Riyadh - Mubasher: Arabian Centres Company (Cenomi Centers) generated SAR 539.50 million in net profit during the first half (H1) of 2024, lower by 25.59% year-on-year (YoY) than SAR 725.10 million.

The revenues hit SAR 1.17 billion in H1-24, up 2.65% from SAR 1.14 billion in H1-23, according to the interim financial results.

Earnings per share (EPS) dropped to SAR 1.12 as of 30 June 2024 from SAR 1.52 in the year-ago period.

Financials for Q2-24

In the second quarter (Q2) of 2024, the company’s net profits increased by 4.95% YoY to SAR 353.80 million from SAR 337.10 million.

The sales grew by 3.75% to SAR 586.50 million in Q2-24 from SAR 565.30 million in Q2-23.

Quarterly, the profits registered in Q2-24 hiked by 90.62% from SAR 185.60 million in Q1-24, while the revenues edged up by 0.11% from SAR 585.80 million.

Dividends

Starting from Q2-24, the company will pay SAR 0.37 per share quarterly for one year. The average annual dividend yield calculated on 30 June 2024 based on the share price of SAR 20.40 is 7.40%.

Alison Rehill-Erguven, CEO of Cenomi Centers, commented: “Cenomi Centers has delivered another strong performance this half-year across all our key financial and operating metrics.”

“Total revenue for H1-24 increased 2.65% and net profit and EBITDA following the one-off adjustments rose 25.60% and 10.90%, respectively,” the CEO added.

She indicated: “The significant construction progress of these developments, along with the growth of the existing portfolio and opening of the new lifestyle centre, U Walk Jeddah, contributed to the SAR 176 million net fair value gains across our investment properties in H1-24.”