Arabian Centres net profit up to SAR 127.7 mln in Q1 2022/23

17/08/2022 Argaam Exclusive

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Arabian Centres Co. reported a net profit after Zakat and tax of SAR 127.7 million for the first quarter ended June 30, 2022, a slight increase from SAR 126.3 million in the year-earlier period.

The profit increase was driven by top-line growth for the year on higher net rental revenue, reflecting a sustained decrease in the company’s weighted average rental discount rate, an increase in occupancy, a ramp-up of operations at newly launched shopping centres, and secondarily by an expansion in media sales and utility revenue.

Conventional discounts have maintained the downward trend observed since FY2018, while the amount of nonrecurring, COVID-19-related discounts amortized during Q1 FY2023 was down by 43% year-on-year (YoY).

The increase was also due to higher gross profit, which rose on higher revenue and lower direct costs for the period, led by a decrease in security expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2021	Q1 2022	Change‬
Revenues	510.68	519.17	1.7 %
Gross Income	414.33	446.06	7.7 %
Operating Income	341.13	378.76	11.0 %
Net Income	126.61	175.18	38.4 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.27	0.37	38.4 %

When compared to the previous quarter, net profit after Zakat and tax edged up 19.8% from SAR 106.6 million a year earlier.

Shareholders’ equity, after minority interest, stood at SAR 5.910 billion as of June 30, 2022 compared to SAR 5.822 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	-	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	1,638.60	-	1,224.76	-	1,018.66	-	2.14
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	1,852.21	13.0 %	1,289.23	5.3 %	981.13	(3.7 %)	2.07
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	2,123.77	14.7 %	1,313.02	1.8 %	931.73	(5.0 %)	1.96
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	559.79	-	369.82	-	236.95	-	0.50
2017	2,160.51	1.7 %	1,365.11	4.0 %	774.57	(16.9 %)	1.63
Q1 2018	558.31	-	355.85	-	77.40	-	0.16
Q2 2018	531.57	-	326.91	-	188.90	-	0.40
Q3 2018	530.11	-	340.51	-	272.10	-	0.57
Q4 2018	556.41	(0.6 %)	370.64	0.2 %	251.20	6.0 %	0.53
2018	2,176.40	0.7 %	1,393.91	2.1 %	789.60	1.9 %	1.66
Q1 2019	572.50	2.5 %	392.78	10.4 %	223.01	188.1 %	0.47
Q2 2019	559.12	5.2 %	366.32	12.1 %	205.04	8.5 %	0.43
Q3 2019	557.54	5.2 %	361.73	6.2 %	107.89	(60.3 %)	0.23
Q4 2019	508.15	(8.7 %)	317.61	(14.3 %)	97.99	(61.0 %)	0.21
2019	2,197.32	1.0 %	1,438.44	3.2 %	633.93	(19.7 %)	1.33
Q1 2020	475.85	(16.9 %)	298.65	(24.0 %)	152.76	(31.5 %)	0.32
Q2 2020	464.84	(16.9 %)	254.77	(30.5 %)	109.03	(46.8 %)	0.23
Q3 2020	469.41	(15.8 %)	248.94	(31.2 %)	95.42	(11.6 %)	0.20
Q4 2020	446.25	(12.2 %)	220.77	(30.5 %)	129.45	32.1 %	0.27
2020	1,856.36	(15.5 %)	1,023.14	(28.9 %)	486.66	(23.2 %)	1.02
Q1 2021	510.68	7.3 %	414.33	38.7 %	126.61	(17.1 %)	0.27
Q2 2021	497.04	6.9 %	406.75	59.7 %	91.57	(16.0 %)	0.19
Q3 2021	510.60	8.8 %	410.90	65.1 %	382.08	300.4 %	0.80
Q4 2021	-	-	-	-	-	-	-
2021	2,037.49	9.8 %	1,678.04	64.0 %	775.43	59.3 %	1.63
Q1 2022	519.17	1.7 %	446.06	7.7 %	175.18	38.4 %	0.37

