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Yahoo
20-05-2025
- Business
- Yahoo
Bank Hapoalim BM (BKHYY) Q1 2025 Earnings Call Highlights: Strong Profit Growth Amid ...
Return on Equity: 16.4% for the first quarter. Net Profit: NIS2.4 billion, up 25% versus the corresponding quarter. Earnings Per Share (EPS): NIS1.83. Cost to Income Ratio: 35%. Credit Growth: 2.7% in the last quarter, 10.8% in the last 12 months. Total Income Growth: 3.2% versus the fourth quarter, 11.8% versus last year. CET1 Ratio: 11.74%. NPL Ratio: Dropped to 0.52%. Liquidity Coverage Ratio (LCR): 128%. Financing Income Growth: 2.3% in the quarter. Fees Growth: 6.2% in the last quarter, 9.2% in the last 12 months. Operating and Other Expenses: Dropped by 29.1% compared to the previous quarter. Provision for Credit Losses: NIS262 million or 0.23% of the credit book. Dividend Distribution: NIS720 million cash dividend, NIS0.55 per share, and NIS250 million share buyback. GDP Growth: 3.4% annual rate in the first quarter. Inflation: 3.6%. Warning! GuruFocus has detected 3 Warning Signs with CGEN. Release Date: May 19, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Bank Hapoalim BM (BKHYY) reported a strong return on equity of 16.4% for the first quarter, indicating robust profitability. Net profit increased by 25% compared to the corresponding quarter, showcasing significant financial growth. The bank achieved a cost-to-income ratio of 35%, reflecting efficient cost management. Credit growth was recorded at 2.7% for the last quarter and 10.8% over the last 12 months, driven by demand across various segments. The CET1 capital ratio stood at 11.74%, well above the minimum regulatory requirement, indicating a strong capital position. The bank recorded a special war tax expense, which impacted overall profitability. Provision for credit losses amounted to NIS262 million, reflecting potential impacts from economic and political uncertainties in Israel. The dividend payout ratio is capped at 40% due to ongoing geopolitical uncertainties, limiting shareholder returns. Operating and other expenses were previously high due to a NIS597 million expense for an early retirement plan. The economic environment remains uncertain, with inflation at 3.6% and potential risks from geopolitical tensions affecting future performance. Q: You mentioned the current limitations regarding dividends and buybacks. When might the Bank of Israel lift these restrictions, and what conditions need to change for this to happen? A: The Bank of Israel currently caps the dividend payout ratio at 40% due to geopolitical uncertainties. The lifting of these restrictions depends on a reduction in these uncertainties and improved economic performance. The Bank of Israel evaluates the situation quarterly, so the timeframe for changes is uncertain. Q: Given the current geopolitical situation, do you expect to maintain the same level of loan growth in the coming quarters? A: We achieved a 2.7% growth this quarter, and our guidance suggests an average annual growth of 7% for 2025 and 2026, based on GDP and inflation trends. If the economy performs well, we are prepared to seize opportunities, supported by our strong capital and liquidity positions. Q: Can you provide more details on the factors driving your financing income growth? A: Financing income grew by 2.3% this quarter, driven by credit book growth, asset portfolio repricing, duration extension, and a higher CPI contribution. This growth is sustainable even without the CPI effect. Q: How has the geopolitical environment affected your credit quality metrics? A: Despite the geopolitical challenges, our credit quality has improved, with the NPL ratio dropping to 0.52%. The allowance for credit losses increased to NIS8.1 billion, primarily due to collective allowances reflecting potential economic impacts. Q: What are your expectations for the macroeconomic environment and its impact on your operations? A: The GDP expanded at an annual rate of 3.4% in the first quarter, with inflation at 3.6%. The labor market remains tight, and market expectations suggest potential interest rate cuts by year-end. These factors position us well for continued strong performance. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
Shree Pushkar Chemicals & Fertilisers Ltd (BOM:539334) Q4 FY25 Earnings Call Highlights: ...
