• Higher revenue, which grew by 2.1% y-o-y to SAR 2,253.7 million in FY-23 compared to SAR 2,206.7 million in FY-22.

• Gross profit increased by 1.3% y-o-y, reaching SAR 1,870.2 million in FY-23, resulting in a gross profit margin of 83.0% for FY-23, slightly lower than the 83.6% achieved in FY-22.

• Operating profit increased by 33.9% y-o-y to SAR 1,909.5 million, compared to SAR 1,426.0 million in FY-22. This increase was driven by: a 66.9% reduction in other operating expenses (SAR 18.4 million in FY-23 compared to SAR 55.6 million in FY-22); the recognition of a SAR 238.7 million gain from the sale of investment property into other operating income; and a SAR 369.9 million net fair value gain on investment properties (net fair value loss of SAR 13.4 million in FY-22). These elements were partially offset by elevated impairment loss on accounts receivable and accrued revenue, G&A, and advertisement and promotion expenses.

• Cenomi Centers booked an EBITDA of SAR 1,545.4 million in FY-23, reflecting a 6.5% y-o-y rise from SAR 1,450.8 million recorded in FY-22. This increase is attributed to a 1.3% rise in gross profit, other operating income of SAR 291.5 million including gains from the sale of non-core investment property. These positive factors were partially offset by higher impairment losses on accounts receivable and accrued revenue, general and administrative expenses, as well as advertisement and promotion expenses.

• Like-for-like period-end occupancy reached 92.9% at the end of Q4-23, compared to 90.3% at the end of Q3-23.

• Visitor footfall increased by 19.1% y-o-y to record 124.0 million during FY-23.

For more information regarding Cenomi Centers financial and operational results for the period, please see the Earnings Press Release accompanying this disclosure. The release also includes comments from the CEO.

Q4 Announcements:

Announced the signature of Power Purchase Agreements for its malls with a JV formed by FAS Energy and Marubeni Corporation

Cenomi Centers has partnered with FAS Energy and Marubeni Corporation to implement solar PV panels across 13 of its sites. This initiative aims to reduce the Company’s carbon footprint and showcase Cenomi's commitment to sustainability. The solar panels will provide 52MWp capacity and generate 93 GWh of clean energy annually. The agreement, following a 'design, finance, build, own, and operate' model, relieves Cenomi Centers of upfront costs and operational burdens. Savings are anticipated to accrue gradually, with installations across all targeted sites by end of 2025.

Announced the latest developments in relation to the discussions with Fawaz Abdulaziz Alhokair Company (Cenomi Retail) regarding a potential combination of the two companies.

The boards of directors of Arabian Centres Company (“Cenomi Centers”) and Fawaz Abdulaziz Alhokair Company (“Cenomi Retail”) have mutually agreed to terminate discussions regarding a potential business combination. Both companies acknowledge the strategic merits but believe current conditions and timing are not favorable. Cenomi Centers remains committed to transactions benefiting stakeholders.

Subsequent Announcements:

Completion of offering of USD denominated Shari’ah compliant Sukuk

On March 12, 2024, Cenomi Centers completed the offering of USD 500 million Shari’ah compliant Sukuk, comprising 2,500 bonds, each offering a return of 9.5% and maturing over a period of 5 years. Settlement for this issuance took place on March 6, 2024, with a total order book exceeding USD 1.6 billion and 3.2x oversubscription. The company has used the proceeds to fully redeem its 2019 Sukuk, which were due to mature in November 2024.

$100 million Sukuk placement

On 12 March, Cenomi Centers concluded a private placement offering of supplementary Sukuk valued at $100 million. This additional issuance is part of the $500 million Sukuk launched on March 6, 2024, set to mature in 2029, as per an official statement filed with the stock exchange. The issuance comprised 500 Sak, each valued at $200,000, bearing a yield of 9.50% and maturing over a five-year period.

Sale of Sahara Plaza

Cenomi Centers has sold Sahara Plaza in Riyadh for SAR 200 million, marking the fourth sale in its SAR 2 billion non-core asset disposal program. The sale aligns with the company's strategy to focus on flagship and lifestyle destinations in Saudi Arabia. Profits from the sale amount to SAR 53 million, with a marginal revenue impact of SAR 5 million per year. The financial impact will be reflected in Q1-24, with funds used to enhance liquidity and support the balance sheet.

Secured up to SAR 5.25 billion Shariah compliant facilities

Cenomi Centers has secured SAR 5.25 billion in Shariah-compliant facilities with improved terms from a syndicate of banks. The funds will repay existing facilities and support future growth. The facilities include a revolving Murabaha facility and two term Murabaha tranches, all linked to sustainability targets. These targets focus on reducing carbon emissions, increasing grid connectivity, and enhancing female representation in leadership roles.

The Grand Opening of U Walk Jeddah in Jeddah

Cenomi Centers inaugurated U Walk Jeddah, the city's first hybrid mall combining indoor and outdoor retail experiences, on February 15th. Spanning 60,000sqm with 136 stores and parking for 1,250 vehicles in the Al Zahar district, it is approximately 80% pre-let with leading brands like Nike and Starbucks already open. The financial impact will start being reflected in Q1 2024 statements.