Financial Results : Cenomi Centers reports SAR 180.5M net profit in Q1 2024

Cenomi Centers reports SAR 180.5M net profit in Q1 2024

16/05/2024 Argaam Exclusive

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Arabian Centres Co. (Cenomi Centers) reported a net profit after minority interest of SAR 178.3 million, compared to SAR 383.4 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 576.78 585.76 1.6 %
Gross Income 491.15 487.04 (0.8 %)
Operating Income 273.94 318.58 16.3 %
Net Income 383.35 178.34 (53.5 %)
Average Shares 475.00 475.00 -
Earnings Per Share before unusual items 0.36 0.27 (24.6 %)
EPS (Riyals) 0.81 0.38 (53.5 %)

Q1 2024 net profit was weighed down by the write-off of non-amortized financing cost associated with a previous Shariah-compliant facility. The company also noted that Q1 2023 net profit benefitted from selling a land plot at SAR 238.7 million. Adjusting for these items, net profit would have increased by 78.1% to SAR 236.2 million in Q1 2024, from SAR 132.7 million.

 

Meanwhile, revenues increased to SAR 585.8 million in Q1 2024 compared to SAR 576.8 million in Q1 2023. Advertisement and promotional expenses declined, along with a fall in general and administrative costs.

 

On a sequential basis, net profit dropped 64.8% from SAR 506.46 million in Q4 2023.
 
Shareholders’ equity, after minority interest, reached SAR 14.09 billion by March 31, 2024, compared to SAR 14.04 billion in the prior-year period.

 

 

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