Cenomi Centers profit rises to SAR 722 mln in H1 2023; Q2 at SAR 338.7 mln

09/08/2023 Argaam Exclusive

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Arabian Centres Co. (Cenomi Centers) reported a net profit of SAR 722 million, after minority interest, compared to SAR 358.3 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,082.12	1,142.05	5.5 %
Gross Income	902.26	949.18	5.2 %
Operating Income	757.62	646.96	(14.6 %)
Net Income	358.34	722.00	101.5 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.75	1.52	101.5 %

The company’s gross profit grew by 5.2% YoY to SAR 949.2 million, sending gross margins lower to 83.1% from 83.4% in H1 2022. Other operating income skyrocketed to SAR 272.1 million from SAR 21.3 million in H1 2022.

Net fair value gain on investment properties amounted to SAR 21.2 million in the first half, compared to net fair value loss of SAR 174.1 million a year earlier. Other operating expenses dropped by 37.7% YoY to SAR 18.1 million. Financing costs also decreased.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	562.95	565.27	0.4 %
Gross Income	456.20	458.04	0.4 %
Operating Income	378.86	373.01	(1.5 %)
Net Income	183.16	338.65	84.9 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.39	0.71	84.9 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	576.78	565.27	(2.0 %)
Gross Income	487.69	458.04	(6.1 %)
Operating Income	273.94	373.01	36.2 %
Net Income	383.35	338.65	(11.7 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.81	0.71	(11.7 %)

Cenomi Centers’ Q2 bottom line surged 85% to SAR 338.7 million from SAR 183.16 million in Q2 2022, thanks to a 0.4% rise YoY in revenue to SAR 565.3 million. The company’s gross profit edged down 0.1% YoY to SAR 458 million, sending gross margins lower to 81% from 81.4% in Q1 2022.

Net fair value gain on investment properties came in at SAR 72.9 million in the three-month period, compared to net fair value loss of SAR 100 million a year earlier. Financing costs fell by 34.9% YoY to SAR 26 million.

On a sequential basis, net profit dropped 11.7% from SAR 383.65 million in Q1 2023 on an 11.8% drop in operating profit to SAR 432.1 million. The first-quarter earnings implied a profit of SAR 238.7 million from the sale of Al Raed district land, part of the non-core asset sale program.

Shareholders’ equity, no minority interest, reached SAR 13.95 billion by the end of H1 2023, compared to SAR 13.77 billion in the year-ago period.

