Latest news with #CenomiCenters'
Zawya
05-05-2025
- Business
- Zawya
Cenomi Centers and Unibail-Rodamco-Westfield forge landmark partnership
Strategic and franchising partnership announced between Cenomi Centers, the leading mall developer and operator in Saudi Arabia, and Unibail-Rodamco-Westfield (URW), owner, developer and operator of sustainable, high-quality flagship Westfield destinations in Europe and the US 10-year agreement, with an option to extend for an additional 10 years, covering exclusive licensing rights to the Westfield brand in KSA and access to URW's network, expertise and capabilities across key assets Partnership to enhance Cenomi Centers' market leadership; expanding its consumer and tenant base, elevating customer experience to global standards, unlocking new growth avenues, and improving sustainability and operational efficiencies Cenomi will continue to fully own and operate all of its assets, including those that will be undergoing rebranding. Contributes to the broader economic and development goals of the Kingdom while continuing the international expansion of the iconic Westfield brand Kingdom of Saudi Arabia: On May 4, 2025, Cenomi Centers and Unibail-Rodamco-Westfield (URW) signed a 10-year exclusive strategic and franchising partnership agreement, with the option to extend for another 10 years, covering the Saudi Arabian shopping center market, demonstrating Cenomi Centers' unwavering commitment to strengthening its leadership position in KSA and the MENA region. Under this partnership, Cenomi Centers will obtain the exclusive licensing rights to the Westfield brand in KSA from URW, and tap into URW's best-in-class network and capabilities across a full range of support in key areas including Leasing, Operations, Marketing, Retail Media and more, allowing Cenomi Centers' Westfield-branded malls to be top-of-mind destinations for consumers, tourists and brands, while boosting its market share. Under the Westfield brand, and with URW's support, Cenomi Centers will offer Saudi residents and tourists the next generation of world-class shopping center experiences, boosting tourism and global engagement within the sector, acting as a powerful contributor to Vision 2030's objectives of enhancing quality of life, and opening the Kingdom to the world's global retail champions. The partnership was signed at a ceremony at Jawharat Riyadh, which also celebrated the initial collaboration on three malls, Jawharat Riyadh, Jawharat Jeddah and Nakheel Dammam, which will be the first to be branded as Westfield centers. More details on these three malls and others will follow in the coming months, with the collaboration set to extend across up to eight of Cenomi Centers' portfolio of top malls. Alison Rehill-Erguven, CEO, Cenomi Centers, said: 'We are thrilled to embark on this groundbreaking and exclusive partnership with URW, a global leader in the retail industry. This collaboration not only solidifies our position as the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, but also aligns with the Kingdom's broader goals for economic growth and development in both the sector and region. Together, we will cement our position as the leader in KSA by introducing exciting new growth and tenancy opportunities for many years to come.' Jean-Marie Tritant, CEO, Unibail-Rodamco-Westfield, said: 'Cenomi Centers is an incredible partner that shares our vision for the future of retail. Its portfolio of flagship destinations matches the ambition of the Westfield brand, providing the perfect platform to deliver Westfield's unmatched experience to customers and visitors in the Kingdom while also supporting the brand's international expansion. We are tremendously proud of the partnership, and the opportunity to work with Cenomi Centers to contribute to the broader economic and development goals of the Kingdom.' The partnership with URW is exclusive within the Kingdom and affirms Cenomi Centers' premier and well-established position in its home market, showing a vote of confidence in its growth trajectory over the coming years. Key benefits include: Expanded consumer base: Westfield is one of the most recognizable global flagship mall brands, with over 900 million annual visits in the US and Europe. As the brand is highly known to and admired by Saudi consumers and KSA's increasing number of visitors, Cenomi Centers is able to significantly expand its customer base amongst Saudi citizens, residents and tourists. Enhanced tenant offerings: Access to URW's unparalleled tenant and partner relationships will help Cenomi Centers increase its share of key global anchor brands and first-to-KSA stores, creating a superior, increasingly differentiated offering, and encouraging higher footfall and tenant sales. World-class customer experience: