Cenomi Centers profit jumps to SAR 383.4 mln in Q1 2023

23/05/2023 Argaam Exclusive

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Arabian Centres Co.’s (Cenomi Centers) Q1 2023 net profit more than doubled to SAR 383.4 million, from SAR 175.2 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	519.17	576.78	11.1 %
Gross Income	446.06	491.15	10.1 %
Operating Income	378.76	273.94	(27.7 %)
Net Income	175.18	383.35	118.8 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.37	0.81	118.8 %

Item	Q4 2022	Q1 2023	Change‬
Revenues	550.84	576.78	4.7 %
Gross Income	458.83	491.15	7.0 %
Operating Income	316.71	273.94	(13.5 %)
Net Income	391.18	383.35	(2.0 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.82	0.81	(2.0 %)

The profit surge was spurred by a revenue increase of 11.1% year-on-year (YoY) to SAR 576.8 million for Q1 2023, driven primarily by higher net rental revenue and a 5.6% YoY rise in media sales.

The shopping mall operator reported an increase in other operating income to SAR 267.9 million, from SAR 20 million in Q1 2022, driven by a profit of SAR 238.7 million from the non-core assets sale program.

Cenomi Centers also reported a decrease in net fair valuation loss on investment properties to SAR 51.7 million in Q1 2023, from SAR 74.1 million in Q1 2022. Interest expenses on lease liabilities also declined by 34.8% YoY to SAR 26.4 million

On a sequential basis, net profit dropped 17% from SAR 461.69 million in Q4 2022, as the company recorded a fair value loss of SAR 51.7 million in Q1 2023 against a gain of SAR 220.5 million in the previous quarter.

Shareholders’ equity, after minority interest, jumped to SAR 14.04 billion as of March 31, 2023, from SAR 13.54 billion in the year-earlier period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	1,638.60	-	1,224.76	-	1,158.12	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	1,852.21	13.0 %	1,289.23	5.3 %	1,127.95	(2.6 %)
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	2,123.77	14.7 %	1,313.02	1.8 %	1,135.26	0.6 %
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	559.79	-	369.82	-	314.76	-
2017	2,160.51	1.7 %	1,365.11	4.0 %	1,177.61	3.7 %
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 %
2018	2,176.40	0.7 %	1,393.91	2.1 %	1,216.44	3.3 %
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 %)
2019	2,197.32	1.0 %	1,438.44	3.2 %	1,242.82	2.2 %
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 %)
2020	1,856.36	(15.5 %)	1,023.14	(28.9 %)	673.01	(45.8 %)
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	-	-	-	-	-	-
2021	2,037.49	9.8 %	1,678.04	64.0 %	1,347.94	100.3 %
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	-
2022	2,206.70	8.3 %	1,845.67	10.0 %	1,471.37	9.2 %
Q1 2023	576.78	11.1 %	491.15	10.1 %	273.94	(27.7 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	1,638.60	-	1,224.76	-	1,158.12	-
2015	1,852.21	13.0 %	1,289.23	5.3 %	1,127.95	(2.6 %)
2016	2,123.77	14.7 %	1,313.02	1.8 %	1,135.26	0.6 %
2017	2,160.51	1.7 %	1,365.11	4.0 %	1,177.61	3.7 %
2018	2,176.40	0.7 %	1,393.91	2.1 %	1,216.44	3.3 %
2019	2,197.32	1.0 %	1,438.44	3.2 %	1,242.82	2.2 %
2020	1,856.36	(15.5 %)	1,023.14	(28.9 %)	673.01	(45.8 %)
2021	2,037.49	9.8 %	1,678.04	64.0 %	1,347.94	100.3 %
2022	2,206.70	8.3 %	1,845.67	10.0 %	1,471.37	9.2 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	1,018.66	-	2.14	-	1,018.66	2.14
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	981.13	(3.7 %)	2.07	-	981.13	2.07
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	931.73	(5.0 %)	1.96	-	931.73	1.96
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	236.95	-	0.50	11.06	225.89	0.48
2017	774.57	(16.9 %)	1.63	25.13	749.44	1.58
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
2018	789.60	1.9 %	1.66	-	789.60	1.66
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
2019	633.93	(19.7 %)	1.33	-	633.93	1.33
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
2020	486.66	(23.2 %)	1.02	119.47	367.19	0.77
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	-	-	-	-	-	-
2021	775.43	59.3 %	1.63	(74.13)	849.56	1.79
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
2022	1,007.09	29.9 %	2.12	(13.37)	1,020.45	2.15
Q1 2023	383.35	118.8 %	0.81	214.14	169.21	0.36

