Cenomi Retail turns to net loss of SAR 199.7 mln in 9M 2022/23, Q3 at SAR 279.4 mln

09/02/2023 Argaam Exclusive

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Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) reported a net loss of SAR 199.7 million in the nine-month period ended Dec. 31, 2022, against a net profit of SAR 85.5 million in the year-ago period.

The retailer said revenue was relatively unchanged at SAR 4.53 billion for the current period.

The international retail portfolio implied a year-on-year (YoY) rise of 12.8%. Meanwhile, retail revenues in Saudi Arabia declined slightly by 2.2% YoY during the nine-month period. Revenue from the food and beverages (F&B) segment declined 4.5% YoY, as the retailer exited some brands to focus on portfolio optimization.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	4,528.37	4,465.25	(1.4 %)
Gross Income	809.47	603.63	(25.4 %)
Operating Income	261.87	159.93	(38.9 %)
Net Income	85.48	21.87	(74.4 %)
Average Shares	114.77	114.77	-
EPS (Riyals)	0.74	0.19	(74.4 %)

Gross profit fell 49.2% from SAR 809.5 million in 9M 2021/22 to SAR 410.9 million in the current period.

Net finance cost (FC) jumped by 4.5% YoY to SAR 209.2 million due to increased Saudi Arabian Interbank Offered Rate (SAIBOR).

On the other hand, selling, general and administrative (SG&A) expenses dropped 18.8% YoY to SAR 329.8 million in the nine-month period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	1,466.39	1,372.88	(6.4 %)
Gross Income	244.53	182.23	(25.5 %)
Operating Income	60.17	31.01	(48.5 %)
Net Income	16.87	19.83	17.6 %
Average Shares	114.77	114.77	-
EPS (Riyals)	0.15	0.17	17.6 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	1,705.64	1,372.88	(19.5 %)
Gross Income	240.07	182.23	(24.1 %)
Operating Income	69.64	31.01	(55.5 %)
Net Income	42.82	19.83	(53.7 %)
Average Shares	114.77	114.77	-
EPS (Riyals)	0.37	0.17	(53.7 %)

In the third quarter, the retailer swung to a net loss of SAR 279.40 million, from a net profit of SAR 16.87 million in Q3 2021/22.

In the previous quarter, Cenomi Retail reported a net profit of SAR 22.10 million.

Shareholders’ equity, excluding minority interest, dropped to SAR 307.9 million as of Dec. 31, 2022, from SAR 550.1 million in the year-earlier period.

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