Riyadh – Mubasher: Arabian Centres Company (Cenomi Centers) has completed the sale of Sahara Plaza in King Fahd District in Riyadh for SAR 200 million, according to a bourse statement.

The transaction aligns with the Saudi company’s programme to sell an identified portfolio of non-core assets worth nearly SAR 2 billion.

Alistithmar for Financial Securities and Brokerage Company (Alistithmar Capital) and Cenomi Centers inked the sale agreement on 1 February 2024.

The Tadawul-listed firm indicated that the book value of this investment in its statements amounts to SAR 99 million as of 30 September 2023. Accordingly, profits from the Sahara Plaza sale will stand at SAR 79 million, while the revenue impact of the transaction will be marginal at SAR 5 million annually.

The financial impact of the transaction is expected to appear in Cenomi Centers’ financial results during the first quarter (Q1)of 2024.

Meanwhile, the funds from the transaction will be used to reinforce the company’s liquidity and support its balance sheet.

Alison Rehill-Erguven, CEO of Cenomi Centers, commented: “As we continuously strive to enhance our portfolio of assets, we look to optimise our footprint and invest in next-generation lifestyle destinations.”

“With a further SAR 800 million in sales proceeds expected, we remain committed to unlocking value in our portfolio,” the CEO added.

The non-core assets programme has generated a total of SAR 1.14 billion to date, following the sale of a 17,700 square meter (sqm) plot in the Olaya district in Riyadh for SAR 230.50 million.

Cenomi Centers also sold a 115,000 sqm plot in the Al Raed District for SAR 644.50 million and a 29,000 sqm plot in downtown Al Ahsa City for SAR 62.50 million.

In the first nine months (9M) of 2023, Cenomi Centers posted net profits after Zakat and ta valued at SAR 1.32 billion, an annual hike of 64.04% from SAR 621 million.