Cenomi Centers 9M 2023 profit climbs 63% to SAR 1 bln; Q3 at SAR 285 mln

Arabian Centres Co. (Cenomi Centers) reported a profit leap of 63% to SAR 1 billion in the first nine months of 2023 from SAR 617.5 million a year earlier.

The nine-month profit growth was propelled by a 3.3% year-on-year (YoY) rise in revenue to SAR 1.70 billion, as leasing revenue increased by 5.4% on an annual basis to SAR 1.56 billion.

Operating profit jumped 39.9% YoY to SAR 1.32 billion.

Gross profit rose 1.8% YoY to SAR 1.41 billion, leading to a gross profit margin of 82.6% in the current period, compared to 83.8% in the first nine months of 2022.

In Q3 2023, net earnings grew by 10% to SAR 285 million from SAR 259.1 million in Q3 2022, thanks to an 8.2% YoY rise in operating profit to SAR 398.2 million. Net fair value gains on investment properties amounted to SAR 60.3 million in Q3 2023, against a net fair value loss of SAR 4.3 million in Q3 2022.

On the other hand, revenue edged down 1.1% YoY to SAR 567.7 million.

Gross profit also declined by 4.5% YoY to SAR 462.8 million. Borrowing costs increased to SAR 64.4 million in Q3 2023 from SAR 51 million in the year-earlier period.

The mall operator’s net profit dropped 15.8% from SAR 338.6 million in Q2 2023 as operating profit decreased by 7.8% quarter-on-quarter (QoQ) to SAR 398.2 million after net fair value gains on investment properties dropped by SAR 12.3 million.

Total shareholders’ equity, after minority interest, increased to SAR 13.82 billion as of Sept. 30, 2023, up from SAR 13.68 billion in the prior-year period.

View More Financial Results