Cenomi Retail widens Q1 2023 loss to SAR 43.8 mln

Cenomi Retail widens Q1 2023 loss to SAR 43.8 mln

23/05/2023 Argaam Exclusive

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Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) slid to a deeper Q1 2023 loss of SAR 43.8 million, from SAR 40.8 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 1,386.73 1,330.77 (4.0 %)
Gross Income 181.32 156.02 (14.0 %)
Operating Income 59.28 (21.19) (135.8 %)
Net Income (40.79) (55.40) (35.8 %)
Average Shares 114.77 114.77 0.0 %
EPS (Riyals) (0.36) (0.48) (35.8 %)

Gross profit dropped 8% year-on-year (YoY) to SAR 166.9 million in Q1 2023, on a 4% YoY increase in the cost of sales.

 

Selling and marketing as well as general and administrative expenses jumped 67.3% YoY to SAR 140.6 million.

 

By contrast, the fashion retailer cited a 2.4% YoY rise in revenues to SAR 1.42 billion in Q1 2023, as the company returned to growth in the core Saudi market and continued the upward trajectory of its international portfolio. Online sales also showed exceptional growth of 84.7% YoY.

 

On a sequential basis, the company swung to losses from a net profit of SAR 13.95 million in Q4 2022, as operating income fell by 51.2% to SAR 48.9 million.

 

Shareholders’ equity, after minority interest, jumped to SAR 219.8 million as of March 31, 2023, from SAR 145.4 million in the year-earlier period.

 

