Arabian Centres Co. (Cenomi Centers) reported a net profit of SAR 831.9 million in the short fiscal year (FY) from April 1 to Dec. 31, 2022, compared to SAR 578.4 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 2,037.49 | 2,206.70 | 8.3 % |
| Gross Income | 1,678.04 | 1,845.67 | 10.0 % |
| Operating Income | 1,347.94 | 1,471.37 | 9.2 % |
| Net Income | 775.43 | 1,007.09 | 29.9 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 1.63 | 2.12 | 29.9 % |
This was fueled by an 11.1% year-on-year (YoY) rise in revenue and higher net rental revenue, on a continuous drop in the company’s weighted average rental discount rate. Cenomi Centers also cited an increase in occupancy rates and 14.7% growth in gross profit.
The company recorded a gross profit margin (GPM) of 83.6% in the year against 81.1% a year earlier. This increase was driven by the growth in revenues amid a pullback in the cost of revenue.
| Item | Q4 2021 | Q4 2022 | Change |
|---|
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 573.75 | 550.84 | (4.0 %) |
| Gross Income | 484.59 | 458.83 | (5.3 %) |
| Operating Income | 397.04 | 316.71 | (20.2 %) |
| Net Income | 257.57 | 391.18 | 51.9 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.54 | 0.82 | 51.9 % |
Total shareholders’ equity, excluding minority interest, stood at SAR 14.01 billion by Dec. 31, 2022, compared to SAR 13.54 billion a year earlier.
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