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 %
Earnings Per Share before unusual items 0.55 (0.12) (120.8 %)
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 %
Earnings Per Share before unusual items 0.37 0.74 98.6 %
EPS (Riyals) 0.37 1.46 291.7 %

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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Share Price

Fawaz Abdulaziz Alhokair Co. (CENOMI RETAIL)

Created with Highstock 6.0.710:1010:2010:3010:4010:5011:1011:3011:5012:0012:2012:4012:5013:0013:2013:3013:4013:5014:0014:1014:2014:3014:4014:5015:2051.451.551.651.751.851.95252.152.252.3
Close : 51.60 | Mar 27, 15:20

Current
Market Cap (M Riyal) 1,395.97
Enterprise Value (EV) (M) 3,107.55
Shares Outstanding ((M)) 114.80
EPS ( Riyal) (TTM) (1.78)
Book Value (BV) ( Riyal) (8.65)
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book (1.41)
Return on Average Assets (%) (TTM) (3.86 )
Return on Average Equity (%) (TTM) (8.56 )

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