Cenomi Centers reports SAR 180.5M net profit in Q1 2024

16/05/2024 Argaam Exclusive

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Arabian Centres Co. (Cenomi Centers) reported a net profit after minority interest of SAR 178.3 million, compared to SAR 383.4 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	576.78	585.76	1.6 %
Gross Income	491.15	487.04	(0.8 %)
Operating Income	273.94	318.58	16.3 %
Net Income	383.35	178.34	(53.5 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.81	0.38	(53.5 %)

Item	Q4 2023	Q1 2024	Change‬
Revenues	543.92	585.76	7.7 %
Gross Income	458.25	487.04	6.3 %
Operating Income	284.30	318.58	12.1 %
Net Income	506.46	178.34	(64.8 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	1.07	0.38	(64.8 %)

Q1 2024 net profit was weighed down by the write-off of non-amortized financing cost associated with a previous Shariah-compliant facility. The company also noted that Q1 2023 net profit benefitted from selling a land plot at SAR 238.7 million. Adjusting for these items, net profit would have increased by 78.1% to SAR 236.2 million in Q1 2024, from SAR 132.7 million.

Meanwhile, revenues increased to SAR 585.8 million in Q1 2024 compared to SAR 576.8 million in Q1 2023. Advertisement and promotional expenses declined, along with a fall in general and administrative costs.

On a sequential basis, net profit dropped 64.8% from SAR 506.46 million in Q4 2023.

Shareholders’ equity, after minority interest, reached SAR 14.09 billion by March 31, 2024, compared to SAR 14.04 billion in the prior-year period.

Attached Documents

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
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 %)
Q4 2023	543.92	(1.3 %)	458.25	(0.1 %)	284.30	(10.2 %)
2023	2,253.67	2.1 %	1,870.19	1.3 %	1,266.51	(13.9 %)
Q1 2024	585.76	1.6 %	487.04	(0.8 %)	318.58	16.3 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2023	2,253.67	2.1 %	1,870.19	1.3 %	1,266.51	(13.9 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
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
Q4 2023	506.46	29.5 %	1.07	294.21	212.25	0.45
2023	1,515.00	50.4 %	3.19	642.02	872.98	1.84
Q1 2024	178.34	(53.5 %)	0.38	50.68	127.66	0.27

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	1,515.00	50.4 %	3.19	642.02	872.98	1.84

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2023	83.50 %	60.89 %	40.69 %
Q3 2023	82.76 %	58.31 %	39.23 %
Q4 2023	82.98 %	56.94 %	38.74 %
2023	82.98 %	56.94 %	38.74 %
Q1 2024	82.47 %	58.66 %	36.75 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	82.98 %	56.94 %	38.74 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2023	81.03 %	66.83 %	46.91 %
Q3 2023	81.51 %	59.80 %	39.88 %
Q4 2023	84.25 %	52.93 %	39.02 %
Q1 2024	83.15 %	55.01 %	21.79 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2023	475.00	3.19	1.84	30.05
Q1 2024	475.00	2.76	1.75	29.67

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	475.00	3.19	1.84	30.05

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2023	6.52	11.31	0.69
Q1 2024	9.03	14.23	0.84

Period	P/E	Adjusted P/E	Price/book
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
2023	6.52	11.31	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
Q4 2023	502.22	25.14	15.29	1.28
Q1 2024	536.77	27.34	20.62	1.03

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
2023	2,089.45	95.67	64.17	4.38

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	346.28	178.34	(48.5 %)

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
Hermes	332.00	178.34	(46.3) %
U-Capital	350.60	178.34	(49.1) %
Goldman Sachs	356.25	178.34	(49.9) %

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 reports SAR 180.5M net profit in Q1 2024

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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) 2024 Q1

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 reports SAR 180.5M net profit in Q1 2024

View other reports

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 2024

Revenue by Business Segment (Latest) 2024 Q1

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)