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2012	-	-	-	-	-	-	-
2013	-	-	-	-	-	-	-
2014	1,638.60	-	1,224.76	-	1,018.66	-	2.14
2015	1,852.21	13.0 %	1,289.23	5.3 %	981.13	(3.7 %)	2.07
2016	2,123.77	14.7 %	1,313.02	1.8 %	931.73	(5.0 %)	1.96
2017	2,160.51	1.7 %	1,365.11	4.0 %	774.57	(16.9 %)	1.63
2018	2,176.40	0.7 %	1,393.91	2.1 %	789.60	1.9 %	1.66
2019	2,197.32	1.0 %	1,438.44	3.2 %	633.93	(19.7 %)	1.33
2020	1,856.36	(15.5 %)	1,023.14	(28.9 %)	486.66	(23.2 %)	1.02
2021	2,037.49	9.8 %	1,678.04	64.0 %	775.43	59.3 %	1.63

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	74.74 %	80.99 %	62.17 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	69.60 %	72.28 %	52.97 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	61.82 %	64.87 %	43.87 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	63.18 %	68.35 %	34.69 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	63.91 %	68.71 %	35.06 %
Q4 2018	64.05 %	69.32 %	36.28 %
2018	64.05 %	69.32 %	36.28 %
Q1 2019	65.32 %	72.09 %	42.69 %
Q2 2019	66.28 %	71.30 %	42.89 %
Q3 2019	66.42 %	71.59 %	35.05 %
Q4 2019	65.46 %	78.26 %	28.85 %
2019	65.46 %	78.26 %	28.85 %
Q1 2020	63.99 %	77.11 %	25.15 %
Q2 2020	61.44 %	77.77 %	19.67 %
Q3 2020	58.38 %	75.67 %	17.50 %
Q4 2020	55.12 %	65.80 %	19.78 %
2020	55.12 %	65.80 %	19.78 %
Q1 2021	60.22 %	64.12 %	19.90 %
Q2 2021	67.11 %	64.36 %	20.62 %
Q3 2021	73.95 %	64.36 %	37.14 %
Q4 2021	-	-	-
2021	82.36 %	67.12 %	41.70 %
Q1 2022	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	74.74 %	80.99 %	62.17 %
2015	69.60 %	72.28 %	52.97 %
2016	61.82 %	64.87 %	43.87 %
2017	63.18 %	68.35 %	34.69 %
2018	64.05 %	69.32 %	36.28 %
2019	65.46 %	78.26 %	28.85 %
2020	55.12 %	65.80 %	19.78 %
2021	82.36 %	67.12 %	41.70 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	66.06 %	69.46 %	40.35 %
Q1 2018	63.74 %	68.93 %	13.86 %
Q2 2018	61.50 %	66.90 %	35.54 %
Q3 2018	64.23 %	69.50 %	51.33 %
Q4 2018	66.61 %	71.87 %	45.15 %
Q1 2019	68.61 %	79.52 %	38.95 %
Q2 2019	65.52 %	64.04 %	36.67 %
Q3 2019	64.88 %	70.75 %	19.35 %
Q4 2019	62.50 %	100.74 %	19.28 %
Q1 2020	62.76 %	74.69 %	24.68 %
Q2 2020	54.81 %	64.25 %	15.35 %
Q3 2020	53.03 %	60.83 %	10.42 %
Q4 2020	49.47 %	63.19 %	29.01 %
Q1 2021	81.13 %	67.83 %	24.79 %
Q2 2021	81.83 %	65.19 %	18.42 %
Q3 2021	80.47 %	61.09 %	74.83 %
Q4 2021	-	-	-
Q1 2022	85.92 %	74.22 %	48.02 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	475.00	-	-	10.32
Q1 2018	475.00	-	-	10.13
Q2 2018	475.00	-	-	10.15
Q3 2018	475.00	1.63	1.61	10.14
Q4 2018	475.00	1.66	1.66	10.66
Q1 2019	475.00	1.97	1.97	12.63
Q2 2019	475.00	2.00	2.00	13.05
Q3 2019	475.00	1.66	1.66	12.38
Q4 2019	475.00	1.33	1.33	12.60
Q1 2020	475.00	1.19	1.11	12.97
Q2 2020	475.00	0.98	0.83	12.78
Q3 2020	475.00	0.96	0.71	12.46
Q4 2020	475.00	1.02	0.77	12.74
Q1 2021	475.00	0.97	0.79	12.26
Q2 2021	475.00	0.93	0.83	12.45
Q3 2021	475.00	1.54	1.54	32.19
Q4 2021	-	-	-	-
Q1 2022	475.00	-	-	28.51

