Riyadh – Mubasher: Arabian Centres Company (Cenomi Centers) logged a 48.77% year-on-year (YoY) surge in net profit to SAR 1.50 billion in 2023 from SAR 1 billion a year earlier.
Revenues grew 2.13% YoY to SAR 2.25 billion last year from SAR 2.20 billion in 2022, according to a press release.
The earnings per share (EPS) rose to SAR 3.19 in 2023 from SAR 2.12 the year before.
Profit resulting from the change in investment properties’ fair value has amounted to SAR 369.90 million, representing 7.80% of the company’s capital.
Cash Dividends
Cenomi Centers’ board approved the disbursement of SAR 356.25 million, or SAR 0.75 per share, in cash dividends for the second half (H2) of the fiscal year 2023.
The distribution date is 16 April 2024 and the eligibility date is 1 April.
Furthermore, the board approved the company’s dividend policy for one year starting from the second quarter (Q2) of 2024.
Accordingly, the company is committed to paying SAR 0.375 per share per quarter for a year, while considering additional dividends subject to board recommendations.
Alison Rehill-Erguven, CEO of Cenomi Centers, stated: “In 2023, Cenomi Centers solidified its position as the leading mall developer in Saudi Arabia. This year, we achieved record-breaking footfall, and we increased our revenue, EBITDA and net profits.”
“We continue to focus on our flagship and lifestyle centres development pipeline. The recent opening of U Walk Jeddah, already pre-let at close to 80%, signifies a new era in retail and entertainment,” Rehill-Erguven added.
He revealed: “Cenomi Centers’ has a robust pipeline with six flagship and lifestyle centres 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.”
Cenomi Centers’ net profit surged 64.04% YoY to SAR 1.32 billion in the first nine months (9M) of 2023 from SAR 621 million.
