Saudi Arabia’s shopping mall owner and developer Cenomi Centres reported 22.2 per cent increase in net profit for 2022.
It also reported revenue of 550.8 million riyals for the quarter ended December 31, 2022, a 7.9 per cent increase from the previous year’s figure of 510.6 million riyals.
The company showed significant growth in gross profit, which reached 462.5 million riyals in the quarter, up 9.2 per cent year on year, while net profit increased 22.2 percent to 455.7 million riyals.
The company’s financial performance was driven by consistent improvements in its operations across its portfolio. Cenomi Centres saw a 32.3 per cent year-on-year increase in visitor footfall, with 27.1 million visitors in Q3-22. Over a nine-month period, visitor footfall increased by 38.5 per cent.
In the first nine months of 2022, visitor footfall increased by 38.5 per cent over the previous nine months to 84.2 million. At the end of the period, like-for-like tenant occupancy rates reached a new high of 94.2 per cent.
Alison Rehill-Erguven, CEO, Cenomi Centres, told Gulf News: “Cenomi Centres has maintained a solid growth trajectory. We continue to surpass the pre-pandemic operational metrics as we see strong increases in visitor footfall, up by 32 per cent year-on-year during Q3-2022 and 39 per cent year-on-year on a year-to-date basis, and growing occupancy levels to reach 94.2 per cent for the quarter. These milestones further underline our resilience and the growth momentum of our business.
“Our most significant transformation has been the evolution of our brand to Cenomi, in line with the full rebrand under the Cenomi Group and its subsidiaries. This alignment is consistent with our growth as a consumer-centric company, delivering next generation retail and lifestyle experiences to the consumers of Saudi Arabia.”
