Cenomi Centers 9M 2023 profit climbs 63% to SAR 1 bln; Q3 at SAR 285 mln

09/11/2023 Argaam Exclusive

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Arabian Centres Co. (Cenomi Centers) reported a profit leap of 63% to SAR 1 billion in the first nine months of 2023 from SAR 617.5 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,655.87	1,709.75	3.3 %
Gross Income	1,386.85	1,411.94	1.8 %
Operating Income	1,154.66	982.21	(14.9 %)
Net Income	615.91	1,008.54	63.7 %
Average Shares	475.00	475.00	-
EPS (Riyals)	1.30	2.12	63.7 %

The nine-month profit growth was propelled by a 3.3% year-on-year (YoY) rise in revenue to SAR 1.70 billion, as leasing revenue increased by 5.4% on an annual basis to SAR 1.56 billion.

Operating profit jumped 39.9% YoY to SAR 1.32 billion.

Gross profit rose 1.8% YoY to SAR 1.41 billion, leading to a gross profit margin of 82.6% in the current period, compared to 83.8% in the first nine months of 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	573.75	567.70	(1.1 %)
Gross Income	484.59	462.76	(4.5 %)
Operating Income	397.04	335.25	(15.6 %)
Net Income	257.57	286.54	11.2 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.54	0.60	11.2 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	565.27	567.70	0.4 %
Gross Income	458.04	462.76	1.0 %
Operating Income	373.01	335.25	(10.1 %)
Net Income	338.65	286.54	(15.4 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.71	0.60	(15.4 %)

In Q3 2023, net earnings grew by 10% to SAR 285 million from SAR 259.1 million in Q3 2022, thanks to an 8.2% YoY rise in operating profit to SAR 398.2 million. Net fair value gains on investment properties amounted to SAR 60.3 million in Q3 2023, against a net fair value loss of SAR 4.3 million in Q3 2022.

On the other hand, revenue edged down 1.1% YoY to SAR 567.7 million.

Gross profit also declined by 4.5% YoY to SAR 462.8 million. Borrowing costs increased to SAR 64.4 million in Q3 2023 from SAR 51 million in the year-earlier period.

The mall operator’s net profit dropped 15.8% from SAR 338.6 million in Q2 2023 as operating profit decreased by 7.8% quarter-on-quarter (QoQ) to SAR 398.2 million after net fair value gains on investment properties dropped by SAR 12.3 million.

Total shareholders’ equity, after minority interest, increased to SAR 13.82 billion as of Sept. 30, 2023, up from SAR 13.68 billion in the prior-year period.

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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
Q3 2023	567.70	(1.1 %)	462.76	(4.5 %)	286.54	11.2 %	0.60

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 %
Q3 2023	82.60 %	58.31 %	39.23 %

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 %
Q3 2023	81.51 %	59.80 %	39.88 %

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
Q3 2023	475.00	2.95	1.87	28.99

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
Q3 2023	6.75	10.66	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
Q2 2023	518.68	30.94	14.75	0.89
Q3 2023	536.10	15.13	15.09	1.39

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	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	255.10	286.54	12.33 %

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
U-Capital	255.10	286.54	12.3 %

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 9M 2023 profit climbs 63% to SAR 1 bln; Q3 at SAR 285 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 Q3

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 9M 2023 profit climbs 63% to SAR 1 bln; Q3 at SAR 285 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) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

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)