Cenomi Centers H1 2025 profit at SAR 689.8M; Q2 at SAR 472.9M

Arabian Centres Co. (Cenomi Centers) reported a net profit of SAR 689.8 million in H1 2025, an increase from SAR 531.5 million a year earlier.

Revenue grew slightly to SAR 1.17 billion in H1 2025, supported by the continued rise in footfall across the shopping malls excluding Mall of Dhahran. The footfall was up by approximately 4.8 million to 65.5 million visitors in H1 2025 compared to 60.7 million in H1 2024. The growth was further driven by a rise in utilities and other revenues that increased by 31.3% to SAR 100.8 million in H1 2025.

In addition, the cost of revenue declined to SAR 172.1 million in H1 2025 from to SAR 199.8 million in H1 2024.

Other operating income increased to SAR 41.9 million in H1, primarily spurred by the sale of Al Kharj land and Sahara Plaza. Further, net fair value gain on investment properties increased to SAR 325.1 million in H1 2025, compared to SAR 176 million in H1 2024.

Additionally, net finance costs decreased to SAR 316 million in H1 2025 compared to SAR 324.5 million in H1 2024 where the latter included a one-off charge of SAR 50.6 million related to the write-off of nonamortized financing cost associated to the refinancing of the Islamic facility and 2024 sukuk.

Meanwhile, this was partially offset by a 17.5% rise in general and administrative expenses. Other operating expense reached SAR 22 million in H1 2025 primarily driven by cost associated with the sale of Sahara Plaza.

Q2 2025 net profit stood at SAR 472.9 million, an increase of 33.9% compared to SAR 353.1 million in Q2 2024, fueled mainly by higher revenues.

On a sequential basis, net profit more than doubled from SAR 216.92 million in Q1 2025.

Shareholders’ equity, after minority interest, reached SAR 15.1 billion by June 30, 2025, compared to SAR 14.2 billion a year earlier.

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