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Cenomi Retail’s net losses down in Q1-23; revenues hit SAR 1.42bn

Cenomi Retail’s net losses down in Q1-23; revenues hit SAR 1.42bn
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Riyadh – Mubasher: The net losses after Zakat and tax of Fawaz Abdulaziz Alhokair Company (Cenomi Retail) edged down by 0.67% to SAR 44.30 million in the first quarter (Q1) of 2023.

The incurred net losses were compared with SAR 44.60 million in Q1-22, according to the interim financial results.

Meanwhile, the revenues hit SAR 1.42 billion in Q1-23, an annual rise of 2.44% from SAR 1.38 billion.

Loss per share hit SAR 0.38 during January-March 2023, versus SAR 0.36 in the year-ago period.

On a quarterly basis, Cenomi Retail turned to net losses in Q1-23 against net profits valued at SAR 13.70 million in Q4-22, while the revenues decreased by 3% from SAR 1.46 billion.

Ahmed Belbesy, Chief Financial Officer (CFO) at Cenomi Retail, noted: “Despite a challenging macroeconomic environment, the first quarter saw momentum in the implementation of our strategy. The retail sector in the Kingdom is rapidly evolving amid shifting consumer demographics and increased competition for consumers’ share of wallet.”

“It is against this backdrop that we embarked on our transformation strategy, which demonstrated tangible outcomes in the first quarter, underpinned by our focus on champion brands, online retail, and international expansion,” Belbesy added.

Last March, the Tadawul-listed firm appointed Günther Helm as its new CEO.