Cenomi Centers sees strongest profit impact from new projects in H2

Alison Rehill-Erguven, CEO of Arabian Centres Co. (Cenomi Centers)

Alison Rehill-Erguven, CEO of Arabian Centres Co. (Cenomi Centers) said the decline in Q4 2025 revenue and net profit was mainly attributed to a planned revenue reset linked to the phased delivery of the Dhahran Mall project.

Rehill Erguven added that the drop in net income was largely driven by lower fair value gains, stressing that the company’s underlying operating performance remains solid and stable.

Core operations remained resilient during the quarter, with occupancy steady at 94.2% and footfall rising 4.4% over the year.

The company entered 2026 with solid operating momentum across its existing portfolio, supported by high occupancy, active leasing and growing visitor numbers. It expects the bulk of earnings impact to materialize in the second half of the year when new projects begin operations, adding it will disclose any material updates in line with regular reporting practices.

Westfield Jeddah and Westfield Riyadh are the key growth drivers for the next phase, with combined EBITDA contribution expected to exceed about SAR 800 million once operations stabilize.

Westfield Jeddah is set to open in Q2 2026, followed by Westfield Riyadh in Q3, with initial contributions this year and a stronger impact post full ramp-up.

On legal claims related to Dhahran Mall, the company said it is pursuing appropriate legal measures to safeguard shareholder interests, noting it cannot provide further details at this stage. It added that a previous insurance-related case has been fully settled.

Regarding the cancellation of Jawharat Al Khobar Mall, Rehill Erguven said the lease and investment agreement were terminated by mutual consent, reiterating its commitment to growth in Al Khobar through a more disciplined, lower-capex model via the SDC Khobar project.

The company is currently focused on delivering Westfield Jeddah and Riyadh alongside other approved developments.

She also explained said stable occupancy at 94.2%, alongside a 4.4% rise in footfall to 126.8 million visitors, reflects the strength of its operating portfolio. The current focus is on optimizing tenant mix, refreshing brands and leveraging higher traffic to drive revenue growth and margin expansion in 2026.

According to Argaam data, Cenomi Centers reported net profit of SAR 1.26 billion in 2025, up from SAR 1.21 billion a year earlier. The fourth-quarter profit stood at SAR 76.4 million.