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	1,018.66	-	2.14	-	1,018.66	2.14
2015	981.13	(3.7 %)	2.07	-	981.13	2.07
2016	931.73	(5.0 %)	1.96	-	931.73	1.96
2017	774.57	(16.9 %)	1.63	25.13	749.44	1.58
2018	789.60	1.9 %	1.66	-	789.60	1.66
2019	633.93	(19.7 %)	1.33	-	633.93	1.33
2020	486.66	(23.2 %)	1.02	119.47	367.19	0.77
2021	775.43	59.3 %	1.63	(74.13)	849.56	1.79
2022	1,007.09	29.9 %	2.12	(13.37)	1,020.45	2.15

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	74.74 %	80.99 %	62.17 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	69.60 %	72.28 %	52.97 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	61.82 %	64.87 %	43.87 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	63.18 %	68.35 %	34.69 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	63.91 %	68.71 %	35.06 %
Q4 2018	64.05 %	69.32 %	36.28 %
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 %
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 %
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	-	-	-
2021	82.36 %	67.12 %	41.70 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	83.64 %	68.03 %	46.24 %
2022	83.64 %	68.03 %	46.24 %
Q1 2023	83.50 %	61.56 %	41.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	74.74 %	80.99 %	62.17 %
2015	69.60 %	72.28 %	52.97 %
2016	61.82 %	64.87 %	43.87 %
2017	63.18 %	68.35 %	34.69 %
2018	64.05 %	69.32 %	36.28 %
2019	65.46 %	78.26 %	28.85 %
2020	55.12 %	65.80 %	19.78 %
2021	82.36 %	67.12 %	41.70 %
2022	83.64 %	68.03 %	46.24 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	66.06 %	69.46 %	40.35 %
Q1 2018	63.74 %	68.93 %	13.86 %
Q2 2018	61.50 %	66.90 %	35.54 %
Q3 2018	64.23 %	69.50 %	51.33 %
Q4 2018	66.61 %	71.87 %	45.15 %
Q1 2019	68.61 %	79.52 %	38.95 %
Q2 2019	65.52 %	64.04 %	36.67 %
Q3 2019	64.88 %	70.75 %	19.35 %
Q4 2019	62.50 %	100.74 %	19.28 %
Q1 2020	62.76 %	74.69 %	24.68 %
Q2 2020	54.81 %	64.25 %	15.35 %
Q3 2020	53.03 %	60.83 %	10.42 %
Q4 2020	49.47 %	63.19 %	29.01 %
Q1 2021	81.13 %	67.83 %	24.79 %
Q2 2021	81.83 %	65.19 %	18.42 %
Q3 2021	80.47 %	61.09 %	74.83 %
Q4 2021	-	-	-
Q1 2022	85.92 %	74.22 %	48.02 %
Q2 2022	81.04 %	69.59 %	50.30 %
Q3 2022	84.46 %	69.96 %	45.65 %
Q4 2022	83.30 %	58.59 %	41.05 %
Q1 2023	85.15 %	48.22 %	29.34 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	475.00	2.14	2.14	9.59
2015	475.00	2.07	2.07	9.82
2016	475.00	1.96	1.96	10.28
2017	475.00	1.63	1.58	10.32
2018	475.00	1.66	1.66	10.66
2019	475.00	1.33	1.33	12.60
2020	475.00	1.02	0.77	12.74
2021	475.00	1.63	1.79	28.51
2022	475.00	2.12	2.15	29.51

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	21.84	21.84	2.31
2020	24.45	32.41	1.97
2021	13.83	12.62	0.79
2022	9.01	8.89	0.65

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

Period	Rental income	Service and management fee income	Turnover rent	Commission income on provisions for utilities, net
2017	2,050.41	93.96	12.59	3.56
2018	2,057.78	97.54	17.58	3.51
2019	2,038.14	93.48	62.40	3.30
2020	1,736.24	89.58	27.77	2.77
2021	1,881.68	96.92	54.60	4.28
2022	2,028.35	124.08	50.09	4.19

Financial Ratios

	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

Arabian Centres Co. (CENOMI CENTERS)

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Cenomi Centers profit jumps to SAR 383.4 mln in Q1 2023

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q1

Financial Ratios

Share Price

Arabian Centres Co. (CENOMI CENTERS)

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Cenomi Centers profit jumps to SAR 383.4 mln in Q1 2023

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Financial Ratios

Share Price

Arabian Centres Co. (CENOMI CENTERS)

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Business Segments (Million)