Cenomi Retail 9M 2024 net loss narrows to SAR 48.3M; Q3 profit at SAR 19.3M

Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) reported a net loss of SAR 48.3 million (before minority interests) for the first nine months of 2024, compared to SAR 89.1 million in the year-earlier period.

Selling, general and administrative expenses dropped 8.4% year-on-year (YoY) to SAR 337 million in 9M 2024, primarily due to store closures and the divestment program for non-core brands. The company also cited a 35.8% increase YoY in other operating income in 9M 2024 to SAR 259 million, as the brands divestment program resulted in a capital gain of SAR 212 million.

Net finance expenses decreased 7.3% YoY to SAR 236 million in 9M 2024, mainly driven by the repayment of SAR 636 million of debt during 2024.

International retail operations generated revenue of SAR 980 million in 9M 2024, up 20.5% YoY, largely supported by CIS robust performance. Azerbaijan witnessed an improvement of 22% YoY in 9M 2024, while Georgia increased 28.1% YoY.

Q3 2024 net profit stood at SAR 19.3 million, versus a net loss of SAR 202.9 million in a year-earlier period.

Cenomi Retail reported revenue of SAR 1.17 billion in Q3 2024, up 9% YoY, supported by an improvement in the performance of Saudi retail operations which increased 3.6% and the continued strong momentum of the international portfolio, which increased 30.9% YoY in Q3.

On a sequential basis, net earnings plunged by 77.1% from SAR 84.1 million in Q2 2024.

Total shareholders’ equity (after minority interest) stood at SAR -830.2 million by Sept. 30, 2024, compared to SAR 221.1 million a year earlier. (needs to be rechecked).

Accumulated loss reached SAR 1.45 billion by Sept. 30, 2024, or 127% of capital.

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