URW's global experience and industry leadership will help Cenomi Centers significantly enhance its customer experience, tenant mix and offering to international best-in-class standards. Cenomi Centers will bring the latest digital technologies and journeys, including in-mall apps and services, to the Saudi consumer. New growth opportunities: The partnership will boost Cenomi Centers' financial performance in its existing and new developments, in both its core GLA business and also in digital media sales, leveraging the expertise and international reach of URW's Westfield Rise retail media agency. This partnership also sees Cenomi Centers and URW collaborating on 3rd party business opportunities serving the Kingdom's major retail and lifestyle developments. Sustainability and operational efficacies: Cenomi Centers will be able to significantly boost sustainability and operational efficiencies across its portfolio by leveraging best-in-class tools, systems and manuals in the management of its daily operations. The partnership entails fixed and variable licensing and service fees for URW along with opportunities for the companies to further collaborate on business and licensing opportunities within KSA. The partnership between Cenomi Centers and URW marks a pivotal moment in the evolution of retail and lifestyle in Saudi Arabia. By combining Cenomi Centers' unparalleled market leadership with URW's global expertise and the Westfield brand, this collaboration promises to redefine the shopping experience in the region. About Cenomi Centers: Cenomi Centers is the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia. For over two decades, the company has provided customers with a complete range of high-quality lifestyle centers up to international standards, located in the most attractive areas of the country to satisfy all shopping needs and market requirements. Today, Cenomi Centers has a portfolio of 21 assets, with more than 4,200 stores strategically located in 10 major Saudi cities. The Company's developments include several iconic lifestyle centers, such as Mall of Arabia Jeddah and Nakheel Mall Riyadh, a consumer favourite in Riyadh. With a total GLA of nearly 1.3 million square meters, the company's malls provide Saudi shoppers with their preferred point of access to the full range of international, regional and local retail brands. About Unibail-Rodamco-Westfield: Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States. The Group operates 67 shopping centres in 11 countries, including 39 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €3.5 Bn development pipeline of mainly mixed-use assets. Its €50 Bn portfolio is 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at December 31, 2024). URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the Group's Better Places plan, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates. URW's stapled shares are listed on Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor's and from a Baa2 rating from Moody's.
Argaam
17-03-2025
- Business
- Argaam
Cenomi Centers sees strong footfall, occupancy rate: CEO
Alison Rehill Erguven, CEO of Arabian Centres Co. (Cenomi Centers), said the company continues to maintain a positive momentum, having experienced an outstanding period overall with record-level footfall, increased occupancy and revenue growth, and improved profitability. Erguven told Argaam that the decline in Q4 2024 net earnings was due to one-time transactions, such as land sale gains realized last year, as well as an increase in impairment loss this year from a more cautious credit loss approach. She added that the increase in the occupancy rate to a record 94.4% positively impacted the company's operational returns. This reflects solid demand for retail spaces, enhances footfall, and supports an improved retail mix with high-quality tenants. Revenue growth is expected to accelerate in the communing period, and the high occupancy rate would boost the company's asset quality and evaluation, supporting stronger long-term performance. Both Jawharat Jeddah and Jawharat Riyadh are making great progress, with the structural completion rates stand at 94% and 92%, respectively. Here are details of the interview: Q: Cenomi Centers' profits declined to SAR 350 million (after minority interest) by the end of Q4 2024, compared to SAR 506.5 million in the same period of 2023. What is your comment on these results? A: We continue to maintain a positive momentum, having experienced an outstanding period overall with record-level footfall, increased occupancy and revenue growth, and improved profitability. It is important to note that full year 2024 net profit are not directly comparable to the same period in the previous year due to certain one-off transactions. Specifically, the SAR 