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	475.00	2.14	2.14	9.59
2015	475.00	2.07	2.07	9.82
2016	475.00	1.96	1.96	10.28
2017	475.00	1.63	1.58	10.32
2018	475.00	1.66	1.66	10.66
2019	475.00	1.33	1.33	12.60
2020	475.00	1.02	0.77	12.74
2021	475.00	1.63	1.79	28.51

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	12.91	12.91	1.98
Q3 2019	18.31	18.31	2.45
Q4 2019	21.84	21.84	2.31
Q1 2020	17.78	18.97	1.63
Q2 2020	22.53	26.69	1.74
Q3 2020	27.76	37.63	2.13
Q4 2020	24.45	32.41	1.97
Q1 2021	23.00	28.15	1.82
Q2 2021	28.09	31.38	2.11
Q3 2021	16.13	16.13	0.77
Q4 2021	-	-	-
Q1 2022	-	-	0.78

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	21.84	21.84	2.31
2020	24.45	32.41	1.97
2021	13.83	12.62	0.79

Business Segments (Million)

Compared With The

Period	Rental income	Service and management fee income	Turnover rent	Commission income on provisions for utilities, net
Q1 2019	537.81	24.49	9.43	0.77
Q3 2019	534.25	22.40	-	0.89
Q1 2020	449.91	21.63	3.88	0.43
Q2 2020	435.40	23.15	5.45	0.85
Q3 2020	444.97	21.69	1.85	0.89
Q4 2020	405.95	23.11	16.59	0.60
Q1 2021	474.98	20.35	14.63	0.72
Q2 2021	459.06	19.54	16.77	1.67
Q3 2021	470.33	26.58	12.34	1.15
Q4 2021	477.31	30.45	10.87	0.75

Period	Rental income	Service and management fee income	Turnover rent	Commission income on provisions for utilities, net
2017	2,050.41	93.96	12.59	3.56
2018	2,057.78	97.54	17.58	3.51
2019	2,038.14	93.48	62.40	3.30
2020	1,736.24	89.58	27.77	2.77
2021	1,881.68	96.92	54.60	4.28

Analysts Estimates (Million)

Item	Q1 2022 (e)	Q1 2022 (a)	Change‬
Average	241.50	175.18	(27.5 %)

Estimates vs Actual (Million)

Item	Q1 2022 (e)	Q1 2022 (a)	Change
U-Capital	241.50	175.18	(27.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	9,547.50
Enterprise Value (EV) (M)	18,595.49
Shares Outstanding ((M))	475.00
EPS ( Riyal) (TTM)	2.76
Book Value (BV) ( Riyal)	29.67
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	11.48
P/E (TTM)	7.29
Price/book	0.68
Return on Average Assets (%) (TTM)	4.8
Return on Average Equity (%) (TTM)	9.3

Arabian Centres Co. (CENOMI CENTERS)

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Arabian Centres net profit up to SAR 127.7 mln in Q1 2022/23

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Arabian Centres Co. (CENOMI CENTERS)

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Arabian Centres net profit up to SAR 127.7 mln in Q1 2022/23

View other reports

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2022

Revenue by Business Segment (Latest) 2022 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Arabian Centres Co. (CENOMI CENTERS)

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Business Segments (Million)