Riyadh – The net losses of Fawaz Abdulaziz Al-Hokair Company (Cenomi Retail) shrank by 82.25% to SAR 197.50 million in f 2024 from SAR 1.11 billion in 2023, according to the financial results.

Loss per share plummeted to SAR 1.77 last year from SAR 10.30 in 2023, while the revenues increased by 3.71% to SAR 4.84 billion from SAR 4.67 billion.

Salim Fakhouri, CEO at Cenomi Retail, commented: "Our main focus has been on enhancing operational efficiencies across every retail category we operate in, which has resulted in strong financial results, with revenue growing 3.70% YoY in 2024, to SAR 4.80 billion, and EBITDA turning positive to SAR 469 million, and net loss declining to SAR 197 million.”

“This is indeed positioning us for the next phase of growth and development in 2025, with our brand optimisation program underway,” Fakhouri added.

In the first nine months (9M) of 2024, the Saudi group recorded 45.79% lower net losses at SAR 48.30 million, compared to SAR 89.10 million in 9M-23.

Source: Mubasher

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