Financial Results : Cenomi Centers 9M 2024 profit at SAR 866.1M; Q3 at SAR 334.7M

Cenomi Centers 9M 2024 profit at SAR 866.1M; Q3 at SAR 334.7M

10/11/2024 Argaam Exclusive

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Arabian Centres Co. (Cenomi Centers) reported a profit of SAR 866.1 million in the first nine months of 2024 from SAR 1 billion a year earlier.

 


Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,709.75 1,759.37 2.9 %
Gross Income 1,411.94 1,458.98 3.3 %
Operating Income 982.21 996.16 1.4 %
Net Income 1,008.54 866.10 (14.1 %)
Average Shares 475.00 475.00 -
EPS (Riyals) 2.12 1.82 (14.1 %)

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.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 567.70 587.07 3.4 %
Gross Income 462.76 486.45 5.1 %
Operating Income 335.25 288.82 (13.8 %)
Net Income 286.54 334.65 16.8 %
Average Shares 475.00 475.00 -
EPS (Riyals) 0.60 0.70 16.8 %
In Q3 2024, net earnings grew by 16.8% to SAR 334.7 million from SAR 286.54 million in Q3 2023.
 
The mall operator’s net profit dropped 5.2% 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.

Attached Document:

 

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 559.79 - 369.82 - 314.76 -
Q1 2018 558.31 - 355.85 - 316.60 -
Q2 2018 531.57 - 326.91 - 282.04 -
Q3 2018 530.11 - 340.51 - 294.62 -
Q4 2018 556.41 (0.6 %) 370.64 0.2 % 323.18 2.7 %
Q1 2019 572.50 2.5 % 392.78 10.4 % 343.31 8.4 %
Q2 2019 559.12 5.2 % 366.32 12.1 % 322.03 14.2 %
Q3 2019 557.54 5.2 % 361.73 6.2 % 314.60 6.8 %
Q4 2019 508.15 (8.7 %) 317.61 (14.3 %) 262.87 (18.7 %)
Q1 2020 475.85 (16.9 %) 298.65 (24.0 %) 230.77 (32.8 %)
Q2 2020 464.84 (16.9 %) 254.77 (30.5 %) 162.43 (49.6 %)
Q3 2020 469.41 (15.8 %) 248.94 (31.2 %) 152.81 (51.4 %)
Q4 2020 446.25 (12.2 %) 220.77 (30.5 %) 127.01 (51.7 %)
Q1 2021 510.68 7.3 % 414.33 38.7 % 341.13 47.8 %
Q2 2021 497.04 6.9 % 406.75 59.7 % 319.77 96.9 %
Q3 2021 510.60 8.8 % 410.90 65.1 % 308.28 101.7 %
Q4 2021 - - - - - -
Q1 2022 519.17 1.7 % 446.06 7.7 % 378.76 11.0 %
Q2 2022 562.95 13.3 % 456.20 12.2 % 378.86 18.5 %
Q3 2022 573.75 12.4 % 484.59 17.9 % 397.04 28.8 %
Q4 2022 550.84 - 458.83 - 316.71 -
Q1 2023 576.78 11.1 % 491.15 10.1 % 273.94 (27.7 %)
Q2 2023 565.27 0.4 % 458.04 0.4 % 373.01 (1.5 %)
Q3 2023 567.70 (1.1 %) 462.76 (4.5 %) 335.25 (15.6 %)
Q4 2023 543.92 (1.3 %) 458.25 (0.1 %) 284.30 (10.2 %)
Q1 2024 585.76 1.6 % 487.04 (0.8 %) 318.58 16.3 %
Q2 2024 586.55 3.8 % 485.49 6.0 % 518.60 39.0 %
Q3 2024 587.07 3.4 % 486.45 5.1 % 288.82 (13.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 236.95 - 0.50 11.06 225.89 0.48
Q1 2018 77.40 - 0.16 - 77.40 0.16
Q2 2018 188.90 - 0.40 - 188.90 0.40
Q3 2018 272.10 - 0.57 - 272.10 0.57
Q4 2018 251.20 6.0 % 0.53 - 251.20 0.53
Q1 2019 223.01 188.1 % 0.47 - 223.01 0.47
Q2 2019 205.04 8.5 % 0.43 - 205.04 0.43
Q3 2019 107.89 (60.3 %) 0.23 - 107.89 0.23
Q4 2019 97.99 (61.0 %) 0.21 - 97.99 0.21
Q1 2020 152.76 (31.5 %) 0.32 35.30 117.46 0.25
Q2 2020 109.03 (46.8 %) 0.23 37.65 71.37 0.15
Q3 2020 95.42 (11.6 %) 0.20 46.52 48.91 0.10
Q4 2020 129.45 32.1 % 0.27 - 129.45 0.27
Q1 2021 126.61 (17.1 %) 0.27 - 126.61 0.27
Q2 2021 91.57 (16.0 %) 0.19 - 91.57 0.19
Q3 2021 382.08 300.4 % 0.80 - 382.08 0.80
Q4 2021 - - - - - -
Q1 2022 175.18 38.4 % 0.37 (74.13) 249.30 0.52
Q2 2022 183.16 100.0 % 0.39 (99.98) 283.14 0.60
Q3 2022 257.57 (32.6 %) 0.54 (4.33) 261.89 0.55
Q4 2022 391.18 - 0.82 165.07 226.11 0.48
Q1 2023 383.35 118.8 % 0.81 214.14 169.21 0.36
Q2 2023 338.65 84.9 % 0.71 73.51 265.14 0.56
Q3 2023 286.54 11.2 % 0.60 60.16 226.38 0.48
Q4 2023 506.46 29.5 % 1.07 294.21 212.25 0.45
Q1 2024 178.34 (53.5 %) 0.38 50.68 127.66 0.27
Q2 2024 353.11 4.3 % 0.74 125.34 227.77 0.48
Q3 2024 334.65 16.8 % 0.70 200.36 134.29 0.28

