Riyadh – Mubasher: Fawaz Abdulaziz Al-Hokair Company (Cenomi Retail) reported net losses worth SAR 1.11 billion in 2023, against net profits amounting to SAR 36.90 million in 2022.

The negative financial results last year were mainly driven by SAR 772 million worth of one-offs related to brand exits and closing stores, according to a bourse filing.

The loss per share stood at SAR 10.30 in 2023 versus earnings per share (EPS) of SAR 0.30 a year earlier.

The revenues decreased annually by 5.30% to SAR 5.23 billion last year when compared with SAR 5.52 billion in 2022.

Accumulated Losses

Cenomi Retail noted that its accumulated losses reached SAR 1.40 billion as of 31 December 2023.

The amount represents 122.30% of the company’s SAR 1.14 billion.

Acting CEO of Cenomi Retail, Salim Fakhouri, said: “Cenomi Retail is in the midst of a significant turnaround strategy. The business continues as originally outlined last year with the objective of strengthening the performance and financial stability of Cenomi Retail.  Namely, this includes rationalising our portfolio to focus on Champion brands and profitable stores in the fashion and food and beverage categories; on board new Champion brands in our core markets; exit or right size our presence in non-strategic markets; deleverage to improve profitability and continue enhancements on operating processes.”

In the first nine months (9M) of 2023, Cenomi Retail 2023 also shifted to net losses of SAR 89.10 million versus net profits worth SAR 19.30 million in 9M-22.