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

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 %

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.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 559.79 - 369.82 - 314.76 -
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 %
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 %)
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 %)
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 - - - - - -
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 -
Q1 2023 576.78 11.1 % 491.15 10.1 % 273.94 (27.7 %)
Q2 2023 565.27 0.4 % 458.04 0.4 % 373.01 (1.5 %)
Q3 2023 567.70 (1.1 %) 462.76 (4.5 %) 335.25 (15.6 %)


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 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 236.95 - 0.50 11.06 225.89 0.48
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
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
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
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 - - - - - -
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
Q1 2023 383.35 118.8 % 0.81 214.14 169.21 0.36
Q2 2023 338.65 84.9 % 0.71 73.51 265.14 0.56
Q3 2023 286.54 11.2 % 0.60 60.16 226.38 0.48

Profitability

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 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 63.91 % 68.71 % 35.06 %
Q4 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 %
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 %
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 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 83.64 % 68.03 % 46.24 %
Q1 2023 83.50 % 61.56 % 41.53 %
Q2 2023 83.50 % 60.89 % 40.69 %
Q3 2023 82.76 % 58.31 % 39.23 %


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
Q2 2023 475.00 2.89 1.94 29.26
Q3 2023 475.00 2.95 1.87 28.99

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

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 524.47 24.86 14.75 0.89
Q3 2023 536.10 15.13 15.09 1.39

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 %

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

Share Price

19.94
0.16 0.81 %

Arabian Centres Co. (CENOMI CENTERS)


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