• H1-25 revenue increased by 2.0% year-on-year (YoY) to SAR 2.5 billion, driven by 17.9% growth in international retail operations and the full impact of Ramadan in the first quarter
  • Tier 1 Champion brands continued to perform strongly, with ZARA and Inditex posting a 3.7% YoY increase in like-for-like (LFL) sales at the group level
  • Online performance continued to improve significantly, supported by enhancements in the digital customer experience, with online sales growing 8.5% YoY in Q2-25 and 15.7% YoY in H1-25
  • F&B delivered relatively stable performance with notable growth in online sales for Cinnabon and Subway, up 50.6% YoY in Q2-25 and 33.2% YoY in H1-25
  • Gross profit margin reached 14.9% in H1-25, up 2.4 percentage points (pp) from H1-24, supported by cost optimization and improved operational performance; Q2-25 gross profit margin remained stable at 16.8%
  • Net Loss of SAR 83.2 million in H1-25, mainly due to foreign exchange losses and tax liability settlement incurred in Q2-25. 

Riyadh, Saudi Arabia: Cenomi Retail, (“The Group” or “The Company"), the Kingdom’s pioneering retail brand partner, today announced its financial results for the first half (“H1-25”) and three months (“Q2-25”) ended 30 June 2025. The company continues to build on its transformation journey, aimed at fortifying its financial foundation through operational efficiency, brand optimization, portfolio rationalization, and strategic cost management. Cenomi Retail maintained a solid performance, achieving a 21.5% YoY increase in gross profit in H1-25. However, Q2-25 gross profit declined by 8.8% YoY, primarily due to the shift of the holy month of Ramadan to Q1-25, which captured the full benefit of the seasonally high demand during this period. Group EBITDA reached SAR 139.2 million in H1-25, representing a 34.4% YoY decrease, largely driven by Q2-25 EBITDA, which totaled SAR 23.1 million, an 89.3% YoY decline, mainly attributed to foreign exchange losses and tax liability settlement. EBITDA in H1-24 was positively impacted by a SAR 165 million capital gain as part of the Group’s brand divestment program. This initiative, implemented in 2024 under the first phase of the Company’s transformation strategy “Fix the house”, involved the sale of non-core brands in the Kingdom of Saudi Arabia.

Salim Fakhouri, Chief Executive Officer at Cenomi Retail, commented: “Our first-half performance demonstrates the ongoing execution of our transformation strategy and disciplined focus on operational excellence. Our Tier 1 Champion brands, led by ZARA and Inditex, delivered strong like-for-like growth. Online sales gained further momentum, while our F&B segment delivered robust online growth across brands such as Cinnabon and Subway. While our bottom line was impacted by FX loss and tax liability settlement, we remain steadfast in our commitment to deleveraging the balance sheet, driving sustainable long-term value creation for shareholders, and deepening engagement with all stakeholders.“

Cenomi Retail ended H1-25 with a total of 789 stores, marking a 17.1% year-over-year decline as part of its portfolio optimization strategy and normal business activity. This reduction reflects strategic net closures across select retail and F&B brands aimed at enhancing operational efficiency and focusing on high-performing assets.

Gross floor area declined by 17.7% in H1-25, largely due to targeted store closures in non-prime locations across both the Kingdom of Saudi Arabia and International markets. Additional reductions were linked to brand exit-related closures, consistent with Cenomi Retail’s efforts to refine its portfolio around high-performing assets.

In H1-25, selected stores were launched in prime locations, reflecting the ongoing execution of Cenomi Retail’s strategic priorities. This included the opening of one Massimo Dutti store in the Kingdom of Saudi Arabia whilst in Q2-25, 11 new F&B outlets were opened, distributed between Cinnabon and Subway.

Revenue per store increased by 12.2% year-on-year at the Group level in Q2-25 and 23.1% in H1-25 year-on-year, with KSA and International markets posting strong gains of 21.0% and 40.2% year-on-year in Q2-2025, respectively. And in H1-25 KSA revenue per store reported gains of 40.5 % year-on-year and International markets 37.3% year-on-year.

These improvements reflect the successful execution of Cenomi Retail’s strategy to streamline its store network, focusing on core markets and high-performing locations. By aligning its physical footprint with evolving consumer demand and brand performance, the company is enhancing its operational efficiency while reinforcing the long-term sustainability of its retail platform.

Cenomi’s store network continues to be anchored by leading global brands such as Zara, Massimo Dutti, Bershka, and Cinnabon, reinforcing the group’s strong omnichannel and geographic presence.

Looking ahead, Cenomi remains committed to disciplined expansion, with new store openings focused exclusively on high-traffic, premium locations.