Revenue from Operations: INR219.4 crore in Q4 FY25, a 15% year-on-year increase. Chemical Division Growth: 19% increase in Q4 FY25. Fertilizer Division Growth: 10.6% increase in Q4 FY25. EBITDA: INR24.70 crore in Q4 FY25, a 32% rise over Q4 FY24. EBITDA Margin: 11.3% in Q4 FY25. Profit After Tax: INR16.5 crore in Q4 FY25, a 27% year-on-year increase. Full Year Revenue: INR806.3 crore for FY25, an 11% increase over FY24. Full Year EBITDA: INR83.90 crore for FY25, a 38% increase over FY24. Full Year Net Profit: INR58.60 crore for FY25, a 58% increase over FY24. Fertilizer Segment Volume: 24.4% increase, closing FY25 at 2.61 lakh metric tons. Chemical Segment Volume: 0.57 lakh metric tons, marginally lower year-on-year. Gross Profit: INR85.2 crore in Q4 FY25, a 34.9% increase. Gross Margin: 38.8% in Q4 FY25, up from 33.1% in Q4 FY24. Profit Before Tax: INR20.4 crore in Q4 FY25, a 28.4% increase. Quarterly Fertilizer Sales Volume: 60,000 metric tons, a 5% increase over Q4 FY24. Quarterly Chemical Sales Volume: 10,000 metric tons, an 11% decline year-on-year. Full Year Chemical Division Revenue: INR124 crore, a 7% increase. Full Year Fertilizer Division Revenue: INR381 crore, a 15.8% increase year-on-year. Material Consumption: INR557 crore for FY25. Employee Benefit Expenses: INR51.3 crore for FY25. Other Operating Expenses: INR161 crore for FY25. Finance Cost: INR2.3 crore for FY25. Equity Base: Increased to INR538 crore. Net Cash from Operations: INR37.5 crore for FY25, up from INR16.2 crore in FY24. Warning! GuruFocus has detected 2 Warning Signs with BOM:539334. Release Date: May 19, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Shree Pushkar Chemicals & Fertilisers Ltd (BOM:539334) reported a 15% year-on-year increase in revenue from operations, reaching INR219.4 crore for Q4 FY25. The chemical division registered a growth of 19%, while the fertilizer division advanced by 10.6%. EBITDA levels for the quarter rose by 32% to INR24.70 crore, with margins expanding to 11.3% due to operational efficiencies. The company commissioned an additional 3.8 megawatt DC solar power plant, increasing total solar capacity to 9 megawatts DC. Shree Pushkar Chemicals & Fertilisers Ltd maintains a strong balance sheet with a net cash position backed by INR116.55 crore on rolling deposits. The chemical segment experienced a decline in volume, attributed to an extended shutdown of the acid complex for maintenance. Inventory levels increased significantly due to the pre-purchase of rock phosphate, impacting cash flow. The company faces challenges with BIS deferment for certain products, potentially affecting future business operations. Finance costs, although low, may increase with the start of new plants, impacting future profitability. The company is exposed to geopolitical risks, such as potential trade disruptions with Bangladesh, which could affect export markets. Q: Can you explain the drop in chemical division volumes and the corresponding inventory buildup? A: Puneet Makharia, Chairman and Managing Director, explained that the chemical division experienced a prolonged shutdown of 52-53 days due to unforeseen maintenance issues, which affected volumes. Additionally, the company purchased excess rock phosphate for future fertilizer production, leading to higher inventory levels. Q: Despite the shutdown, chemical revenues increased. Can you elaborate on this? A: Puneet Makharia noted that improved pricing and increased sales of intermediates contributed to the revenue growth in the chemical segment, despite the volume drop. Q: What is the impact of BIS deferment on your business? A: Puneet Makharia stated that the deferment of BIS standards for certain products does not significantly impact the company, as current import prices from China are not competitive, and the deferment is only for a short period. Q: What is your revenue guidance for FY'26? A: Puneet Makharia projected total revenue of approximately INR 950-1,000 crore for FY'26, driven by new unit operations, better pricing, and increased volumes in both chemicals and fertilizers. Q: How does the increase in SSP subsidy affect demand? A: Puneet Makharia indicated that the increased subsidy for SSP, along with a global shortage of phosphatic fertilizers, is expected to boost demand for SSP, benefiting the company. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Zawya