238.7 million land sale gain in 2023 and the one-time SAR 87.5 million increase in impairment loss this year from a more cautious credit loss approach. When we adjust for these, our net profit actually grew by 12.3% year-on-year, providing a more accurate view of our underlying performance. Regarding Q4 2024, our operating expenses dropped 25% compared to Q4 2023. The decline in net profit after minority interest is due to higher finance expense and lower fair-value gains on our investment properties. The increase in finance expense reflects our near-peak investment phase, with significant capital allocated to our two flagship development projects. Overall, I am very pleased by our operating and financial performance. We delivered on revenue growth and footfall performance, which highlight the resilience of our business. Q: Revenue increased by 7.5% year-on-year in Q4. What were the key factors driving this growth? A: There are three elements to this solid performance. The main drivers of growth were the increase in Media sales , Other revenues, and the increase in occupancy. However, I'd like to emphasize the 2.5% growth in net rental revenue. That is the result of our strategic focus on optimising the tenant mix and improving the overall customer experience which led to stronger performance in leasing and footfall We remain confident that there is significant potential to further enhance revenue per square meter across our portfolio. Q: How did the increase in occupancy rate to 94.4% impact operational returns? A: The increase in our occupancy rate to a record 94.4% positively impacted our operational returns.. It reflects solid demand for our retail spaces, enhances footfall, and supports an improved retail mix with high-quality tenants. This not only drives more consistent cash flows but also positions us to benefit from future rental escalations, reduced reliance on incentives, and greater upside from turnover-based rents, ultimately strengthening overall operational performance. Q: What was the effect of higher occupancy rates on rental revenue compared to the previous year? A: Despite the higher occupancy rates in 2024, our rental revenue grew 0.7% to SAR 2.1 billion. This slight growth is attributed to the resilient approach that we adopted in setting rental rates during 2024 to improve our occupancy rates, primarily in B and C malls. This approach will positively impact rental revenues in 2025 through the annualization effect of the deals signed during 2024. With a stronger occupancy base, improved tenant mix, and potential uplift from turnover-based rents, revenue growth should accelerate in upcoming periods. Additionally, higher occupancy enhances asset quality and valuation, supporting stronger long-term performance. Q: What is the current development status of the Jawharat Jeddah and Jawharat Riyadh projects as of the end of 2024? A: As of the end of 2024, both Jawharat Jeddah and Jawharat Riyadh are making great progress. The structural completion levels for both projects stand at 94.0% for Jawharat Jeddah and 92.0% for Jawharat Riyadh. These developments are on track, with Jawharat Jeddah expected to be completed by December 2025 and Jawharat Riyadh by April 2026. These projects are set to become iconic retail destinations in their respective cities and are expected to drive significant footfall and revenue once they are operational. Q: Net debt rose to SAR 11.5 billion in 2024. How does the company plan to manage this amid ongoing expansions? A: The increase in net debt is primarily due to our ongoing flagship developments, Jawharat Riyadh and Jawharat Jeddah, which are currently in their peak investment phase. However, we view this increase as a necessary step in our long-term growth strategy, as these projects are expected to generate significant EBITDA of SAR 650mn once stabilized, contributing an additional 40% to Cenomi Centers' current EBITDA. We are confident that the returns from these developments will more than justify the increased debt levels. In the meantime, we continue to manage our debt carefully, balancing short-term financing needs with our long-term profitability goals.
Zawya
11-03-2025
- Business
- Zawya
Cenomi Centers reaches new heights with record footfall of 132mln visitors and 94.4% in occupancy for fiscal year-ended 2024
