Cenomi Centers 9M 2022/23 net profit up 2% to SAR 781.1 mln; Q3 at SAR 459.1 mln

09/02/2023 Argaam Exclusive

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Arabian Centres Co. (Cenomi Centers) reported a net profit after Zakat and tax of SAR 781.1 million in the first nine months ended Dec. 31, 2022, a 2.4% increase from SAR 764.5 million a year earlier.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,518.32	1,655.87	9.1 %
Gross Income	1,231.99	1,386.85	12.6 %
Operating Income	969.17	1,154.66	19.1 %
Net Income	600.25	615.91	2.6 %
Average Shares	475.00	475.00	-
EPS (Riyals)	1.26	1.30	2.6 %

The profit growth was driven by a 11.1% rise in revenues to SAR 1.68 billion in the nine-month period, compared to SAR 1.15 billion a year earlier.

Gross profit also grew by 13.9% year-on-year (YoY) to SAR 1.41 billion in the same period. Gross profit margin reached 84% compared with 82% a year before.

In Q3 2022/23, the company’s net profit after Zakat and tax rose 29% YoY to SAR 459.1 million on higher revenues and operating profits.

When compared to the previous quarter, net profit jumped 88% from SAR 244.2 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	510.60	573.75	12.4 %
Gross Income	410.90	484.59	17.9 %
Operating Income	308.28	397.04	28.8 %
Net Income	382.08	257.57	(32.6 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.80	0.54	(32.6 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	562.95	573.75	1.9 %
Gross Income	456.20	484.59	6.2 %
Operating Income	378.86	397.04	4.8 %
Net Income	183.16	257.57	40.6 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.39	0.54	40.6 %

Shareholders’ equity, excluding minority interest, reached SAR 15.89 billion in the nine-month period, compared to SAR 15.33 billion in the year-ago period.

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