Cenomi Centers CEO expects Q4 2025 occupancy at 93–94%

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

Alison Rehill Erguven, CEO of Arabian Centres Co. (Cenomi Centers), said Q3 2025 performance reflects its underlying operations after excluding an insurance settlement.

Occupancy is expected to remain at 93–94% in Q4 2025, as continued footfall momentum positions the company strongly ahead of major project launches in 2026, she told Argaam.

Erguven said 2025 revenue is expected to remain broadly stable, as the impact of Dhahran Mall’s exit from the portfolio is offset by higher rents, improved occupancy, and growth in non-rental income, such as advertising. She said that leasing momentum and ongoing enhancements to the customer experience continue to underpin performance.

Commenting on the financial results, Erguven said profits reflect operational quality and cost discipline. Although reported revenue was affected by Dhahran Mall’s exit, like-for-like revenue rose about 3%. Profitability improved due to a more efficient operational mix and tighter cost control, she said.

The final insurance settlement for the Dhahran Mall fire boosted Q3 2025 results by SAR 253 million in other operating income. Excluding this non-recurring item, net profit rose 22% year-on-year, reflecting ongoing operational progress across the portfolio.

Footfall growth was broad-based, the CEO said, with visitor numbers, excluding Dhahran Mall, up 3.6% year-on-year (YoY). Comparable occupancy remained at 92.1%, supported by active leasing policies and tenant rotation aligned with market trends.

On revenue diversification, Erguven said Cenomi Centers added 91 new brands and renewed over 1,600 leases, expanding target categories, supporting pricing power, reducing revenue concentration risks, and improving visibility on future cash flows.

Regarding the planned SAR 4.5 billion sukuk issuance, the CEO said the company aims to fund ongoing investments without impacting liquidity.

She added that net financing costs fell YoY despite ongoing major projects, with the phased sukuk program providing long-term domestic funding flexibility, improving capital structure efficiency, and supporting medium-term margin growth.

Cenomi Centers posted SAR 1.19 billion in profit for the first nine months of 2025, including SAR 502 million in Q3 2025 earnings, bolstered by exceptional gains, according to Argaam’s data.