Adj EBITDA up 16.0% in FY-24, compared to same period last year Adj Net Profits up 12.3% in FY-24, compared to same period last year Record footfall levels continue, reaching 131.9 million visitors FY-24 Like-for-like occupancy rates at 94.4%, up 1.5 pp y-o-y Jawharat Jeddah on track for delivery in December 2025 and Jawharat Riyadh in April 2026 Riyadh, Saudi Arabia: Cenomi Centers, Saudi Arabia's largest owner, operator and developer of shopping malls, published its financial results for the last three-month period and full year ended 31 December 2024 (FY-24). Cenomi Centers demonstrated steady top line performance in FY-24 compared to FY-23, with total revenue reaching SAR 2,344.0 million up 4.0% y-o-y, driven by an increase in revenue across all streams. Net profit amounted to SAR 1,224.2 million in FY-24, reflecting a 18.4% decline primarily affected due to one-time factors. These include the write-off of non-amortized financing cost associated with an historical Islamic facility and 2024 Sukuk, totaling SAR 50.6 million, one-time increase of SAR 87.5 million in impairment loss, and a one-time increase in finance cost of SAR 36.5 million from the assessment of the time value of money in relation to payment plan arrangements agreed with some tenants to expedite rental collections. In contrast, FY-23 net profit was increased by a SAR 238.7 million gain on the sale of land. Adjusting for these items, net profit in FY-24 increased 12.3% to SAR 1,398.8 million compared to SAR 1,245.6 million in the same period last year. Footfall has reached a historic 131.9 million visitors in FY-24, reflecting a 6.3% year-on-year increase—among the highest levels recorded by the company. This remarkable growth underscores the continued strength and excellence of the portfolio, solidifying the company's position as the leading shopping destination and the foremost gateway for local and international retailers to engage with Saudi consumers. Cenomi Centers' unwavering focus on optimizing its retail mix through an active tenant rotation program led to a record like-for-like occupancy rate of 94.4% at year-end, the highest level in the company's history. This marks a notable year-on-year increase of 1.5 percentage points, exceeding the original guidance of 94%. The progress of the portfolio continues with flagship developments Jawharat Riyadh and Jawharat Jeddah making remarkable strides. As of December 2024, overall structural completion levels stand at 94.0% for Jawharat Jeddah and 92.0% for Jawharat Riyadh and they will be the first gold-LEED certified malls in the Kingdom. These two assets are expected to generate yearly EBITDA in excess of SAR 650 million upon stabilization representing an incremental 40% of Cenomi Centers current EBITDA. Jawharat Jeddah is set to attract more than 15 million visitors annually while Jawharat Riyadh will draw more than 20 million customers every year. Both assets will become the leading malls in terms of footfall and retail spend in their respective cities. These malls will redefine the future of retail in the Kingdom, emerging as Cenomi Centers' top performers in footfall, revenue and EBITDA. The current pipeline of three flagship centers and three lifestyle centers will grow Cenomi Centers' GLA by 44%, taking total GLA to 2 million sqm by 2027. Demonstrating its continued commitment to returning shareholder value, the Board of Directors announced in March 2024 a dividends distribution policy which was subsequently approved at the Annual General Meeting in June 2024. Starting from Q2-2024, the Company has paid SAR 0.375 per share per quarter for one year. That implies an annualized dividend yield of 6.9%. based on the share price of SAR 21.70 as of 31 December 2024. Alison Rehill-Erguven, CEO, Cenomi Centers, commented: 'C enomi Centers continues to experience solid growth, both financially and operationally. FY-24 has been a record-breaking year for us. We've reached a new milestone with an occupancy rate of 94.4%, the highest in the company's history, while footfall has surged to 131.9 million visitors—demonstrating the strong value proposition our malls offer across the Kingdom, meeting or exceeding international standards. Financially, we've seen a steady 4.0% year-over-year increase in total revenue, driven by growth across all revenue streams. Additionally, our adjusted EBITDA and net profit have risen by 16.0% and 12.3%, respectively. Our flagship projects, Jawharat Jeddah and Jawharat Riyadh, are progressing as planned with both construction and leasing efforts on track to be delivered in December 2025 and April 2026, respectively. As we close out FY-24, we are proud of the significant progress we've made and the strong foundation we've built for the future. The achievements of this year reinforce our commitment to delivering exceptional value to our stakeholders and positioning Cenomi Centers for continued success in the years ahead. We remain focused on driving operational excellence, expanding our footprint, and enhancing the experience we offer to our customers across the Kingdom.' Business and operating review Footfall reached a record-breaking 131.9 million visitors for the year (Q4-24: 32.0 million visitors, +10.7% q-o-q) marking a 6.3% y-o-y increase and setting a record for