Cenomi Retail swings to SAR 1.17B loss in 2023, SAR 1.08B in Q4

Cenomi Retail swings to SAR 1.17B loss in 2023, SAR 1.08B in Q4

31/03/2024 Argaam Exclusive

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Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) logged SAR 1.17 billion in net loss for 2023, against SAR 39.4 million in net profit a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 5,525.34 5,232.23 (5.3 %)
Gross Income 845.27 646.51 (23.5 %)
Operating Income 292.90 (92.50) (131.6 %)
Net Income 39.39 (1177.76) (3090.3 %)
Average Shares 114.77 114.77 0.0 %
EPS (Riyals) 0.34 (10.26) (3090.3 %)

The company's operating loss amounted to SAR 640.1 million in 2023, against SAR 328 million in operating income in 2022. This was mainly due to reporting SAR 772 million one-offs related to brand exits and store closures.

 

Furthermore, general and administrative expenses increased year-on-year (YoY) by 66.2% to SAR 394 million as a result of recording a one-off provision related to the conversion of the store portfolio. Net financing costs also soared 56.1% YoY to SAR 326.2 million in 2023 amid higher interest rates.

 

The 5.3% decrease in full-year revenues was primarily driven by the company’s ongoing strategic brand rationalization program and the closure of 219 retail stores. This is besides posting goodwill and asset impairment of SAR 646 million.

 

In Q4 2023, Cenomi Retail swung to a net loss of SAR 1.08 billion, from a net income of SAR 17.52 million in the prior-year period.

 

Sequentially, net losses widened from SAR 204.12 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 1,060.10 1,011.45 (4.6 %)
Gross Income 241.64 89.56 (62.9 %)
Operating Income 132.97 (127.92) (196.2 %)
Net Income 17.52 (1085.43) (6295.8 %)
Average Shares 114.77 114.77 0.0 %
EPS (Riyals) 0.15 (9.46) (6295.7 %)

Shareholders' equity (after minority interest) amounted to SAR -778.67 million, compared to SAR 438.06 million a year earlier.

 

