Cenomi Retail incurs losses of SAR 91.8 mln in 9M 2023; Q3 at SAR 204.1 mln

Cenomi Retail incurs losses of SAR 91.8 mln in 9M 2023; Q3 at SAR 204.1 mln

09/11/2023 Argaam Exclusive

View other reports

Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) reported a net loss of SAR 91.8 million in the first nine months of 2023, against a profit of SAR 21.9 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 4,465.25 4,220.78 (5.5 %)
Gross Income 603.63 556.95 (7.7 %)
Operating Income 159.93 35.50 (77.8 %)
Net Income 21.87 (91.78) (519.7 %)
Average Shares 114.77 114.77 0.0 %
EPS (Riyals) 0.19 (0.80) (519.7 %)

Revenues declined in the nine-month period by 5.5% to SAR 4.2 billion due to the ongoing operational optimization program and weaker retail spend during the summer months.

 

Gross profit fell 7.7% year-on-year YoY from SAR 603.6 million in 9M 2022 to SAR 574 million in 9M 2023, due to increased discounting during the summer months.

 

Selling and general and administrative expenses (SG&A) grew 19.8% to SAR 392 million compared to SAR 327.3 million a year earlier. The company also reported higher net finance costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 1,372.88 1,186.81 (13.6 %)
Gross Income 182.23 70.86 (61.1 %)
Operating Income 31.01 (93.47) (401.4 %)
Net Income 19.83 (204.12) (1129.3 %)
Average Shares 114.77 114.77 0.0 %
EPS (Riyals) 0.17 (1.78) (1129.3 %)

In Q3 2023, the company incurred a loss of SAR 204.1 million against a profit of SAR 19.8 million in Q3 2022.

 

On a sequential basis, Cenomi Retail turned to losses from a profit of SAR 167.18 million in Q2 2023 on improved sales.

 

Shareholders’ equity, excluding minority interest, reached SAR 221.1 million as of Sept. 30, 2023, down from SAR 297.5 million a year earlier.

 

Accumulated losses stood at SAR 319.37 million by the end of the nine-month period, representing 27.8% 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)

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 %)


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

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

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

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 31.57 (204.12) (746.6 %)

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
SNB Capital 60.40 (204.12) (437.9) %
AlJazira Capital 20.30 (204.12) (1105.5) %
Al Rajhi Capital 14.00 (204.12) (1558.0) %

Current
Market Cap (M Riyal) 920.70
Enterprise Value (EV) (M) 3,069.67
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 (0.94)
Return on Average Assets (%) (TTM) (20.76 )
Return on Average Equity (%) (TTM) -

Share Price

8.02
(0.02) (0.25 %)

Fawaz Abdulaziz Alhokair Co. (CENOMI RETAIL)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.