Attached Documents

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	1,638.60	-	1,224.76	-	1,018.66	-	2.14
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	1,852.21	13.0 %	1,289.23	5.3 %	981.13	(3.7 %)	2.07
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	2,123.77	14.7 %	1,313.02	1.8 %	931.73	(5.0 %)	1.96
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	559.79	-	369.82	-	236.95	-	0.50
2017	2,160.51	1.7 %	1,365.11	4.0 %	774.57	(16.9 %)	1.63
Q1 2018	558.31	-	355.85	-	77.40	-	0.16
Q2 2018	531.57	-	326.91	-	188.90	-	0.40
Q3 2018	530.11	-	340.51	-	272.10	-	0.57
Q4 2018	556.41	(0.6 %)	370.64	0.2 %	251.20	6.0 %	0.53
2018	2,176.40	0.7 %	1,393.91	2.1 %	789.60	1.9 %	1.66
Q1 2019	572.50	2.5 %	392.78	10.4 %	223.01	188.1 %	0.47
Q2 2019	559.12	5.2 %	366.32	12.1 %	205.04	8.5 %	0.43
Q3 2019	557.54	5.2 %	361.73	6.2 %	107.89	(60.3 %)	0.23
Q4 2019	508.15	(8.7 %)	317.61	(14.3 %)	97.99	(61.0 %)	0.21
2019	2,197.32	1.0 %	1,438.44	3.2 %	633.93	(19.7 %)	1.33
Q1 2020	475.85	(16.9 %)	298.65	(24.0 %)	152.76	(31.5 %)	0.32
Q2 2020	464.84	(16.9 %)	254.77	(30.5 %)	109.03	(46.8 %)	0.23
Q3 2020	469.41	(15.8 %)	248.94	(31.2 %)	95.42	(11.6 %)	0.20
Q4 2020	446.25	(12.2 %)	220.77	(30.5 %)	129.45	32.1 %	0.27
2020	1,856.36	(15.5 %)	1,023.14	(28.9 %)	486.66	(23.2 %)	1.02
Q1 2021	510.68	7.3 %	414.33	38.7 %	126.61	(17.1 %)	0.27
Q2 2021	497.04	6.9 %	406.75	59.7 %	91.57	(16.0 %)	0.19
Q3 2021	510.60	8.8 %	410.90	65.1 %	382.08	300.4 %	0.80
Q4 2021	-	-	-	-	-	-	-
2021	2,037.49	9.8 %	1,678.04	64.0 %	775.43	59.3 %	1.63
Q1 2022	519.17	1.7 %	446.06	7.7 %	175.18	38.4 %	0.37
Q2 2022	562.95	13.3 %	456.20	12.2 %	183.16	100.0 %	0.39
Q3 2022	573.75	12.4 %	484.59	17.9 %	257.57	(32.6 %)	0.54
Q4 2022	550.84	-	458.83	-	391.18	-	0.82
2022	2,206.70	8.3 %	1,845.67	10.0 %	1,007.09	29.9 %	2.12
Q1 2023	576.78	11.1 %	487.69	9.3 %	383.35	118.8 %	0.81
Q2 2023	565.27	0.4 %	458.04	0.4 %	338.65	84.9 %	0.71

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	-	-	-	-	-	-	-
2014	1,638.60	-	1,224.76	-	1,018.66	-	2.14
2015	1,852.21	13.0 %	1,289.23	5.3 %	981.13	(3.7 %)	2.07
2016	2,123.77	14.7 %	1,313.02	1.8 %	931.73	(5.0 %)	1.96
2017	2,160.51	1.7 %	1,365.11	4.0 %	774.57	(16.9 %)	1.63
2018	2,176.40	0.7 %	1,393.91	2.1 %	789.60	1.9 %	1.66
2019	2,197.32	1.0 %	1,438.44	3.2 %	633.93	(19.7 %)	1.33
2020	1,856.36	(15.5 %)	1,023.14	(28.9 %)	486.66	(23.2 %)	1.02
2021	2,037.49	9.8 %	1,678.04	64.0 %	775.43	59.3 %	1.63
2022	2,206.70	8.3 %	1,845.67	10.0 %	1,007.09	29.9 %	2.12

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	83.35 %	61.56 %	41.53 %
Q2 2023	83.35 %	60.89 %	40.69 %

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	84.55 %	48.22 %	29.34 %
Q2 2023	81.03 %	66.83 %	46.91 %

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	-	-	10.15
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

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
Q2 2023	7.69	11.43	0.76

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
Q2 2023	518.68	30.94	14.75	0.89

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

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	226.20	338.65	49.71 %

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
Goldman Sachs	304.00	338.65	11.4 %
U-Capital	217.60	338.65	55.6 %
HSBC	157.00	338.65	115.7 %

Financial Ratios

	Current
Market Cap (M Riyal)	9,538.00
Enterprise Value (EV) (M)	18,585.99
Shares Outstanding ((M))	475.00
EPS ( Riyal) (TTM)	2.76
Book Value (BV) ( Riyal)	29.67
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	11.47
P/E (TTM)	7.28
Price/book	0.68
Return on Average Assets (%) (TTM)	4.8
Return on Average Equity (%) (TTM)	9.3

Arabian Centres Co. (CENOMI CENTERS)

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Cenomi Centers profit rises to SAR 722 mln in H1 2023; Q2 at SAR 338.7 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Arabian Centres Co. (CENOMI CENTERS)

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Cenomi Centers profit rises to SAR 722 mln in H1 2023; Q2 at SAR 338.7 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Arabian Centres Co. (CENOMI CENTERS)

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Business Segments (Million)