Riyadh –  The net losses of Fawaz Abdulaziz Al-Hokair Company (Cenomi Retail) hiked by 171.37% to SAR 151.70 million in the first quarter (Q1) of 2024 from SAR 55.90 million in Q1-23.

Revenues hit SAR 1.32 billion in January-March 2024, down 0.07% year-on-year (YoY) from SAR 1.33 billion, according to the interim financials.

The loss per share increased to SAR 1.32 in the first three months (3M) of 2024 from SAR 0.48 a year earlier.

Quarter-on-quarter (QoQ), the net losses in Q1-24 plunged by 85.18% from SAR 1.02 billion in Q4-23, while the revenues climbed by 31.48% from SAR 1.01 billion.

Accumulated Losses

Cenomi Retail suffered accumulated losses valued at SAR 1.55 billion as of 31 March 2024, equivalent to 135.60% of the capital.

Salim Fakhouri, Acting CEO of Cenomi Retail, mentioned: “Q1-24 has been a transformational quarter as our commitment to the turnaround strategy is showing promising developments.”

“In the quarter we finalised Phase 1 brand sales, closed 226 stores and divested 16 brands leading to a capital gain of SAR 35 million,” Fakhouri added.

He indicated: “A further 24 brands have been identified for sale or exit, leading to an expected SAR 650 million in proceeds and with a net asset value of SAR 215 million, which will add strength and flexibility to our balance sheet.”

“More importantly, we continue to open stores on strategically important brands, which is clearly working as can be seen from the 38% increase in revenue per store on a group level,” the official concluded.

As of 31 December 2023, Cenomi Retail turned to net losses valued at SAR 1.11 billion, against net profits worth SAR 36.90 million in 2022.

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