Cenomi Retail loss widens to SAR 151.8M in Q1 2024

Cenomi Retail loss widens to SAR 151.8M in Q1 2024

19/05/2024 Argaam Exclusive

View other reports

Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) deepened Q1 2024 net losses to SAR 151.8 million, from SAR 55.4 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 1,330.77 1,329.81 (0.1 %)
Gross Income 156.02 117.20 (24.9 %)
Operating Income (21.19) (60.51) (185.5 %)
Net Income (55.40) (151.82) (174.0 %)
Average Shares 114.77 114.77 -
EPS (Riyals) (0.48) (1.32) (174.0 %)

The higher losses were attributed to flat revenues in the first quarter of 2024 at SAR 1.32 billion.

 

Cenomi Retail’s international retail revenues improved to SAR 269.0 million in Q1 2024, growing 10.4% year-on-year (YoY). However, retail revenues in Saudi Arabia shrank by 2.0% to SAR 974.5 million due to Ramadan seasonality, geopolitics, store closures and discounting of seasonal inventory.

 

Elsewhere, franchise exits and store closures led to a 7.1% YoY decline in the food and beverages (F&B) revenues to SAR 86.5 million by the end of the first three months of 2024.

 

The cost of revenue, meanwhile, increased 3.2% from SAR 1.17 billion in Q1 2023 to SAR 1.21 billion in Q1 2024, despite the decrease in rent, payrolls and other expenses.

 

Net finance costs climbed by 27.9% to SAR 93.5 million in Q1 2024, compared to SAR 73.1 million in Q1 2023. The cost of loans and borrowings also increased 2.78 % YoY during the same quarter.

 

Moreover, the fashion retailer tripled losses from discontinued operations to SAR 17.2 million in Q1 2024, compared to SAR 5.6 million in the prior-year period. This increase was primarily driven by selling franchises for 16 of Cenomi Retail’s brands to Al Othaim Investments.

 

Sequentially, the company narrowed net losses from SAR 1.08 billion in Q4 2023, as revenues soared quarter-on-quarter (QoQ) given the 64.5% quarterly rise in the company’s share of an associate company’s Q1 2024 business results, besides recording SAR 60,000 gains on the sale of property and equipment during the same quarter.

 

The retail revenue in Saudi Arabia grew by 55% QoQ to SAR 974.5 million on the sales of the holy month of Ramadan.

 

On the other hand, international retail revenues decreased 7.9% QoQ to SAR 268.9 million in Q1 2024.

 

F&B revenues contracted by 4.8% sequentially to SAR 86.5 million.

 

Shareholders’ equity, after minority interest, stood at SAR 979.05 billion as of March 31, 2024, compared to SAR 365.96 million a year earlier.

 

Accumulated losses reached SAR 1.55 billion by the end of the three-month period, accounting for 135.6% of the company’s capital.

 

Attached Documents:

 



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q1 2024 1,329.81 (0.1 %) 117.20 (24.9 %) (151.82) (174.0 %) (1.32)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2024 11.80 % 8.34 % (13.99 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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)
Q1 2024 114.77 (11.10) (6.27) (8.53)

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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)
Q1 2024 NEG NEG (1.93)

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
Q1 2024 1,221.82 21.54 86.46

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average (76.19) (151.82) (99.3 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Al Rajhi Capital (165.00) (151.82) 8.0 %
Goldman Sachs 12.63 (151.82) (1302.2) %

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)

Quarterly Actuals vs Estimates 19/05/2024


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.