Riyadh - Mubasher: Arabian Centres Company (Cenomi Centers) logged a 52.16% year-on-year (YoY) plunge in net profit to SAR 185.60 million in the first quarter (Q1) of 2024 from SAR 388 million.

Revenues grew 1.56% YoY to SAR 585.80 million in Q1-24 from SAR 576.80 million, according to the interim financial results.

The earnings per share (EPS) reached SAR 0.38 in the three-month period that ended on 31 March 2024, down from SAR 0.81 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit dropped 61.51% in Q1-24 from SAR 482.30 million in Q4-23, while the revenues increased by 7.70% from SAR 543.90 million.

Cash Dividends

Cenomi Centers’ board has recommended the distribution of SAR 178.13 million, or SAR 0.375, in cash dividends for Q1-24.

 In 2023, Cenomi Centers posted a 48.77% YoY jump in net profit to SAR 1.50 billion from SAR 1 billion a year earlier.