Cenomi Centers 9M 2024 profit at SAR 864.5M; Q3 at SAR 333.1M

Arabian Centres Co. (Cenomi Centers) reported a profit excluding minority interest of SAR 864.5 million in the first nine months of 2024 from SAR 1 billion a year earlier.

The profit decline was attributed to an increase in financing cost by 127% year-on-year (YoY) to SAR 207 million due to a one-time cost of SAR 53.6 million, a rise in average cost of debt and the increase in total debts considering that the company is in a near-peak investment stage in its two flagship development projects, Jawharat Riyadh and Jawharat Jeddah, which are expected to be delivered in H2 2025.

On the other hand, revenue increased by 2.9% YoY to SAR 1.75 billion in 9M 2024, compared to SAR 1.7 billion in 9M 2023.

The growth was supported by an improved like-for-like occupancy rate, which increased to 92.6% in 9M 2024 from 90.3% in 9M 2023.

Additionally, the grand opening of U Walk Jeddah in Q1 2024 and a continued rise in footfall across the portfolio, up 4.8 million to 99.9 million visitors in 9M 2024, compared to 95.2 million in 9M 2023, an increase of 5%, contributed to the overall revenue growth.

The growth was further driven by a 14.1% YoY increase in media sales and a 48.2% YoY increase in utilities and other revenue. Net rental income remained steady while the business continued to focus on its proactive tenant strategy to ensure an optimum mix to help drive footfall numbers.

In Q3 2024, net earnings grew by 16.2% to SAR 333.1 million from SAR 286.54 million in Q3 2023.

The mall operator’s net profit dropped 5.7% from SAR 353.1 million in Q2 2024.

Total shareholders’ equity, after minority interest, increased to SAR 14.60 billion as of Sept. 30, 2024, up from SAR 13.77 billion in the prior-year period.

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