Arabian Centres Co. (Cenomi Centers) Announces Its Annual Financial Results for the Period Ending on 31 December 2022 (Short Fiscal Year)

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1444/09/08     30/03/2023 16:23:06

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 1,687.51,518.311.14
Gross Profit (Loss) 1,411.51,230.714.69
Operational Profit (Loss) 1,130.4838.634.8
Net Profit (Loss) after Zakat and Tax 837578.444.71
Total Comprehensive Income 839.5579.244.94
Total Share Holders Equity (after Deducting Minority Equity) 14,068.613,763.82.21
Profit (Loss) per Share 1.761.22
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is Net profit increased by 44.7% to SAR 837.0 million in FY-22 (9 months ended Dec-2022) compared to SAR 578.4 million in FY-21 (9 months ended Dec-2021). Net profit after excluding the net fair valuation gain/loss increased by 8.5% to SAR 776.2 million in FY-22 compared to SAR 715.0 million in FY-21. The increase in net profit for the current year was driven mainly by the following:

• An increase in revenues, which grew by 11.1% y-o-y to book SAR 1,687.5 million for FY-22 compared to SAR 1,518.3 million in FY-21. Top-line growth for the period was driven primarily by an increase in net rental revenue, a result of a continuing decrease in the Company’s weighted average rental discount rate, an increase in occupancy, and secondarily by an expansion in utilities & other revenues and media sales, which expanded by 35.9% and 13.1% y-o-y, respectively.

• An increase in gross profit, which grew by 14.7% y-o-y to book SAR 1,411.5 million during FY-22. The Company recorded a GPM of 83.6% in FY-22 against a GPM of 81.1% during FY-21. The increase in gross profit was driven by the simultaneous growth in revenues and decrease in cost of revenue, which decreased by 1.2% y-o-y to record SAR 270.4 million in FY-22.

• A decrease in interest expense on lease liabilities, which declined by 16.1% y-o-y to book SAR 102.3 million in FY-22 compared to SAR 121.8 million in FY-21.

Statement of the type of external auditor's report Unmodified opinion
Reclassification of Comparison Items Certain comparative figures have been reclassified to conform to the current period’s presentation.
Additional Information Change in Fiscal Year:

On 29 December 2022, the Board of Directors approved a change in Cenomi Centers’ financial year end to December 31 instead of March 31. The Company also outlined a transition plan, including the issuance of (reviewed) financial statements for the period of the third financial quarter (three Months), starting 1st October 2022 and ending 31st December 2022, which was completed in February 2023. As the next step in its transition plan, Cenomi Centers is issuing (audited) financial statements for the short annual year (Nine Months), starting 1st April 2022 and ending 31st December 2022, which has been defined in this release as (FY-22). Finally, starting 31st March 2023, the Company will issue all financial statements for the financial periods from 2023 and beyond, in correspondence with the Gregorian Calendar years.

Fair Value Model (IAS-40) Adoption:

With the CMA allowing Saudi listed companies to adopt the Fair Value Model effective January 2022, and after careful consideration and benchmarking against best practices and global peers, Cenomi Centers’ board of directors resolved on 29 June 2022 to adopt the Fair Value Model to measure its properties and investment properties in accordance with the IAS 40 accounting standard, which came into effect for the current 3Q-22 reporting period (ended 31-Dec-2022), and in turn, has improved the Company’s financial position significantly.

Other financial and operational KPIs:

• Cenomi Centers booked an EBITDA of SAR 1,081.5 million in FY-22, a 8.2% y-o-y increase against the SAR 999.5 million recorded in FY-21.

• Like-for-like period-end occupancy reached 94.2% at the end of FY-22, a significant increase from the 92.8% booked during FY-21. Continued expansion in occupancy rates marks a solid recovery in commercial activity during the period and surpasses pre-Covid levels. Like-for-like period-end occupancy for the period also achieves management’s strategic objective of attaining an occupancy rate of 94-95% by the end of 2022.

• Visitor footfall increased by 38.5% y-o-y to record 84.2 million during FY-22.

For more information regarding Cenomi Centers financial and operational results for FY-22, please see the Earnings Press Release accompanying this disclosure. The release also includes comments from the CEO.

Attached Documents  

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Last Price 22.54
Net Change 0.04 (+0.18%)
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