Accumulated loss amounted to SAR 1.40 billion at the end of the current period, or 122.3% of capital.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 1,664.57 32.3 % 441.75 30.1 % 191.27 15.8 % 1.67
Q2 2014 2,071.64 32.0 % 574.47 26.8 % 303.74 7.7 % 2.65
Q3 2014 1,548.51 19.4 % 362.94 12.4 % 106.20 (20.3 %) 0.93
Q4 2014 1,613.95 18.9 % 408.02 44.4 % 201.74 5.7 % 1.76
Q1 2015 1,870.41 12.4 % 512.96 16.1 % 210.80 10.2 % 1.84
Q2 2015 2,102.21 1.5 % 618.82 7.7 % 310.67 2.3 % 2.71
Q3 2015 1,454.96 (6.0 %) 394.62 8.7 % 91.17 (14.1 %) 0.79
Q4 2015 1,515.98 (6.1 %) 239.39 (41.3 %) 3.17 (98.4 %) 0.03
Q1 2016 2,189.93 17.1 % 568.80 10.9 % 223.19 5.9 % 1.94
Q2 2016 1,665.26 (20.8 %) 315.61 (49.0 %) 66.82 (78.5 %) 0.58
Q3 2016 1,430.49 (1.7 %) 311.56 (21.0 %) 49.26 (46.0 %) 0.43
Q4 2016 1,405.98 (7.3 %) 321.10 34.1 % 86.09 2620.1 % 0.75
Q1 2017 2,069.94 (5.5 %) 550.46 (3.2 %) 232.41 4.1 % 2.03
Q2 2017 1,503.55 (9.7 %) 300.12 (4.9 %) 6.84 (89.8 %) 0.06
Q3 2017 1,349.77 (5.6 %) 318.71 2.3 % 48.69 (1.2 %) 0.42
Q4 2017 1,193.26 (15.1 %) 45.34 (85.9 %) (184.45) (314.3 %) (1.61)
Q1 2018 1,845.73 (10.8 %) 523.34 (4.9 %) 249.19 7.2 % 2.17
Q2 2018 1,273.97 (15.3 %) 249.91 (16.7 %) 10.03 46.6 % 0.09
Q3 2018 1,233.53 (8.6 %) 276.69 (13.2 %) 26.53 (45.5 %) 0.23
Q4 2018 1,072.57 (10.1 %) 34.57 (23.8 %) (141.00) 23.6 % (1.23)
Q1 2019 1,732.40 (6.1 %) 507.52 (3.0 %) 224.05 (10.1 %) 1.95
Q2 2019 1,234.59 (3.1 %) 183.28 (26.7 %) (27.22) (371.4 %) (0.24)
Q3 2019 1,289.78 4.6 % 258.24 (6.7 %) 34.47 30.0 % 0.30
Q4 2019 1,085.03 1.2 % 46.84 35.5 % (887.56) (529.5 %) (7.73)
Q1 2020 564.95 (67.4 %) (136.73) (126.9 %) (525.43) (334.5 %) (4.58)
Q2 2020 1,185.60 (4.0 %) 143.36 (21.8 %) (98.79) (263.0 %) (0.86)
Q3 2020 1,349.71 4.6 % 281.45 9.0 % (128.56) (472.9 %) (1.12)
Q4 2020 1,132.26 4.4 % (270.38) (677.3 %) (337.87) 61.9 % (2.94)
Q1 2021 1,700.71 201.0 % 332.60 343.3 % 46.88 108.9 % 0.41
Q2 2021 1,361.28 14.8 % 232.34 62.1 % 21.73 122.0 % 0.19
Q3 2021 1,466.39 8.6 % 244.53 (13.1 %) 16.87 113.1 % 0.15
Q4 2021 - - - - - - -
Q1 2022 1,386.73 (18.5 %) 181.32 (45.5 %) (40.79) (187.0 %) (0.36)
Q2 2022 1,705.64 25.3 % 240.07 3.3 % 42.82 97.1 % 0.37
Q3 2022 1,372.88 (6.4 %) 182.23 (25.5 %) 19.83 17.6 % 0.17
Q4 2022 1,060.10 - 241.64 - 17.52 - 0.15
Q1 2023 1,330.77 (4.0 %) 156.02 (14.0 %) (55.40) (35.8 %) (0.48)
Q2 2023 1,613.42 (5.4 %) 329.16 37.1 % 167.18 290.4 % 1.46
Q3 2023 1,186.81 (13.6 %) 70.86 (61.1 %) (204.12) (1129.3 %) (1.78)
Q4 2023 1,011.45 (4.6 %) 89.56 (62.9 %) (1085.43) (6295.8 %) (9.46)
2023 5,232.23 (5.3 %) 646.51 (23.5 %) (1177.76) (3090.3 %) (10.26)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 25.47 % 17.04 % 13.54 %
Q2 2014 25.38 % 16.13 % 12.82 %
Q3 2014 25.02 % 15.50 % 11.92 %
Q4 2014 25.91 % 16.45 % 11.64 %
Q1 2015 26.16 % 16.89 % 11.85 %
Q2 2015 26.67 % 18.17 % 12.32 %
Q3 2015 27.47 % 18.99 % 12.75 %
Q4 2015 25.43 % 17.09 % 10.85 %
Q1 2016 25.08 % 17.13 % 11.07 %
Q2 2016 22.24 % 14.15 % 7.76 %
Q3 2016 21.10 % 13.08 % 6.68 %
Q4 2016 22.67 % 13.51 % 7.22 %
Q1 2017 22.81 % 13.40 % 6.61 %
Q2 2017 23.14 % 13.41 % 6.48 %
Q3 2017 23.55 % 13.55 % 6.56 %
Q4 2017 19.86 % 10.13 % 2.36 %
Q1 2018 20.15 % 10.52 % 2.74 %
Q2 2018 20.08 % 10.35 % 2.18 %
Q3 2018 19.75 % 10.08 % 1.35 %
Q4 2018 19.99 % 11.53 % 2.21 %
Q1 2019 20.12 % 15.28 % 1.89 %
Q2 2019 19.00 % 18.25 % 1.25 %
Q3 2019 18.46 % 21.50 % (0.75 %)
Q4 2019 18.64 % 22.90 % (3.91 %)
Q1 2020 8.42 % 13.91 % (21.08 %)
Q2 2020 7.56 % 11.77 % (23.95 %)
Q3 2020 8.00 % 11.49 % (21.57 %)
Q4 2020 0.42 % 4.01 % (18.21 %)
Q1 2021 9.07 % 10.69 % (5.35 %)
Q2 2021 10.39 % 11.76 % (2.91 %)
Q3 2021 9.52 % 10.11 % (2.28 %)
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 15.30 % 17.31 % 1.56 %
Q1 2023 14.99 % 15.77 % (0.60 %)
Q2 2023 16.91 % 17.62 % 0.17 %
Q3 2023 15.37 % 14.27 % (4.29 %)
Q4 2023 12.55 % 9.63 % (12.27 %)
2023 12.36 % 9.17 % (12.06 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 114.77 6.95 6.95 20.06
Q2 2014 114.77 7.14 7.14 22.70
Q3 2014 114.77 6.90 6.90 21.34
Q4 2014 114.77 7.00 7.00 20.91
Q1 2015 114.77 7.17 7.33 20.84
Q2 2015 114.77 7.23 7.66 22.71
Q3 2015 114.77 7.10 7.82 22.66
Q4 2015 114.77 5.37 6.57 22.73
Q1 2016 114.77 5.47 7.01 23.45
Q2 2016 114.77 3.35 4.62 23.76
Q3 2016 114.77 2.98 3.96 22.86
Q4 2016 114.77 3.71 4.21 18.41
Q1 2017 114.77 3.79 3.79 25.99
Q2 2017 114.77 3.26 3.62 25.84
Q3 2017 114.77 3.26 3.62 26.00
Q4 2017 114.77 0.90 1.26 19.59
Q1 2018 114.77 1.05 1.41 21.71
Q2 2018 114.77 1.08 1.08 21.81
Q3 2018 114.77 0.88 0.65 22.01
Q4 2018 114.77 1.26 1.04 21.59
Q1 2019 114.77 1.04 0.88 23.52
Q2 2019 114.77 0.72 0.58 22.93
Q3 2019 114.77 0.79 (0.35) 23.25
Q4 2019 114.77 (5.72) (1.82) 14.07
Q1 2020 114.77 (12.25) (7.67) 9.81
Q2 2020 114.77 (12.87) (8.61) 8.74
Q3 2020 114.77 (14.29) (7.87) 7.63
Q4 2020 114.77 (9.50) (6.72) 4.81
Q1 2021 114.77 (4.52) (2.50) 5.31
Q2 2021 114.77 (3.47) (1.40) 5.52
Q3 2021 114.77 (2.20) (1.13) 5.69
Q4 2021 114.77 - - 2.71
Q1 2022 114.77 - - 2.71
Q2 2022 114.77 - - 5.89
Q3 2022 114.77 - - 3.51
Q4 2022 114.77 0.34 0.75 3.82
Q1 2023 114.77 0.22 (0.29) 3.19
Q2 2023 114.77 1.30 0.08 4.53
Q3 2023 114.77 (0.65) (1.94) 2.71
Q4 2023 114.77 (10.26) (5.50) (6.78)

