Financial Results : Cenomi Retail net loss at SAR 204M in 2024; Q4 at SAR 150M

Cenomi Retail net loss at SAR 204M in 2024; Q4 at SAR 150M

27/03/2025 Argaam Exclusive

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Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) logged SAR 204 million in net loss for 2024, compared to a loss of SAR 1.17 billion in 2023.

 


Financials (M)

Item 2023 2024 Change‬
Revenues 4,671.22 4,844.51 3.7 %
Gross Income 596.72 631.52 5.8 %
Operating Income (70.01) 88.20 226.0 %
Net Income (1177.76) (203.54) 82.7 %
Average Shares 114.77 114.77 -
Earnings Per Share before unusual items (Riyals) (5.12) (3.24) 36.7 %
EPS (Riyal) (10.26) (1.77) 82.7 %

International retail operations generated revenue of SAR 1.3 billion in 2024, up 26.5% year-on-year (YoY), largely supported by CIS robust performance. Azerbaijan witnessed an improvement of 26.6% YoY in 2024, while Georgia increased 26.8% YoY.

 

Uzbekistan also achieved strong performance, with revenues reaching SAR 131 million in 2024.

 

Additionally, the company maintained a stable gross profit margin of 13% in 2024, compared to 12.8% in 2023.

 

Selling, general, and administrative expenses decreased by 23.2% YoY, amounting to SAR 407 million, primarily due to store closures and progress in the brand enhancement program.

 

Financing costs also decreased by 4.2% YoY to SAR 298 million in 2024, primarily due to the repayment of SAR 664 million in bank obligations.

 

On the other hand, retail operations in the Kingdom generated revenue of SAR 3.2 billion in 2024, down 1.7% YoY, due to the ongoing brand enhancement program.

 

Revenue from the food and beverage segment dropped by 13.5% YoY to SAR 328 million, following the closure of 35 underperforming stores.

 

Online sales also decreased by 2.9% YoY, totaling SAR 363 million.

 

Moreover, Cenomi Retail recorded SAR 141 million accounting adjustments, in line with international financial reporting standards.

 

Q4 2024 net loss stood at SAR 150 million, down from a net loss of SAR 1.08 billion in the year-earlier period.

 

On a sequential basis, the retailer turned to a net loss from a profit SAR 17.1 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 899.72 1,320.40 46.8 %
Gross Income 71.45 206.70 189.3 %
Operating Income (109.56) 74.81 168.3 %
Net Income (1085.98) (150.37) 86.2 %
Average Shares 114.77 114.77 -
Earnings Per Share before unusual items (Riyal) (3.18) (0.47) 85.3 %
EPS (Riyal) (9.46) (1.31) 86.2 %

Total shareholders’ equity (after minority interest) stood at SAR -993 million by Dec. 31, 2024, compared to SAR -779 million a year earlier.

 

Accumulated losses at the end of 2024 amounted to SAR 1.6 billion, representing 140% of capital.

 

Attached Document:

 

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