Cenomi Retail turns to net loss of SAR 199.7 mln in 9M 2022/23, Q3 at SAR 279.4 mln

The retailer said revenue was relatively unchanged at SAR 4.53 billion for the current period.

The international retail portfolio implied a year-on-year (YoY) rise of 12.8%. Meanwhile, retail revenues in Saudi Arabia declined slightly by 2.2% YoY during the nine-month period. Revenue from the food and beverages (F&B) segment declined 4.5% YoY, as the retailer exited some brands to focus on portfolio optimization.

Gross profit fell 49.2% from SAR 809.5 million in 9M 2021/22 to SAR 410.9 million in the current period.

Net finance cost (FC) jumped by 4.5% YoY to SAR 209.2 million due to increased Saudi Arabian Interbank Offered Rate (SAIBOR).

On the other hand, selling, general and administrative (SG&A) expenses dropped 18.8% YoY to SAR 329.8 million in the nine-month period.

In the third quarter, the retailer swung to a net loss of SAR 279.40 million, from a net profit of SAR 16.87 million in Q3 2021/22.

In the previous quarter, Cenomi Retail reported a net profit of SAR 22.10 million.

Shareholders’ equity, excluding minority interest, dropped to SAR 307.9 million as of Dec. 31, 2022, from SAR 550.1 million in the year-earlier period.