Financial Results : Cenomi Centers profit dips 20% to SAR 1.21B; Q4 at SAR 349.9M

Cenomi Centers profit dips 20% to SAR 1.21B; Q4 at SAR 349.9M

11/03/2025 Argaam Exclusive

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Arabian Centres Co. (Cenomi Centers) reported a net profit (after minority interest) of SAR 1.21 billion for 2024, a 20% decline from SAR 1.51 billion a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 2,253.67 2,344.00 4.0 %
Gross Income 1,870.19 1,985.60 6.2 %
Operating Income 1,909.50 1,965.40 2.9 %
Net Income 1,515.00 1,216.00 (19.7 %)
Average Shares 475.00 475.00 -
Earnings Per Share before unusual items (Riyals) 1.84 1.77 (3.8 %)
EPS (Riyals) 3.19 2.56 (19.7 %)

The annual net profit before minority interest reached SAR 1.22 billion, compared to SAR 1.50 billion a year earlier.

 

Net finance costs increased to SAR 690.1 million in 2024 compared to SAR 357.1 million in 2023, driven by the one-time write-off of non-amortized financing cost and the assessment of the time value of money in relation to payment plan arrangements.

 

Additionally, average cost of debt and total debts rose considering that the company is in a near-peak investment stage in its two flagship development projects, Jawharat Jeddah and Jawharat Riyadh, which are expected to be delivered in December 2025 and April 2026, respectively.

 

Impairment losses on accounts receivable increased to SAR 321.8 million in 2024, compared to SAR 189.7 million in 2023, due to adopting a more cautious approach for managing credit loss estimate.

 

The company also noted recording land sales gains of SAR 238.7 million in 2023.

 

Meanwhile, 2024 revenue increased by 4% to SAR 2.3 billion compared to SAR 2.25 billion in 2023, higher revenue across all divisions.

 

Net rental revenue increased supported by an improved like-for-like occupancy rate, which increased to 94.4% in 2024.

 

Higher footfall and the opening of U Walk Jeddah in Q1 2024 bolstered revenue growth.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 543.92 584.63 7.5 %
Gross Income 458.25 526.62 14.9 %
Operating Income 589.11 528.93 (10.2 %)
Net Income 506.46 349.90 (30.9 %)
Average Shares 475.00 475.00 -
Earnings Per Share before unusual items (Riyals) 0.45 0.74 64.9 %
EPS (Riyals) 1.07 0.74 (30.9 %)

Q4 net earnings dropped 31% to SAR 349.9 million, from SAR 506.4 million in Q4 2023.

 

On a sequential basis, net profit grew 4.6% from SAR 334.6 million in Q3 2024.

Total shareholders’ equity, after minority interest, stood at SAR 14.8 billion by Dec. 31, 2024, compared to SAR 14.3 billion a year earlier.

 

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