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 23.70 23.70 8.21
Q2 2014 24.43 24.43 7.68
Q3 2014 33.28 33.28 10.76
Q4 2014 25.89 25.89 8.66
Q1 2015 24.68 24.12 8.49
Q2 2015 24.81 23.41 7.90
Q3 2015 16.90 15.33 5.29
Q4 2015 24.10 19.69 5.69
Q1 2016 13.92 10.87 3.25
Q2 2016 24.42 17.71 3.44
Q3 2016 20.62 15.53 2.69
Q4 2016 18.17 16.01 3.66
Q1 2017 15.54 15.54 2.26
Q2 2017 23.59 21.26 2.98
Q3 2017 24.22 21.83 3.04
Q4 2017 61.70 44.17 2.84
Q1 2018 46.73 34.83 2.26
Q2 2018 44.06 44.06 2.17
Q3 2018 48.47 65.43 1.94
Q4 2018 31.92 38.60 1.87
Q1 2019 43.09 51.27 1.91
Q2 2019 58.40 72.72 1.83
Q3 2019 60.01 NEG 2.03
Q4 2019 NEG NEG 3.33
Q1 2020 NEG NEG 3.27
Q2 2020 NEG NEG 3.96
Q3 2020 NEG NEG 5.56
Q4 2020 NEG NEG 8.30
Q1 2021 NEG NEG 7.76
Q2 2021 NEG NEG 8.33
Q3 2021 NEG NEG 6.69
Q4 2021 - - 10.50
Q1 2022 - - 10.05
Q2 2022 - - 3.53
Q3 2022 - - 5.30
Q4 2022 45.12 20.59 4.06
Q1 2023 70.25 NEG 4.76
Q2 2023 12.35 More than 100 3.54
Q3 2023 NEG NEG 7.68
Q4 2023 NEG NEG (2.60)