Accumulated losses stood at SAR 335.95 million by the end of Q1 2023, representing 29.3% of the company’s capital.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 1,664.57 32.3 % 441.75 30.1 % 215.89 23.3 %
Q2 2014 2,071.64 32.0 % 574.47 26.8 % 290.39 2.8 %
Q3 2014 1,548.51 19.4 % 362.94 12.4 % 126.18 (11.6 %)
Q4 2014 1,613.95 18.9 % 408.02 44.4 % 213.39 78.1 %
Q1 2015 1,870.41 12.4 % 512.96 16.1 % 265.93 23.2 %
Q2 2015 2,102.21 1.5 % 618.82 7.7 % 374.36 28.9 %
Q3 2015 1,454.96 (6.0 %) 394.62 8.7 % 152.45 20.8 %
Q4 2015 1,515.98 (6.1 %) 239.39 (41.3 %) 59.35 (72.2 %)
Q1 2016 2,189.93 17.1 % 568.80 10.9 % 318.72 19.9 %
Q2 2016 1,665.26 (20.8 %) 315.61 (49.0 %) 109.86 (70.7 %)
Q3 2016 1,430.49 (1.7 %) 311.56 (21.0 %) 93.81 (38.5 %)
Q4 2016 1,405.98 (7.3 %) 321.10 34.1 % 70.41 18.6 %
Q1 2017 2,069.94 (5.5 %) 550.46 (3.2 %) 306.04 (4.0 %)
Q2 2017 1,503.55 (9.7 %) 300.12 (4.9 %) 86.21 (21.5 %)
Q3 2017 1,349.77 (5.6 %) 318.71 2.3 % 89.02 (5.1 %)
Q4 2017 1,193.26 (15.1 %) 45.34 (85.9 %) (179.56) (355.0 %)
Q1 2018 1,845.73 (10.8 %) 523.34 (4.9 %) 304.88 (0.4 %)
Q2 2018 1,273.97 (15.3 %) 249.91 (16.7 %) 54.49 (36.8 %)
Q3 2018 1,233.53 (8.6 %) 276.69 (13.2 %) 60.95 (31.5 %)
Q4 2018 1,072.57 (10.1 %) 34.57 (23.8 %) (84.52) 52.9 %
Q1 2019 1,732.40 (6.1 %) 507.52 (3.0 %) 357.03 17.1 %
Q2 2019 1,234.59 (3.1 %) 183.28 (26.7 %) 43.84 (19.5 %)
Q3 2019 1,289.78 4.6 % 258.24 (6.7 %) 102.14 67.6 %
Q4 2019 1,085.03 1.2 % 46.84 35.5 % (163.11) (93.0 %)
Q1 2020 564.95 (67.4 %) (136.73) (126.9 %) (305.99) (185.7 %)
Q2 2020 1,185.60 (4.0 %) 143.36 (21.8 %) (41.11) (193.8 %)
Q3 2020 1,349.71 4.6 % 281.45 9.0 % 91.63 (10.3 %)
Q4 2020 1,132.26 4.4 % (270.38) (677.3 %) (466.45) (186.0 %)
Q1 2021 1,700.71 201.0 % 332.60 343.3 % 124.55 140.7 %
Q2 2021 1,361.28 14.8 % 232.34 62.1 % 77.15 287.7 %
Q3 2021 1,466.39 8.6 % 244.53 (13.1 %) 60.17 (34.3 %)
Q4 2021 - - - - - -
Q1 2022 1,386.73 (18.5 %) 181.32 (45.5 %) 59.28 (52.4 %)
Q2 2022 1,705.64 25.3 % 240.07 3.3 % 69.64 (9.7 %)
Q3 2022 1,372.88 (6.4 %) 182.23 (25.5 %) 31.01 (48.5 %)
Q4 2022 1,060.10 - 241.64 - 132.97 -
Q1 2023 1,330.77 (4.0 %) 156.02 (14.0 %) (21.19) (135.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 191.27 15.8 % 1.67 - 191.27 1.67
Q2 2014 303.74 7.7 % 2.65 - 303.74 2.65
Q3 2014 106.20 (20.3 %) 0.93 - 106.20 0.93
Q4 2014 201.74 5.7 % 1.76 - 201.74 1.76
Q1 2015 210.80 10.2 % 1.84 (19.12) 229.93 2.00
Q2 2015 310.67 2.3 % 2.71 (30.40) 341.06 2.97
Q3 2015 91.17 (14.1 %) 0.79 (33.60) 124.77 1.09
Q4 2015 3.17 (98.4 %) 0.03 (54.65) 57.81 0.50
Q1 2016 223.19 5.9 % 1.94 (57.45) 280.64 2.45
Q2 2016 66.82 (78.5 %) 0.58 - 66.82 0.58
Q3 2016 49.26 (46.0 %) 0.43 - 49.26 0.43
Q4 2016 86.09 2620.1 % 0.75 - 86.09 0.75
Q1 2017 232.41 4.1 % 2.03 - 232.41 2.03
Q2 2017 6.84 (89.8 %) 0.06 (41.07) 47.91 0.42
Q3 2017 48.69 (1.2 %) 0.42 - 48.69 0.42
Q4 2017 (184.45) (314.3 %) (1.61) - (184.45) (1.61)
Q1 2018 249.19 7.2 % 2.17 - 249.19 2.17
Q2 2018 10.03 46.6 % 0.09 - 10.03 0.09
Q3 2018 26.53 (45.5 %) 0.23 26.26 0.27 0.00
Q4 2018 (141.00) 23.6 % (1.23) (1.20) (139.80) (1.22)
Q1 2019 224.05 (10.1 %) 1.95 (5.98) 230.02 2.00
Q2 2019 (27.22) (371.4 %) (0.24) (2.86) (24.36) (0.21)
Q3 2019 34.47 30.0 % 0.30 140.38 (105.91) (0.92)
Q4 2019 (887.56) (529.5 %) (7.73) (578.84) (308.72) (2.69)
Q1 2020 (525.43) (334.5 %) (4.58) (84.52) (440.92) (3.84)
Q2 2020 (98.79) (263.0 %) (0.86) 33.51 (132.30) (1.15)
Q3 2020 (128.56) (472.9 %) (1.12) (107.86) (20.71) (0.18)
Q4 2020 (337.87) 61.9 % (2.94) (160.95) (176.92) (1.54)
Q1 2021 46.88 108.9 % 0.41 4.08 42.81 0.37
Q2 2021 21.73 122.0 % 0.19 27.99 (6.26) (0.05)
Q3 2021 16.87 113.1 % 0.15 5.61 11.26 0.10
Q4 2021 - - - - - -
Q1 2022 (40.79) (187.0 %) (0.36) (61.59) 20.80 0.18
Q2 2022 42.82 97.1 % 0.37 - 42.82 0.37
Q3 2022 19.83 17.6 % 0.17 (5.71) 25.54 0.22
Q4 2022 17.52 - 0.15 20.37 (2.85) (0.02)
Q1 2023 (55.40) (35.8 %) (0.48) 42.88 (98.28) (0.86)

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 %)


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

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

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

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 2.47 (55.40) (2345.9 %)

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
AlJazira Capital (8.20) (55.40) (575.6) %
Al Rajhi Capital 11.00 (55.40) (603.6) %
SNB Capital 4.60 (55.40) (1304.3) %

Current
Market Cap (M Riyal) 1,398.26
Enterprise Value (EV) (M) 3,109.85
Shares Outstanding ((M)) 114.80
EPS ( Riyal) (TTM) (9.92)
Book Value (BV) ( Riyal) (7.04)
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book (1.73)
Return on Average Assets (%) (TTM) (19.50 )
Return on Average Equity (%) (TTM) -

Share Price

Fawaz Abdulaziz Alhokair Co. (CENOMI RETAIL)


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