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Our friends at Cenomi Centers recorded a 49% y-o-y surge in net income to SAR 1.5 bn in 2023, it said in an earnings release (pdf). Revenues were up 2% y-o-y to SAR 2.3 bn in the same period.
On a quarterly basis, the bottom line rose 24% y-o-y to SAR 482 mn in 4Q 2023, while the top line inched down 1.3% y-o-y to SAR 544 mn, according to data seen by Argaam.
Growth drivers: The retail giant attributed the strong report to a mix of 3.8% y-o-y growth in net rental revenue to SAR 2.1 bn; 8.8% y-o-y growth in media sales to SAR 89 mn; and income from the sale of non-core franchise brands, as well as s from property investments.
Cenomi reported record-high footfall across its portfolio with 124 mn visitors last year — a 19% y-o-y increase. Occupancy rates came in at 93% in 2023. Some 63 new brands were onboarded to Cenomi’s malls portfolio, bringing the total to 160 by the end of last year. The new brands include Samsonite, Dyson, the inaugural Starbucks Reserve in Jeddah Park, and LuLu Hypermarket. Also on the occupancy front: U Walk Jeddah has a pre-let rate of 80%.
What’s next? The lifestyle destinations operator and developer has six projects in the pipeline that it expects will raise its total gross leased area (GLA) by 44% to around 2 mn sqm by 2027. “Cenomi Centers’ has a robust pipeline with six flagship and lifestyle centers underway including flagships Jawharat Riyadh and Jawharat Jeddah set to open next year and Jawharat Al Khobar in 2027, delivering unique and differentiated premium shopping experiences,” said CEO Alison Rehill-Erguven.
Boosting shareholder returns: The company will distribute a dividend of SAR 356 mn at SAR 0.75 per share for 2023 to eligible shareholders on Tuesday, 16 April, it said in a disclosure to Tadawul. Meanwhile, Cenomi has approved a dividend policy which will see it pay SAR 0.38 per share on a quarterly basis for one year starting 2Q 2024, it said in a separate disclosure.
LUMI + KINGDOM HOLDING ALSO REPORT RESULTS
#1- Car rental firm Lumi reported an 11.8% y-o-y rise in net income to SAR 160.6 mn, it said in a disclosure to Tadawul yesterday. Its revenues were up 41.3% y-o-y to SAR 1.1 bn in the same period. It attributed the growth in net income to higher sales which were driven by an increase in lease, rental and used car sales revenue.
REMEMBER- Lumi went public in September 2023 after raising USD 290 mn in one of the region’s biggest IPOs last year. The six-month lockup for pre-IPO shareholders expired earlier this week.
#2- Kingdom Holding’s net income fell 85.4% y-o-y to SAR 1 bn, while revenues were up 8.5% y-o-y to SAR 2.7 bn, it said in a disclosure to Tadawul. It said the swing in net income owed in part to a tough comparable, as the FY 2022 figure included one-off gains from the sale of part of its stake in Four Season Holdings.
The bottom line in 2023 also came under pressure from a rise in operating costs at its hotels, financial charges and general, administrative and marketing expenses. Separately, the investment firm has recommended a dividend payout of SAR 1 bn at SAR 0.28 per share for FY 2023, it said in disclosure to Tadawul.
#3- Seera Group turned to profitability in FY 2023 to report a net income of SAR 265 mn versus a net loss of SAR 46 mn a year earlier, the leading travel agency group said in a disclosure to Tadawul yesterday. Its revenues jumped 55.7% y-o-y to SAR 3.3 bn. Its net booking value was up 35% y-o-y to SAR 12.5 bn to record its highest net booking value in its 40+ history.
#4- Saudi Re’s net income grew 63.6% y-o-y to SAR 124.4 mn in 2023, while revenues were down 10% y-o-y to SAR 627.2 mn, it said in a disclosure to Tadawul .
