Cenomi Centers Demonstrates Strong Growth with H1 Net Profit Up 103.3%

and uses non-renewal decisions to evolve the retail category mix, a key company objective. Cenomi Centers’ strategic focus on growth is evident in the accelerated progress of its construction pipeline. U Walk Jeddah is now complete and already circa. 80% pre-let. Flagship developments, Jawharat Jeddah and Riyadh, will bring state of the art, first of their kind features, attractions and unique luxury offerings to the Kingdom and the region. Jawharat Riyadh is expected to open in Q2-25.

Cenomi Centers, the largest owner, operator and developer of shopping malls and complexes in the Kingdom of Saudi Arabia, posted its financial results for the three months and half-year ended 30 June 2023. The company reported solid performance in H1-23 totaling SAR 1.1billion in revenue, a 5.5% y-o-y increase. Revenue remained stable with a marginal increase of 0.4% y-o-y in Q2-23.

EBITDA in H1-23 grew 19.3% y-o-y to SAR 902.8 million and net profit increased 103.3% y-o-y to SAR 725.1 million for the same period. This was driven by an increase in the top-line, net fair value gains recorded in Q223, and the sale of the Al Raed district land, part of the non-core asset sale program, for a SAR 238.7 million profit recorded in Q1-23. In Q2-23, net profit increased 82.3% y-o-y to SAR 337.1 million on net fair value gain in investment properties.

With this backdrop, Cenomi Centers has continued to deliver on its growthoriented strategy in the first half of 2023 and leveraged positive pricing dynamics to grow net rental revenue by 7.8% y-o-y from renewals and re-lettings. Occupancy has temporarily been reduced to 91.4% as the company now adopts a more stringent approach towards underperforming tenants

Life Opens 400th Milestone Pharmacy Outlet

Alison Rehill-Erguven, CEO, Cenomi Centers, commented: “The first half of 2023 has been excellent for Cenomi Centers. The results demonstrate the efficacy of our strategy to deliver continuous growth by offering Saudi shoppers, who continue to increase their spending as the economy grows, the experiences they desire. This can be seen by the exceptional footfall, which increased 33.5% year on year to 63.1 million, which I expect will lead us to a new post-pandemic record level. We also saw strong rental revenue growth of 7.8% and a 19.3% increase in EBITDA. Owing to this, the board announced half yearly cash dividends disbursement of SAR 413.3 million. ReadMore… Source:MENews(https://bit.ly/3s7Ywup)

This achievement is a testament to our vision and the tireless efforts of our dedicated associates. We are also making significant strides beyond the borders of the UAE, having recently ventured into the retail pharmacy market in other countries.”

“With a strong emphasis on illness prevention and overall well-being, Life Pharmacy goes beyond traditional illness management by prioritizing health and wellness. The brand firmly believes that a healthy population leads to a happy society,” he added.

Life Healthcare Group, UAE’s leading homegrown healthcare company and owner of the country’s largest pharmacy outlet chain, has announced the launch of its 400th pharmacy cementing its leadership position in the healthcare sector. The expansion reaffirms Life Healthcare as a major player in the region, offering the most comprehensive range of pharma, skincare, beauty, lifestyle, wellness, supplements, vitamins, and medical equipment solutions to residents.

Since its establishment, Life Healthcare Group has emerged as a pioneer in healthcare retailing in the UAE, redefining the way people access essential medical services. With the launch of its milestone 400th pharmacy outlet, Life Pharmacies maintains its position as the largest pharmacy network in the UAE.

Commenting on the launch of the new pharmacy, Mr. Abdul Nazar, MD & Chairman –Life Healthcare Group said, “We are delighted to announce this incredible milestone for Life Pharmacy. For the past 27 years, we have been dedicated to making healthcare accessible and affordable to all people in the community.

Mr. Adam Abdul Nazar, Deputy CEO – Life Healthcare Group said, “Our mission is to foster an environment that empowers customers to prioritize their well-being and find inspiration in their journey to wellness. We are taking a momentous leap forward in our dedication to providing customers with an unmatched retail experience. This new milestone exemplifies our unwavering commitment to becoming the preferred neighbourhood pharmacy, offering enhanced access to our loyal customers right next door.”

Read More…Source: Web-Release (https://bit. ly/456rI3y)