Business Segments (Million)

Compared With The
Period Fashion Retail Indoor Entertainment Food and Beverages
Q1 2016 2,174.25 15.68 -
Q2 2016 1,654.59 10.67 -
Q1 2017 2,051.25 18.69 -
Q2 2017 1,487.68 15.87 -
Q3 2017 1,349.77 - -
Q4 2017 1,146.74 46.52 -
Q1 2018 1,826.98 18.75 -
Q2 2018 1,254.22 19.75 -
Q3 2018 1,213.86 19.67 -
Q4 2018 1,108.20 (35.63) -
Q1 2019 1,714.68 17.71 -
Q2 2019 1,217.02 17.57 -
Q3 2019 1,270.18 19.60 -
Q4 2019 1,012.92 19.35 52.76
Q1 2020 545.73 0.07 19.14
Q2 2020 1,078.98 0.75 105.88
Q3 2020 1,228.32 2.02 119.36
Q4 2020 1,033.78 2.39 96.09
Q1 2021 1,583.17 9.94 107.10
Q2 2021 1,218.62 12.89 130.27
Q3 2021 1,322.93 12.58 130.87
Q1 2022 1,240.75 16.42 129.56
Q2 2022 1,574.76 15.25 115.64
Q3 2022 1,220.42 15.25 137.20
Q4 2022 944.33 16.81 98.96
Q1 2023 1,214.90 22.81 93.06
Q2 2023 1,500.61 16.45 96.35
Q3 2023 1,072.11 15.74 98.97
Q4 2023 903.56 17.08 90.80

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average (54.47) (1085.43) (1892.8 %)

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
AlJazira Capital (68.40) (1085.43) (1486.9) %
Al Rajhi Capital (61.00) (1085.43) (1679.4) %
SNB Capital (34.00) (1085.43) (3092.4) %

Current
Market Cap (M Riyal) 925.29
Enterprise Value (EV) (M) 3,074.27
Shares Outstanding ((M)) 114.80
EPS ( Riyal) (TTM) (11.10)
Book Value (BV) ( Riyal) (8.53)
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book (0.95)
Return on Average Assets (%) (TTM) (20.76 )
Return on Average Equity (%) (TTM) -

Share Price

Fawaz Abdulaziz Alhokair Co. (CENOMI RETAIL)


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