Cenomi Retail swings to SAR 113.8 mln profit in H1 2023; Q2 at SAR 169.2 mln

08/08/2023 Argaam Exclusive

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Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) reported a net profit of SAR 113.8 million in the first six months of 2023, compared to a loss of SAR 1.7 million in the year-ago period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	3,092.37	2,757.57	(10.8 %)
Gross Income	421.40	455.00	8.0 %
Operating Income	128.92	119.19	(7.6 %)
Net Income	2.04	112.33	5414.7 %
Average Shares	114.77	114.77	0.0 %
EPS (Riyals)	0.02	0.98	5414.7 %

The net earnings were driven by operating income growth of 91% year-on-year (YoY) to SAR 178.4 million in H1 2023, while gross profit rose 15.4% YoY to SAR 486.1 million.

The gross profit was boosted by a decline in cost of revenue as rent and salaries decreased on the back of the company’s cost optimization program.

Meanwhile, selling, general and administrative expenses increased by 27.1% YoY to reach SAR 271.4 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	1,705.64	1,426.79	(16.3 %)
Gross Income	240.07	298.98	24.5 %
Operating Income	69.64	140.38	101.6 %
Net Income	42.82	167.73	291.7 %
Average Shares	114.77	114.77	0.0 %
EPS (Riyals)	0.37	1.46	291.7 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	1,330.77	1,426.79	7.2 %
Gross Income	156.02	298.98	91.6 %
Operating Income	(21.19)	140.38	762.3 %
Net Income	(55.40)	167.73	402.8 %
Average Shares	114.77	114.77	-
EPS (Riyals)	(0.48)	1.46	402.8 %

Q2 2023 net profit jumped YoY to SAR 169.2 million, from SAR 61.9 million, as gross profit and other operating income led up.

Cenomi Retail posted a net loss of SAR 55.4 million in Q1 2023.

Total shareholders’ equity reached SAR 428.9 million at the end of H1 2023, compared with SAR 569.5 million a year earlier.

Accumulated losses reached 10%, or SAR 115.25 million, of capital at the end of the six-month period.

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