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 63.91 % 68.71 % 35.06 %
Q4 2018 64.05 % 69.32 % 36.28 %
Q1 2019 65.32 % 72.09 % 42.69 %
Q2 2019 66.28 % 71.30 % 42.89 %
Q3 2019 66.42 % 71.59 % 35.05 %
Q4 2019 65.46 % 78.26 % 28.85 %
Q1 2020 63.99 % 77.11 % 25.15 %
Q2 2020 61.44 % 77.77 % 19.67 %
Q3 2020 58.38 % 75.67 % 17.50 %
Q4 2020 55.12 % 65.80 % 19.78 %
Q1 2021 60.22 % 64.12 % 19.90 %
Q2 2021 67.11 % 64.36 % 20.62 %
Q3 2021 73.95 % 64.36 % 37.14 %
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 83.64 % 68.03 % 46.24 %
Q1 2023 83.50 % 61.56 % 41.53 %
Q2 2023 83.50 % 60.89 % 40.69 %
Q3 2023 82.76 % 58.31 % 39.23 %
Q4 2023 82.98 % 56.94 % 38.74 %
Q1 2024 82.47 % 58.66 % 36.75 %
Q2 2024 82.91 % 64.48 % 34.77 %
Q3 2024 83.24 % 61.93 % 30.48 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 475.00 - - 10.32
Q1 2018 475.00 - - 10.13
Q2 2018 475.00 - - -
Q3 2018 475.00 1.63 1.61 10.14
Q4 2018 475.00 1.66 1.66 10.66
Q1 2019 475.00 1.97 1.97 12.63
Q2 2019 475.00 2.00 2.00 13.05
Q3 2019 475.00 1.66 1.66 12.38
Q4 2019 475.00 1.33 1.33 12.60
Q1 2020 475.00 1.19 1.11 12.97
Q2 2020 475.00 0.98 0.83 12.78
Q3 2020 475.00 0.96 0.71 12.46
Q4 2020 475.00 1.02 0.77 12.74
Q1 2021 475.00 0.97 0.79 12.26
Q2 2021 475.00 0.93 0.83 12.45
Q3 2021 475.00 1.54 1.54 32.19
Q4 2021 - - - -
Q1 2022 475.00 - - 28.51
Q2 2022 475.00 - - 28.90
Q3 2022 475.00 - - 28.69
Q4 2022 475.00 2.12 2.15 29.51
Q1 2023 475.00 2.56 1.98 29.57
Q2 2023 475.00 2.89 1.94 29.26
Q3 2023 475.00 2.95 1.87 28.99
Q4 2023 475.00 3.19 1.84 30.05
Q1 2024 475.00 2.76 1.75 29.67
Q2 2024 475.00 2.79 1.67 30.04
Q3 2024 475.00 2.89 1.48 30.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 12.91 12.91 1.98
Q3 2019 18.31 18.31 2.45
Q4 2019 21.84 21.84 2.31
Q1 2020 17.78 18.97 1.63
Q2 2020 22.53 26.69 1.74
Q3 2020 27.76 37.63 2.13
Q4 2020 24.45 32.41 1.97
Q1 2021 23.00 28.15 1.82
Q2 2021 28.09 31.38 2.11
Q3 2021 16.13 16.13 0.77
Q4 2021 - - -
Q1 2022 - - 0.78
Q2 2022 - - 0.67
Q3 2022 - - 0.68
Q4 2022 9.01 8.89 0.65
Q1 2023 7.97 10.29 0.69
Q2 2023 7.69 11.43 0.76
Q3 2023 6.75 10.66 0.69
Q4 2023 6.52 11.31 0.69
Q1 2024 9.03 14.23 0.84
Q2 2024 7.31 12.19 0.68
Q3 2024 7.56 14.78 0.71

Business Segments (Million)

Compared With The
Period Rental income Service and management fee income Turnover rent Commission income on provisions for utilities, net
Q1 2019 537.81 24.49 9.43 0.77
Q3 2019 534.25 22.40 - 0.89
Q1 2020 449.91 21.63 3.88 0.43
Q2 2020 435.40 23.15 5.45 0.85
Q3 2020 444.97 21.69 1.85 0.89
Q4 2020 405.95 23.11 16.59 0.60
Q1 2021 474.98 20.35 14.63 0.72
Q2 2021 459.06 19.54 16.77 1.67
Q3 2021 470.33 26.58 12.34 1.15
Q4 2021 477.31 30.45 10.87 0.75
Q3 2022 525.93 24.69 21.84 1.29
Q4 2022 501.95 42.06 5.76 1.08
Q1 2023 532.48 24.73 18.75 0.82
Q2 2023 524.47 24.86 14.75 0.89
Q3 2023 536.10 15.13 15.09 1.39
Q4 2023 502.22 25.14 15.29 1.28
Q1 2024 536.77 27.34 20.62 1.03
Q2 2024 536.42 32.02 17.08 1.03
Q3 2024 532.41 40.39 12.82 1.44

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 259.80 334.65 28.81 %

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
U-Capital 259.80 334.65 28.8 %

Current
Market Cap (M Riyal) 9,471.50
Enterprise Value (EV) (M) 20,088.08
Shares Outstanding ((M)) 475.00
EPS ( Riyal) (TTM) 2.89
Book Value (BV) ( Riyal) 30.75
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 13.49
P/E (TTM) 6.90
Price/book 0.65
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 9.7

Share Price

19.92
0.14 0.71 %

Arabian Centres Co. (CENOMI CENTERS)

Quarterly Actuals vs Estimates 10/11/2024


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