Financial Results : Cenomi Retail widens Q1 2023 loss to SAR 43.8 mln

Cenomi Retail widens Q1 2023 loss to SAR 43.8 mln

23/05/2023 Argaam Exclusive

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Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) slid to a deeper Q1 2023 loss of SAR 43.8 million, from SAR 40.8 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 1,386.73 1,330.77 (4.0 %)
Gross Income 181.32 156.02 (14.0 %)
Operating Income 59.28 (21.19) (135.8 %)
Net Income (40.79) (55.40) (35.8 %)
Average Shares 114.77 114.77 0.0 %
EPS (Riyals) (0.36) (0.48) (35.8 %)

Gross profit dropped 8% year-on-year (YoY) to SAR 166.9 million in Q1 2023, on a 4% YoY increase in the cost of sales.

 

Selling and marketing as well as general and administrative expenses jumped 67.3% YoY to SAR 140.6 million.

 

By contrast, the fashion retailer cited a 2.4% YoY rise in revenues to SAR 1.42 billion in Q1 2023, as the company returned to growth in the core Saudi market and continued the upward trajectory of its international portfolio. Online sales also showed exceptional growth of 84.7% YoY.

 

On a sequential basis, the company swung to losses from a net profit of SAR 13.95 million in Q4 2022, as operating income fell by 51.2% to SAR 48.9 million.

 

Shareholders’ equity, after minority interest, jumped to SAR 219.8 million as of March 31, 2023, from SAR 145.4 million in the year-earlier period.

 

Accumulated losses stood at SAR 335.95 million by the end of Q1 2023, representing 29.3% of the company’s capital.

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