Cenomi Centers profit falls 26% to SAR 532M in H1 2024; Q2 at SAR 353.7M

Cenomi Centers profit falls 26% to SAR 532M in H1 2024; Q2 at SAR 353.7M

05/08/2024 Argaam Exclusive

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Arabian Centres Co. (Cenomi Centers) reported a net profit of SAR 532 million, after minority interest, for H1 2024, dropping 26% from SAR 722 million in the year-earlier period.

 



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 1,142.05 1,172.30 2.6 %
Gross Income 949.18 972.53 2.5 %
Operating Income 646.96 707.34 9.3 %
Net Income 722.00 531.45 (26.4 %)
Average Shares 475.00 475.00 -
EPS (Riyals) 1.52 1.12 (26.4 %)

Q2 2024 net profit was weighed down by the write-off of non-amortized financing cost associated with a previous Shariah-compliant facility and Sukuk maturing in 2024, totaling SAR 50.6 million.

 

The company also noted that Q2 2024 net profit benefited from selling a land plot at SAR 238.7 million. Adjusting for these items, net profit increased by 25.6% to SAR 590.1 million in H1 2024, from SAR 469.7 million in H1 2023.

 

Meanwhile, revenues increased 2.6% to SAR 1.17 billion in H1 2024 compared to SAR 1.14 billion in H1 2023.

 

In addition, revenues rose by 3.8% to SAR 586.5 million in Q2 2024 compared to SAR 565.3 million in Q2 2023. This growth is attributed to increases across all revenue sources.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 565.27 586.55 3.8 %
Gross Income 458.04 485.49 6.0 %
Operating Income 373.01 518.60 39.0 %
Net Income 338.65 353.11 4.3 %
Average Shares 475.00 475.00 -
EPS (Riyals) 0.71 0.74 4.3 %

Net profit jumped 98.3% quarter-on-quarter (QoQ) to SAR 353.66 million in Q2 2024 from SAR 178.34 million in Q1 2024. It also increased by 4.4% YoY from SAR 338.65 million.

 

The company’s revenues maintained stability, recording a slight increase of 0.1% QoQ to SAR 586.5 million in Q2 2024, compared to SAR 585.8 million in Q1 2024.

 

Shareholders’ equity reached SAR 14.31 billion by June 30, 2024, compared to SAR 13.95 billion in the prior-year period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2023 543.92 (1.3 %) 458.25 (0.1 %) 284.30 (10.2 %)
Q1 2024 585.76 1.6 % 487.04 (0.8 %) 318.58 16.3 %
Q2 2024 586.55 3.8 % 485.49 6.0 % 518.60 39.0 %


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 - - - - - -
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
Q4 2023 506.46 29.5 % 1.07 294.21 212.25 0.45
Q1 2024 178.34 (53.5 %) 0.38 50.68 127.66 0.27
Q2 2024 353.11 4.3 % 0.74 125.34 227.77 0.48

Profitability

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 - - -
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 %
Q4 2023 82.98 % 56.94 % 38.74 %
Q1 2024 82.47 % 58.66 % 36.75 %
Q2 2024 82.91 % 64.48 % 34.77 %


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
Q2 2024 475.00 2.79 1.67 30.04

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
Q2 2024 7.31 12.19 0.68

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
Q2 2024 536.42 32.02 17.08 1.03

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 387.90 353.11 (9.0 %)

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
U-Capital 387.90 353.11 (9.0) %

Current
Market Cap (M Riyal) 9,395.50
Enterprise Value (EV) (M) 20,012.08
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) 13.38
P/E (TTM) 6.85
Price/book 0.64
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 9.7

Share Price

19.78
(0.02) (0.10 %)

Arabian Centres Co. (CENOMI CENTERS)


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