On 2026-08-06 08:07:06 (Saudi Time), Arabian Centres Co. (Cenomi Centers) announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ended 30 June 2026 (H1-26), revenue declined 1.823% YoY to SAR 1,151.9 million from SAR 1,173.3 million in H1-25, though on a like-for-like basis revenue actually grew 2.7% supported by footfall growth of 6.8% to a record 70.0 million visitors, with the reported decrease primarily reflecting portfolio changes in the comparable period. Net profit attributable to shareholders fell 14.728% YoY to SAR 588.2 million from SAR 689.8 million, despite a 73.0% reduction in impairment losses on accounts receivable (down to SAR 41.5 million from SAR 153.5 million) and a 2.0% increase in operating profit to SAR 1,051.4 million. The net profit decline was mainly driven by significantly higher net finance costs of SAR 436.6 million versus SAR 310.4 million in H1-25, a decrease in other operating income as the prior period included gains on the sale of Al Kharj land and Sahara Plaza, higher general and administrative expenses of SAR 179.0 million due to increased professional expenses and fund management fees, and a rise in advertisement and promotional expenses to SAR 21.9 million from SAR 7.2 million.

Quarter-on-Quarter Performance Drivers

QoQ revenue declined 2.248% to SAR 569.4 million in Q2-26 from SAR 582.5 million in Q1-26, primarily due to lower media revenue driven by seasonality, partially offset by higher utilities and other revenue. Net profit attributable to shareholders surged 90.469% QoQ to SAR 385.7 million from SAR 202.5 million in Q1-26, mainly driven by a higher net fair value gain on investment properties and lower impairment losses on accounts receivable, related parties, and accrued revenue.

Other Items

Arabian Centres Co. (Cenomi Centers) received an unmodified conclusion from its external auditors for the interim period ended 30 June 2026, with an emphasis of matter paragraph regarding legal claims: "We draw attention to note 22 to the interim condensed consolidated financial statements, which describes the legal claims filed by a counterparty. As disclosed in the note, the ultimate outcome of these matters cannot presently be reliably estimated. The auditor's conclusion is not modified in respect of this matter." The report also disclosed profits resulting from the change in investment properties' fair value of SAR 322.8 million, representing 6.8% of capital. Total shareholders' equity (after deducting minority equity) stood at SAR 16,098 million as of 30 June 2026, up 6.493% from SAR 15,116.4 million in the same period of the prior year, with earnings per share of SAR 1.24 compared to SAR 1.45 in H1-25. On the operational side, EBITDA increased 4.3% to SAR 748.3 million in H1-26 and 3.8% to SAR 374.0 million in Q2-26, while like-for-like occupancy stood at 91.2% as at 30 June 2026. Westfield Jeddah completed its transition to the operational phase as of 30 July 2026 with pre-leasing close to 96%, and Westfield Riyadh reached 100% structural completion with pre-leasing close to 94% and an operational phase transition targeted for Q4-26. Fitch Ratings revised the company's outlook to "Stable" while affirming its Long-Term Issuer Default Rating at 'BB'. Certain comparative figures have been reclassified to conform to the current period's presentation.

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