Cenomi Centers (Arabian Centres Company) said its Q1 2024 net profit fell 52% to 181 million Saudi riyals ($48 million) compared to SAR 383 million a year earlier.

The profit was impacted by a SAR 51 million write-off of non-amortised financing cost associated with a previous Shariah-compliant facility and 2024 sukuk.

Before adjusting for these items, net profit would have risen by 78% year-on-year (YoY) to SAR 236 million in Q1 2024.

Revenues increased 2% to SAR 585.8 million in Q1 2024, compared to SAR 576.8 million in Q1 2023.  

On a quarterly basis, net profit fell 64% from SAR 506.5 million in Q4 2023.

The company’s board also recommended payment of SAR 178 million cash dividend for Q1 2024.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)