Financial Results : Cenomi Retail turns to profit of SAR 1.8M in Q1 2025

Cenomi Retail turns to profit of SAR 1.8M in Q1 2025

13/05/2025 Argaam Exclusive

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Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) reported a net profit of SAR 1.8 million for Q1 2025, against a net loss of SAR 151.7 million in Q1 2025.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 1,200.51 1,334.75 11.2 %
Gross Income 94.59 177.83 88.0 %
Operating Income (63.84) 60.21 194.3 %
Net Income (151.82) 1.81 101.2 %
Average Shares 114.77 114.77 -
Earnings Per Share before unusual items (Riyal) (1.62) (0.17) 89.2 %
EPS (Riyal) (1.32) 0.02 101.2 %

The positive performance is driven by an 11.2% year-on-year (YoY) revenue increase, due to favorable seasonal dynamics and continued focus on operational efficiency.

 

Domestic retail revenues grew 10% YoY to SAR 953.4 million in Q1 2025, with the month of Ramadan driving a notable boost in demand. Revenue per store nearly doubled YoY to SAR 2.9 million.

 

International retail revenues amounted to SAR 301.3 million in Q1 2025, marking a 21.8% YoY increase. This growth was driven by strong performance in Uzbekistan (+123.1%), Azerbaijan (+33.1%), Georgia (+21.6%), and Jordan (+20.3%).

 

Online sales came in at SAR 111.2 million in Q1 2025, marking a 21.8% increase YoY. Online sales contribution to total revenue (including F&B) rose from 7.6% in Q1 2024 to 8.3% in Q1 2025.

 

Gross profit reached SAR 177.8 million in Q1 2025, with a gross margin of 13.3%, marking a 88.0% increase YoY. The margin improved by 5.4pp, rising from 7.9% in Q1 2024, effectively offsetting the impact of geopolitical headwinds that had weighed on topline performance in Q1 2024.

 

This uplift was supported by higher sales, continued cost optimization efforts, and improved operational efficiency, and reduction in the store network.

The company also reported a decline in SG&A expenses by 34.1% YoY to SAR 83.9 million in Q1 2025.

 

Cenomi Retail saw a decline in other operating income by 24.1% YoY in Q1 2025 to SAR 37.3 million, as a lower capital gain was recorded from brands being sold in Q1 2025 (SAR 22 million) versus Q1 2024 (SAR 35 million).

 

Meanwhile, net finance expenses declined by 34.7% YoY to SAR 58.6 million in Q1 2025, with SAR 216.6 million debt payment decreasing the total debt from SAR 1.8 billion to SAR 1.6 billion, because of the committed efforts to deleverage the balance sheet.

 

Sequentially, the company turned to profit versus a net loss of SAR 148.2 million in Q4 2024.

 

Shareholders’ equity, after minority interest, stood at SAR -991 million as of March 31, 2025, compared to SAR -979.1 million a year earlier.

 

Accumulated losses reached SAR 1.6 billion by the end of the three-month period, accounting for 139.9% of the company’s capital.

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