Cenomi Centers profit rises 23% in Q1 2025 to SAR 218.5M

Arabian Centres Co. (Cenomi Centers) reported a net profit (after excluding minority interest) of SAR 218.5 million for Q1 2025, a 23% growth from SAR 178.3 million a year earlier.

Cenomi Centers’ net profit before minority interest amounted to SAR 222.7 million by the end of Q1 2025, compared to SAR 185.6 million in Q1 2024.

Revenue grew 0.8% year-on-year (YoY) to SAR 590.6 million, driven by improved performance across all revenue streams, despite excluding revenue from Dhahran Mall, the first phase of which was handed over in early February 2025.

Net rental income increased, supported by an improvement in the like-for-like occupancy rate to 93.1%, compared to 92.5% in Q1 2024. Additionally, the company’s malls recorded a 9.7% YoY increase in footfall.

Cenomi Centers witnessed higher utility and other income, driven by increased fees related to engineering services.

It also reported a 20.1% decline in cost of revenue, due to more efficient operational expense management, in addition to an increase in other operating income to SAR 27.8 million, resulting from the recognized gain on the sale of Sahara Plaza.

The company realized a 64.1% reduction in advertising and promotional expenses, which declined to SAR 4.3 million and an 18.0% decrease in expected credit losses (ECL) on receivables, amounting to SAR 79.6 million.

This was despite a decline in net fair value gain on investment properties (a non-cash item) to SAR 44.5 million, an increase in general and administrative, and a rise in other operating expenses (OpEX), related to the termination of the lease agreement for Sahara Plaza.

Q1 net profit slumped 37.7% from SAR 350.81 million in Q4 2024.

Total shareholders’ equity, after excluding minority interest, stood at SAR 14.82 billion by March 31, 2025, compared to SAR 14.09 billion a year earlier.

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