Saudi: Cenomi Centers posts 15% lower profits in 9M-24

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Riyadh - Arabian Centres Company (Cenomi Centers) has delivered a strong performance in the first nine months (9M) of 2024, recording net profits valued at SAR 867.60 million.

The registered net profits plummeted by 14.83% from SAR 1.01 billion in 9M-23, according to the financial results. This was impacted by the write-off of non-amortised financing costs associated with the historical Islamic facility and 2024 Sukuk, totalling SAR 50.60 million.

Revenues increased by 2.90% year-on-year (YoY) to SAR 1.75 billion as of 30 September 2024 from SAR 1.70 billion. Earnings per share (EPS) declined to SAR 1.82 from SAR 2.12.

Financial Results for Q3

In the third quarter (Q3) of 2024, the total revenue jumped by 3.41% to SAR 587.10 million from SAR 567.70 million in Q3-23.

Net profits increased by 11.75% YoY to SAR 328.10 million in Q3-24 from SAR 293.60 million.

Quarterly, the Q3-24 profits declined by 7.26% from SAR 353.80 million in Q2-24, while the revenues went up by 0.10% from SAR 586.50 million.