the highest ever footfall for Cenomi Centers. This continual growth underscores the attractiveness of Cenomi Centers' holistic retail and lifestyle offerings as well as reflecting strong consumer demand. As of December 2024, flagship developments Jawharat Jeddah and Jawharat Riyadh projects are 94.0% and 92.0% structurally complete respectively and starting in December 2025 and April 2026, respectively. Jawharat Riyadh, will feature 400+ of the world's most sought-after brands across over 100+ flagship stores. This includes more than 15 retailers new to is over 70% complete (based on agreed Head of Terms, signed Letters of Intent and signed Contracts). The asset will include a luxury wing, four unique F&B zones, world-class entertainment offerings, a state-of-the-art immersive digital experience surrounded by dining and 65,000 sqm of premium office space. Jawharat Jeddah's pre-leasing is over70% complete (based on agreed Head of Terms, signed Letter of Intent and signed Contracts), offering over 300 stores including 50+ flagships and more than 10 new brands to Jeddah. The asset will include Jeddah's first international luxury wing, a pioneering events hub, three unique F&B zones as well as a state-of-the-art immersive digital experience surrounded by dining. Alongside Jawharat Riyadh, Jawharat Jeddah will feature one of the largest skylights in KSA, standing at 27 meters high, illuminating the space with natural light and providing a seamless indoor and outdoor experience. Cenomi Centers' relentless focus on optimizing its retail mix through an active tenant rotation strategy resulted in a record like-for-like occupancy rate of 94.4% at year-end. This represents a significant year-on-year increase of 1.5 percentage points, surpassing the original guidance of 94%. As of year-end FY-24, leasing activity continues to underscore the strong demand for prime retail space. Cenomi Centers successfully renewed 2,422 leases and onboarded 583 brands. Notable additions span across various categories such as fashion, entertainment, and food & beverages, with prominent names like Charlotte Tilbury, Lululemon, Xiaomi and Five Guys, Saffori Land, Funtura, Spinneys, Salah, Ittihad Club, Alraed Club and Al Ahli Club joining the portfolio. This year also saw significant milestones, with major retail brands making substantial moves, including Zara and Nike, which have expanded within Nakheel Mall, David Clulow opening its first store in Riyadh at the same location, and FNAC also making its debut in Riyadh. The overall portfolio GLA mix stands at 62% retail and 38% non-retail (encompassing entertainment and F&B), with ongoing negotiations for additional brand partnerships. Financial review Looking at the full year results, total revenue increased at a steady rate of 4.0% to SAR 2,344.0 million during FY-24 compared to SAR 2,253.7 million in FY-23. Main driver of revenue growth came from media sales with 22.2% increase over 2023 and a surge in utilities and other revenue by 51.7% due to the increase in occupancy, penalties, and new additional charges which were implemented recently related to engineering work services. FY-24 net profit totaled SAR 1,224.2 million compared to SAR 1,501.0 million representing a 18.4% decrease. This decrease is mainly attributed to certain one-time factors. These include the write-off of non-amortized financing cost associated with an historical Islamic facility and 2024 Sukuk, totaling SAR 50.6 million, one-time increase of SAR 87.5 million in impairment loss, and a one-time increase in finance cost of SAR 36.5 million from the assessment of the time value of money in relation to payment plan arrangements agreed with some tenants to expedite rental collections. In contrast, FY-23 net profit was increased by SAR 238.7 million gain on the sale of land. Adjusting for these items, net profit in FY-24 increased 12.3% to SAR 1,398.8 million compared to SAR 1,245.6 million in the same period last year. Net finance costs reached SAR 690.1 million in FY-24 compared to SAR 357.1 million driven by the write-off of non-amortized financing cost and the assessment of the time value of money discussed above, and by the rise in average cost of debt and the increase in total debts reflecting a company in a near-peak investment stage with respect to its two flagship development projects, Jawharat Riyadh and Jawharat Jeddah. An increase in impairment loss on accounts receivable reached SAR 321.8 million in FY-24, compared to SAR 189.7 million in FY-23, due to adoption of a more cautious approach to managing credit loss estimates associated with receivable balances which resulted in a one-time increase of SAR 87.5 million in impairment loss. The decrease in net profit for FY-24 compared to FY-23 was partially offset by revenue growth, net fair