Financial Results : Cenomi Retail incurs losses of SAR 91.8 mln in 9M 2023; Q3 at SAR 204.1 mln

Cenomi Retail incurs losses of SAR 91.8 mln in 9M 2023; Q3 at SAR 204.1 mln

09/11/2023 Argaam Exclusive

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Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) reported a net loss of SAR 91.8 million in the first nine months of 2023, against a profit of SAR 21.9 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 4,465.25 3,771.50 (15.5 %)
Gross Income 603.63 525.27 (13.0 %)
Operating Income 159.93 39.56 (75.3 %)
Net Income 21.87 (91.78) (519.7 %)
Average Shares 114.77 114.77 0.0 %
EPS (Riyals) 0.19 (0.80) (519.7 %)

Revenues declined in the nine-month period by 5.5% to SAR 4.2 billion due to the ongoing operational optimization program and weaker retail spend during the summer months.

 

Gross profit fell 7.7% year-on-year YoY from SAR 603.6 million in 9M 2022 to SAR 574 million in 9M 2023, due to increased discounting during the summer months.

 

Selling and general and administrative expenses (SG&A) grew 19.8% to SAR 392 million compared to SAR 327.3 million a year earlier. The company also reported higher net finance costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 1,372.88 1,073.85 (21.8 %)
Gross Income 182.23 80.36 (55.9 %)
Operating Income 31.01 (74.59) (340.5 %)
Net Income 19.83 (204.12) (1129.3 %)
Average Shares 114.77 114.77 0.0 %
EPS (Riyals) 0.17 (1.78) (1129.3 %)

In Q3 2023, the company incurred a loss of SAR 204.1 million against a profit of SAR 19.8 million in Q3 2022.

 

On a sequential basis, Cenomi Retail turned to losses from a profit of SAR 167.18 million in Q2 2023 on improved sales.

 

Shareholders’ equity, excluding minority interest, reached SAR 221.1 million as of Sept. 30, 2023, down from SAR 297.5 million a year earlier.

 

Accumulated losses stood at SAR 319.37 million by the end of the nine-month period, representing 27.8% of capital.

 

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