Riyadh – Mubasher: Fawaz Abdulaziz Al-Hokair Company (Cenomi Retail) incurred net losses of SAR 48.30 million in the first nine months (9M) of 2024, an annual plunge of 45.79% from SAR 89.10 million.
The revenues stood at SAR 3.71 billion in 9M-24, down 1.48% from SAR 3.77 billion in 9M-23, according to the interim financial statements.
Loss per share dropped to SAR 0.46 in 9M-24 from SAR 0.80 as of 30 September 2023.
Income Results for Q3-24
In the third quarter (Q3) of 2024, the Saudi group turned profitable at SAR 19.30 million, against net losses valued at SAR 202.90 million in Q3-23.
The revenues jumped by 8.95% to SAR 1.17 billion in Q3-24 from SAR 1.07 billion during the same period in 2023.
Quarter-on-quarter (QoQ), the Q3-24 net profits fell by 77.05% from SAR 84.10 million in Q2-24, while the revenues declined by 5.70% from SAR 1.24 billion.
Accumulated Losses
As of 30 September 2024, the accumulated losses reached SAR 1.45 billion, accounting for 127% of the share capital.
Salim Fakhouri, CEO of Cenomi Retail, commented: “Cenomi Retail has achieved an important milestone this quarter by reporting a solid improvement in net profit to reach SAR 19 million.”
“We have continued to enhance customer experience through store renovations, store openings and strategic retail price positioning, constituting a mix of discounts to sell the highest amount at the lowest selling price possible for the end of season collection while maintaining full selling price for new season collection, which enabled us to achieve a higher gross profit margin of 10.6 % in Q3-24 versus 7.5 % in Q3-23, despite a low demand season,” Fakhouri added.