value gain on investment properties of SAR 565.3 million in FY-24 compared to SAR 369.9 million in FY-23 and a reduction in expenses including advertisement and promotional expenses by 65.0% to SAR 22.9 million in FY-24 compared to SAR 65.5 million in FY-23 , while general and administrative costs were down 26.5% to SAR 256.1 million in FY-24 compared to SAR 348.5 million in FY-23 due to substantial decrease in government expenses and professional fees. EBITDA in FY-24 amounted to SAR 1,409.1 million, a 8.8% reduction compared to SAR 1,545.4 million in FY-23. Adjusted for the gain from sale of land amounting to SAR 238.7 million in FY-23 and a one-time increase of SAR 87.5 million in impairment loss following the adoption of a more cautious approach for managing credit loss estimates associated with receivable balances in FY-24, EBITDA was up by 16.0% y-o-y in FY-24. Cenomi Centers is currently in the midst of its peak investment phase, mainly driven by the active construction phase of the Jawharat flagship developments. This has resulted in an increase in net debt to SAR 11.5 billion as of FY-24, from SAR 8.9 billion in FY-23. The Board announced in March 2024, and subsequently approved at the Annual General Meeting on 30 June 2024, its dividends distribution policy. Starting from Q2-2024, the company has paid SAR 0.375 per share per quarter for one year. That implies an annualized dividend yield of 6.9% based on the share price of SAR 21.70 as of 31 December 2024. Income Statement Income Statement (SAR million) FY-24 FY-23 y-o-y % change REVENUE 2,344.0 2,253.7 4.0% Cost of Revenue - Direct costs (358.4) (383.5) -6.5% GROSS PROFIT 1,985.6 1,870.2 6.2% Gross Profit Margin 84.7% 83.0% 1.7pp Other operating income 15.4 291.5 -94.7% Net fair value gain on investment properties 565.3 369.9 52.8% Advertisement and promotion expenses (22.9) (65.5) -65.0% General and administration expenses (256.1) (348.5) -26.5% Impairment loss on accounts receivable, related parties and accrued revenue rentals (321.8) (189.7) 69.7% Other operating expenses (0.1) (18.4) -99.4% OPERATING PROFIT 1,965.4 1,909.5 2.9% Modification loss on related parties' receivables (53.6) - - Finance income on due from related parties 17.1 - - Finance Income - 7.1 -100.0% Finance Costs Over Loans and Borrowings (520.1) (253.8) 104.9% Finance Costs Over Lease Liabilities (133.5) (110.4) 20.9% NET FINANCE COSTS (690.1) (357.1) 93.2% Share from loss of equity-accounted investee (7.1) (10.9) -34.8% PROFIT BEFORE ZAKAT 1,268.2 1,541.5 -17.7% Zakat charge (44.0) (40.5) 8.7% PROFIT FOR THE YEAR 1,224.2 1,501.0 -18.4% Net Profit Margin 52.2% 66.6% -14.4pp Balance Sheet Balance Sheet (SAR million) December 2024 December 2023 % Change Investment properties 28,019.4 25,333.8 10.6% Property and equipment 49.0 56.6 -13.5% Accrued revenue – non-current portion 137.3 157.1 -12.6% Amounts due from related parties– non-current portion 235.0 0.0 100% Investment in equity-accounted investee 87.7 78.6 11.6% Investment at FVTPL 0.1 0.1 -28.6% Other non-current assets 12.5 18.7 -32.8% Non-current assets 28,541.0 25,644.9 11.3% Development properties 353.8 353.5 0.1% Accrued revenue 68.7 78.5 -12.6% Accounts receivable and others 482.9 474.2 1.8% Amounts due from related parties 408.4 483.8 -15.6% Prepayments and other assets 431.0 118.4 263.9% Investment at FVTPL 255.9 303.0 -15.5% Cash and cash equivalents 670.3 85.0 688.7% Asset held for sale 240.5 209.9 14.6% Current Assets 2,911.5 2,106.3 38.2% Total Assets 31,452.5 27,751.2 13.3% Loans and borrowings 12,137.6 5,881.7 106.4% Lease liabilities 2,790.7 2,839.9 -1.7% Employee benefits 34.6 35.8 -3.3% Other non-current liabilities 22.5 42.7 -47.4% Non-current liabilities 14,985.4 8,800.1 70.3% Loans and borrowings – current portion 34.7 3,105.0 -98.9% Lease liabilities – current portion 339.6 328.4 3.4% Accounts payable and other liabilities 670.9 703.1 -4.6% Provision 0.0 30.0 -100.0% Amount due to related parties 234.7 102.1 129.9% Unearned revenue 282.7 302.2 -6.4% Zakat liabilities 76.4 68.4 11.7% Current liabilities 1,639.1 4,639.2 -64.7% Total Liabilities 16,624.5 13,439.3 23.7% Total Equity 14,828.0 14,312.0 3.6% Total Liabilities and Equity 31,452.5 27,751.2 13.3% -Ends- Contact: Investor Relations Email: About Cenomi Centers: Cenomi Centers is the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia. For over two decades, the company has provided customers with a complete range of high-quality lifestyle centers up to international standards, located in the most attractive areas of the country to satisfy all shopping needs and market requirements. Today, Cenomi Centers has a portfolio of 22 assets, with circa 4,500 stores strategically located in 10 major Saudi cities. The Company's assets include several iconic lifestyle centers, such as