Cenomi Centers continues to review asset portfolio: CEO
The total fair value gains from investment properties reached SAR 325.1 million in H1 2025, including SAR 280.6 million in Q2 2025, supported by construction progress at the Jawharat Riyadh and Jawharat Jeddah projects, Rehill-Erguven noted, adding that these gains reflect the quality of the company's business portfolio.
Commenting on Q2 2025 performance, she attributed the profit growth to the substantial fair value gains, in addition to the operating income contribution from selling a non-core land plot in Al-Kharj for SAR 9.9 million. She also cited the continued cost-control measures, and the decline in operating and insurance expenses, which led to a 7.7% decline in cost of revenue.
Other operating income increased due to Al-Kharj land sale. Despite a slight decline in revenue following the handover of Dhahran Mall, net profit capitalized on stronger margins and the projects' disciplined execution.
Financing costs fell to SAR 150.6 million in Q2 2025 despite higher borrowing, due to writing back the time-value provisions of approximately SAR 19 million during the quarter and SAR 26.1 million in H1 2025, as part of the company's efforts to prudently manage financing costs while investing in long-term growth.
The company commenced implementing the exclusive partnership agreement signed in May with Unibail-Rodamco-Westfield (URW) for a 10-year term, renewable, under which the 'Westfield' brand will be carried by three flagship centers in Saudi Arabia: Jawharat Riyadh, Jawharat Jeddah, and Al-Nakheel Dammam. This partnership will enhance customer experience and broaden the tenant base in line with Saudi Vision 2030 objectives.
Regarding Q3 2025 performance, Rehill-Erguven stated that the company remains confident in the strength of its portfolio and strategy. While the company does not provide quarterly guidance, its focus remains on delivering continued operational excellence and advancing its key projects towards launch.
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