Cenomi Centers profit rises to SAR 831.9 mln in short Apr.-Dec. 2022 FY

30/03/2023 Argaam Exclusive

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Arabian Centres Co. (Cenomi Centers) reported a net profit of SAR 831.9 million in the short fiscal year (FY) from April 1 to Dec. 31, 2022, compared to SAR 578.4 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	2,037.49	2,206.70	8.3 %
Gross Income	1,678.04	1,845.67	10.0 %
Operating Income	1,347.94	1,471.37	9.2 %
Net Income	775.43	1,007.09	29.9 %
Average Shares	475.00	475.00	-
EPS (Riyals)	1.63	2.12	29.9 %

This was fueled by an 11.1% year-on-year (YoY) rise in revenue and higher net rental revenue, on a continuous drop in the company’s weighted average rental discount rate. Cenomi Centers also cited an increase in occupancy rates and 14.7% growth in gross profit.

The company recorded a gross profit margin (GPM) of 83.6% in the year against 81.1% a year earlier. This increase was driven by the growth in revenues amid a pullback in the cost of revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬

Item	Q3 2022	Q4 2022	Change‬
Revenues	573.75	550.84	(4.0 %)
Gross Income	484.59	458.83	(5.3 %)
Operating Income	397.04	316.71	(20.2 %)
Net Income	257.57	391.18	51.9 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.54	0.82	51.9 %

Total shareholders’ equity, excluding minority interest, stood at SAR 14.01 billion by Dec. 31, 2022, compared to SAR 13.54 billion a year earlier.

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