Mall of Arabia Jeddah, Mall of Dhahran, and Nakheel Mall Riyadh, a consumers' favorite in the capital city. With a total GLA of nearly 1.4 million square meters, the company's malls provide Saudi shoppers with their preferred point of access to the full range of international, regional and local retail brands. For more information about Cenomi Centers, please visit Disclaimer This communication contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can be identified by the use of such words and phrases as 'according to estimates', 'anticipates', 'assumes', 'believes', 'could', 'estimates', 'expects', 'intends', 'is of the opinion', 'may', 'plans', 'potential', 'predicts', 'projects', 'should', 'to the knowledge of', 'will', 'would' or, in each case their negatives or other similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements containing information on future financial results, plans, or expectations regarding our business and management, our future growth or profitability and general economic and regulatory conditions and other matters affecting us. Forward-looking statements reflect our management's ('Management') current views of future events, are based on Management's assumptions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The occurrence or non-occurrence of an assumption could cause our actual financial condition and results of operations to differ materially from, or fail to meet expectations expressed or implied by, such forward-looking statements. Our business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to become inaccurate. These risks include fluctuations prices, costs, ability to retain the services of certain key employees, ability to compete successfully, changes in political, social, legal or economic conditions in Saudi Arabia, worldwide economic trends, the impact of war and terrorist activity, inflation, interest rate and exchange rate fluctuations and Management's ability to timely and accurately identify future risks to our business and manage the risks mentioned above.
Arab News
12-02-2025
- Business
- Arab News
Cenomi Centers taps Tawal to boost indoor mobile coverage in malls
Cenomi Centers, the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, announced during the LEAP 25 conference that it is partnering with telecommunications infrastructure provider Tawal to implement cutting-edge indoor cellular coverage across its retail properties. Cenomi Centers announced this step forward in digital connectivity as world leaders in technology gather in Saudi Arabia to discuss the ever-changing technology landscape. This move will bring seamless, high-speed connectivity for visitors, tenants and mall operators across Cenomi Centers' entire portfolio of 22 assets, including over 4,500 stores across 10 major Saudi cities. The network will cover various mobile service providers, ensuring maximum impact for all users. The implementation of a wireless connectivity network is consistent with Cenomi Centers' commitment to providing a premium visitor experience, empowering customers with easy connectivity for browsing, navigation and online purchases. It also fits into Cenomi Centers' vision for digital malls, bringing together technology and shopping experiences to create a connected environment that drives footfall. This infrastructure will be future-ready, supporting emerging technologies like 5G, the Internet of Things and smart solutions. This is an investment that will ensure Cenomi Centers' portfolio will be the best retail and lifestyle destinations not just for today, but for tomorrow. Alison Rehill-Erguven, CEO, Cenomi Centers, said: 'At Cenomi Centers, we are thrilled to partner with Tawal to offer the best connectivity to our customers. We know that the future of retail is in omnichannel experiences, and we want to ensure that both our customers and our tenants are able to engage with each other across as many mediums as possible, reinforcing our experiential approach to shopping. We are grateful to Tawal for its partnership and look forward to working together in the years to come.' Mohammed Alhakbani, CEO, Tawal, said: 'Tawal is enthusiastic about this agreement to offer state-of-the-art telecommunications infrastructure across all of Cenomi Centers' properties. This is an important step toward guaranteeing high-quality cellular coverage for everyone, wherever they need it, ultimately serving to connect people and improve their daily lives.' Tawal and Cenomi Centers share a dedication to empowering shoppers to connect with each other and enjoy the best retail experiences in the world. This commitment, partnering the Kingdom's premiere shopping properties with the best telecommunications technologies, will position both partners, alongside their customers, to thrive in the years to come.
