Cenomi Retail turns to losses in 9M-23; accumulated losses unveiled

PHOTO

Riyadh – Fawaz Abdulaziz Alhokair Company (Cenomi Retail) turned to net losses after Zakat and tax standing at SAR 89.10 million in the first nine months (9M) of 2023, against profits of SAR 19.30 million in 9M-22.

Revenues hit SAR 4.22 billion in 9M-23, down 5.47% year-on-year (YoY) from SAR 4.46 billion, according to the interim financial results.

Loss per share stood at SAR 0.80 in January-September 2023, versus earnings per share (EPS) worth SAR 0.19 a year earlier.

Financials for Q3-23

During the third quarter (Q3) of 2023, the company shifted to net losses after Zakat and tax worth SAR 202.90 million, compared to net profits of SAR 21.10 million a year earlier.

The revenue dropped by 13.55% to SAR 1.18 billion in Q3-23 from SAR 1.37 billion in July-September 2022.

On a quarterly basis, the company also swung to net losses in Q3-23 when compared with net profits valued at SAR 169.20 million in Q2-23, while the revenues plummeted by 26.44% from SAR 1.61 billion.

Accumulated Losses

The accumulated losses amounted to SAR 319.36 million as of 30 September 2023, accounting for 27.80% of the SAR 1.14 billion capital.