.8 million to 99.9 million visitors in 9M 2024, compared to 95.2 million in 9M 2023, an increase of 5%, contributed to the overall revenue growth.

 

The growth was further driven by a 14.1% YoY increase in media sales and a 48.2% YoY increase in utilities and other revenue. Net rental income remained steady while the business continued to focus on its proactive tenant strategy to ensure an optimum mix to help drive footfall numbers.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 567.70 587.07 3.4 %
Gross Income 462.76 486.45 5.1 %
Operating Income 335.25 288.82 (13.8 %)
Net Income 286.54 334.65 16.8 %
Average Shares 475.00 475.00 -
EPS (Riyals) 0.60 0.70 16.8 %
In Q3 2024, net earnings grew by 16.8% to SAR 334.7 million from SAR 286.54 million in Q3 2023.
 
The mall operator’s net profit dropped 5.2% from SAR 353.1 million in Q2 2024.
 
Total shareholders’ equity, after minority interest, increased to SAR 14.60 billion as of Sept. 30, 2024, up from SAR 13.77 billion in the prior-year period.

Attached Document:

 

 

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Quarterly Actuals vs Estimates 10/11/2024

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Share Price

Arabian Centres Co.
19.78
(0.02) (0.10 %)

Arabian Centres Co. (CENOMI CENTERS)

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Financial Ratios
Current
Market Cap (M Riyal) 9,395.50
Enterprise Value (EV) (M) 20,012.08
Shares Outstanding ((M)) 475.00
EPS ( Riyal) (TTM) 2.89
Book Value (BV) ( Riyal) 30.75
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 13.38
P/E (TTM) 6.85
Price/book 0.64
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 9.7
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