Saudi: Cenomi Retail shifts to $30.4mln profits in H1-23; accumulated losses unveiled

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Riyadh – Fawaz Abdulaziz Alhokair Company (Cenomi Retail) turned profitable at SAR 113.80 million in the first half (H1) of 2023, versus net losses after Zakat and tax valued at SAR 1.70 million in H1-22.

Revenues declined by 1.89% to SAR 3.03 billion as of 30 June 2023 from SAR 3.09 billion a year earlier, according to the initial income statements.

The earnings per share (EPS) hit SAR 0.98 during the first six months (6M) of 2023, an annual hike from SAR 0.02.

Financial Results for Q2-23

In the second quarter (Q2) of 2023, the company generated 173.34% year-on-year (YoY) higher net profits after Zakat and tax at SAR 169.20 million, compared to SAR 61.90 million.

The Saudi firm posted revenues standing at SAR 1.61 billion in the April-June 2023 period, an annual decline of 5.41% from SAR 1.70 billion.

On a quarterly basis, the Q1-23 revenues climbed by 13.57% from SAR 1.42 billion in Q1-23.

Accumulated Losses

The accumulated losses stood at SAR 115.25 million as of 30 June 2023, representing 10% of the SAR 1.14 billion capital.