Zawya
11-02-2025
- Business
- Zawya
Cenomi Centers partners with Tawal to boost indoor mobile coverage in malls
The partnership will ensure maximum connectivity for shoppers in Cenomi's lifestyle centers across the Kingdom, reinforcing Cenomi Centers' commitment to digital malls and building omnichannel shopping experiences. The infrastructure is future-ready, supporting emerging technologies and ensuring that Cenomi Centers offers the best customer experience possible. Kingdom of Saudi Arabia: Cenomi Centers, the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, is pleased to announce during the LEAP25 conference that it is partnering with telecommunications infrastructure provider TAWAL to implement cutting-edge indoor cellular coverage across its retail properties. Cenomi Centers is proud to announce this step forward in digital connectivity as world leaders in technology gather in Saudi Arabia to discuss the ever-changing technology landscape. This announcement will bring seamless, high-speed connectivity for visitors, tenants and mall operators across Cenomi Centers' entire portfolio of 22 assets, including over 4,500 stores across 10 major Saudi cities. The network will cover various mobile service providers, ensuring maximum impact for all users. The implementation of a wireless connectivity network is consistent with Cenomi Centers' commitment to providing a premium visitor experience, empowering customers with easy connectivity for browsing, navigation and online purchases. It also fits into Cenomi Centers' vision for digital malls, bringing together technology and shopping experiences to create a connected environment that drives footfall. This infrastructure will be future-ready, supporting emerging technologies like 5G, the Internet of Things (IoT) and smart solutions. This is an investment that will ensure Cenomi Centers' portfolio will be the best retail and lifestyle destinations not just for today, but for tomorrow. Alison Rehill-Erguven, CEO, Cenomi Centers, said: 'At Cenomi Centers, we are thrilled to partner with TAWAL to offer the best connectivity to our customers. We know that the future of retail is in omnichannel experiences, and we want to ensure that both our customers and our tenants are able to engage with each other across as many mediums as possible, reinforcing our experiential approach to shopping. We are grateful to TAWAL for its partnership and look forward to working together in the years to come.' Mohammed Alhakbani, CEO, TAWAL, said: 'TAWAL is enthusiastic about this agreement to offer state-of-the-art telecommunications infrastructure across all of Cenomi Centers' properties. This is an important step towards guaranteeing high-quality cellular coverage for everyone, wherever they need it, ultimately serving to connect people and improve their daily lives.' TAWAL and Cenomi Centers share a dedication to empowering shoppers to connect with each other and enjoy the best retail experiences in the world. This commitment, partnering the Kingdom's premiere shopping properties with the best telecommunications technologies, will position both partners, alongside their customers, to thrive in the years to come. -Ends- For more information, please contact: cenomi@ About Cenomi Centers: Cenomi Centers is the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia. For over two decades, the company has provided customers with a complete range of high-quality lifestyle centers up to international standards, located in the most attractive areas of the country to satisfy all shopping needs and market requirements. Today, Cenomi Centers has a portfolio of 22 assets, with more than 4,500 stores strategically located in 10 major Saudi cities. The Company's developments include several iconic lifestyle centers, such as Mall of Arabia Jeddah, Mall of Dhahran, and Nakheel Mall Riyadh, a consumers' favorite in Riyadh. With a total GLA of nearly 1.4 million square meters, the company's malls provide Saudi shoppers with their preferred point of access to the full range of international, regional and local retail brands. For more information about Cenomi Centers, please visit About TAWAL: TAWAL is the leading integrated ICT infrastructure and Telecommunications Tower Company in the Kingdom and largest in the region. The company owns and operates more than 21,000 towers across Saudi Arabia, Bulgaria, Croatia, Slovenia and Pakistan.
