Arabian Centres Co. (Cenomi Centers) reported a net profit of SAR 532 million, after minority interest, for H1 2024, dropping 26% from SAR 722 million in the year-earlier period.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 1,142.05 | 1,172.30 | 2.6 % |
| Gross Income | 949.18 | 972.53 | 2.5 % |
| Operating Income | 646.96 | 707.34 | 9.3 % |
| Net Income | 722.00 | 531.45 | (26.4 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 1.52 | 1.12 | (26.4 %) |
Q2 2024 net profit was weighed down by the write-off of non-amortized financing cost associated with a previous Shariah-compliant facility and Sukuk maturing in 2024, totaling SAR 50.6 million.
The company also noted that Q2 2024 net profit benefited from selling a land plot at SAR 238.7 million. Adjusting for these items, net profit increased by 25.6% to SAR 590.1 million in H1 2024, from SAR 469.7 million in H1 2023.
Meanwhile, revenues increased 2.6% to SAR 1.17 billion in H1 2024 compared to SAR 1.14 billion in H1 2023.
In addition, revenues rose by 3.8% to SAR 586.5 million in Q2 2024 compared to SAR 565.3 million in Q2 2023. This growth is attributed to increases across all revenue sources.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 565.27 | 586.55 | 3.8 % |
| Gross Income | 458.04 | 485.49 | 6.0 % |
| Operating Income | 373.01 | 388.76 | 4.2 % |
| Net Income | 338.65 | 353.11 | 4.3 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.71 | 0.74 | 4.3 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 585.76 | 586.55 | 0.1 % |
| Gross Income | 487.04 | 485.49 | (0.3 %) |
| Operating Income | 318.58 | 388.76 | 22.0 % |
| Net Income | 178.34 | 353.11 | 98.0 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.38 | 0.74 | 98.0 % |
Net profit jumped 98.3% quarter-on-quarter (QoQ) to SAR 353.66 million in Q2 2024 from SAR 178.34 million in Q1 2024. It also increased by 4.4% YoY from SAR 338.65 million.
The company’s revenues maintained stability, recording a slight increase of 0.1% QoQ to SAR 586.5 million in Q2 2024, compared to SAR 585.8 million in Q1 2024.
Shareholders’ equity reached SAR 14.31 billion by June 30, 2024, compared to SAR 13.95 billion in the prior-year period.
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