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Arabian Centres Co. (Cenomi Centers) Announces Its Interim Financial Results for the Period Ending on 31 March 2024 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 585.8 | 576.8 | 1.56 | 543.9 | 7.703 |
| Gross Profit (Loss) | 487 | 487.7 | -0.143 | 458.2 | 6.285 |
| Operational Profit (Loss) | 370.7 | 490.1 | -24.362 | 589.1 | -37.073 |
| Net profit (Loss) | 185.6 | 388 | -52.164 | 482.3 | -61.517 |
| Total Comprehensive Income | 185.8 | 388.1 | -52.125 | 482.3 | -61.476 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 14,142.2 | 14,100.4 | 0.296 |
| Profit (Loss) per Share | 0.38 | 0.81 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | 1.1 | 50.7 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenue increased by 1.6% to SAR 585.8 million in Q1-24 (three months ended 31 March 2024) compared to SAR 576.8 million in Q1-23 (three months ended 31 March 2023) mainly due to the increase in media sales by 21.9% and other revenue by 48.0%. Revenue was boosted with the steady like-for-like occupancy rate at 92.5% in Q1-24. Also, revenue was enhanced with the opening of U-Walk Jeddah on February 15th, 2024 and growth across the portfolio is supported by record footfall in Q1-24. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit reached to SAR 185.6 million in Q1-24 (three months ended 31 March 2024) compared to SAR 388.0 million in Q1-23 (three months ended 31 March 2023) where Q1-24 net profit was impacted by the write-off of non-amortized financing cost associated with historical Islamic facility and 2024 Sukuk by SAR 50.6 million and Q1-23 net profit was increased by the gain on sale of land by SAR 238.7 million. Adjusting for these items, net profit increased to SAR 236.2 million in Q1-24 compared to SAR 132.7 million (up 78.1% y-o-y). The decrease in net profit for Q1-24 compared to Q1-23 was offset by the following items: • Revenue: increased to SAR 585.8 million in Q1-24 compared to SAR 576.8 million in Q1-23.
• Advertisement and promotional expenses: Reduced to SAR 11.9 million in Q1-24 compared to SAR 13.8 million in Q1-23. • General & Administrative expenses: decreased to SAR 59.5 million in Q1-24 compared to SAR 85.4 million in Q1-23 mainly due to the decrease in professional expenses and employee salaries and benefits. • Net fair value gain on investment properties: Increased to SAR 50.7 million in Q1-24 compared to net fair value loss of SAR 51.7 million in Q1-23. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenue increased by 7.7% to SAR 585.8 million in Q1-24 (three months ended 31 March 2024) compared to SAR 543.9 million in Q4-23 (three months ended 31 December 2023) mainly due to the increase in net rental revenue by 5.9%, other revenues by 36.2% and media sales by 10.4%. Revenue was boosted with the steady like-for-like occupancy rate at 92.5% in Q1-24. Also, revenue was enhanced with the opening of U-Walk Jeddah on February 15th, 2024 and growth across the portfolio is supported by record footfall in Q1-24. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net profits reached to SAR 185.6 million in Q1-24 (three months ended 31 March 2024) compared to SAR 482.3 million in Q4-23 (three months ended 31 December 2023) where Q1-24 net profit was impacted by the write-off of non-amortized financing cost associated with historical Islamic facility and 2024 Sukuk by SAR 50.6 million and Q4-23 net profit was increased by the net fair value gain on investment properties recorded by SAR 288.5 million. Adjusting for these items, net profit slightly decreased to SAR 185.6 million in Q1-24 compared to SAR 193.8 million (down 4.3% q-o-q) mainly due to the increase in impairment loss on accounts receivable to SAR 97.1 million in Q1-24 compared to SAR 43.6 million in Q4-23. The decrease in net profit for Q1-24 compared with Q4-23 was offset by the following items: • Revenue: Increased to SAR 585.8 million in Q1-24 compared to SAR 543.9 million in Q4-23. • Advertisement and promotional expenses: dropped to SAR 11.9 million in Q1-24 compared to SAR 27.1 million in Q4-23. • General & Administrative expenses: decreased to SAR 59.5 million compared to SAR 103.2 million mainly to the drop in employee salaries and benefits, professional expenses, and communication expenses. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the current period’s presentation. |
| Additional Information | Other financial and operational KPIs: • U-Walk Jeddah was officially inaugurated on February 15th, 2024. • Like-for-like period-end occupancy reached 92.5% at the end of Q1-24, compared to 92.9% at the end of Q4-23. • Visitor footfall increased 7.8% y-o-y to 31.7 million during Q1-24. • EBITDA in Q1-24 was SAR 323.0 million compared to SAR 287.7 million in Q1-23 adjusted with gain from sale of land (SAR 238.7 million), up 12.3% y-o-y. For more information regarding Cenomi Centers financial and operational results for Q1-24, 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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