14-05-2025
- Business
- Zawya
Agthia Group results for the first 3 months of 2025
Group EBITDA at AED 185.7 million; with EBITDA Margin of 14.5% Net Profit at AED 86.1 million; Net Profit Margin at 6.7% The dates business continues to face lingering challenges from the 2024 harvest, with proactive efforts underway to mitigate the impact Abu Dhabi, UAE – Agthia Group PJSC ('Agthia' or 'the Group'), one of the region's leading food and beverage companies, today announced its financial results for the three-month period ending 31 March 2025. The Group reported AED 1.3 billion in revenue for Q1 2025, reflecting a year-on-year decline of 11.4%, with the quarter lapping the one-time wheat trading activity (AED 120 million), the significant devaluation of the Egyptian currency (EGP) in March 2024, and the carryover of the short-term operational challenges in the dates business. Excluding the impact of EGP devaluation and the wheat trading activity recorded last year, Group revenue would have recorded an increase of 5.2% year-on-year. Group EBITDA declined 20.2% year-on-year to AED 185.7 million, with a margin of 14.5%, reflecting ongoing pressures in specific categories. Net Profit for the quarter stood at AED 86.1 million, with a margin of 6.7%. Profitability was also impacted by the implementation of the Pillar II corporate tax in the UAE, which raised the Group's effective tax rate to 19.3%, up from 13.5% in the same period last year. Performance by Segment: Water & Food: Revenue increased by 10.6% year-on-year, driven by strong growth in bottled water and Home and Office Services (HOS) across the UAE, Turkey, and KSA. Al Ain Water continued to cement its market leadership, securing high-profile B2B contracts including Marriott Group UAE. Segment EBITDA grew 17.6%, supported by SG&A efficiencies and resulting in a 104bps margin expansion to 17.5%. Agri-Business: Reported revenue declined year-on-year, reflecting the absence of wheat trading activity recorded in Q1 2024. Excluding the trading activity, the segment delivered 2.9% revenue growth. Agri-Business EBITDA increased by 16.1%, with a margin expansion of 708bps, supported by favorable commodity dynamics and disciplined cost control. Snacking: Revenue declined 8.2% year-on-year, mainly due to lower sales in the Dates business. Dates business profitability was impacted by the sale of specific excess inventory at reduced prices. Whilst the global dates market remains robust, Agthia continues to reset the business in preparation for the 2025 harvest season. These challenges will persist through Q2 2025. Abu Auf also faced margin pressure due to higher coffee input costs, while BMB delivered strong double-digit EBITDA growth on the back of revenue momentum and cost optimization, reflecting the value of a diversified snacking portfolio. Protein & Frozen: Revenue declined 15.7% year-on-year, impacted by continued softness in Egypt and lower exports from Jordan. Segment EBITDA Margin was impacted by higher raw material costs at Nabil and Al Ain Egypt, as well as by temporary fixed-cost pressure during the ramp-up at the new KSA facility. However, Atyab delivered a 158bps improvement in EBITDA margin, reflecting strong operational execution. With Phase II of the KSA facility underway, performance is expected to improve as the project completes in the beginning of 2026. During the quarter, Agthia increased its stake in Abu Auf from 70% to 80%, deepening integration within the Snacking segment and underscoring the Group's strong belief in its long-term growth potential. The move reflects Agthia's continued focus on scaling high-opportunity categories aligned with evolving consumer trends. In parallel, the Group's Board approved the acquisition of Riviere, a leading bottled water HOS player in the UAE, further expanding Agthia's direct-to-consumer footprint and strengthening its leadership in the Water category. Innovation remains a key driver of Agthia's growth and transformation journey, contributing AED 45 million to Q1 2025 performance. Led by its Central Innovation Team, Agthia continues to foster collaboration across business units. In Snacking, Abu Auf introduced espresso-machine capsules and expanded its snacking portfolio with new chocolate varieties, while Zadina launched date-sweetened pistachio kunafa chocolate and premium kunafa stuffed dates and wafers. In Water & Food, Al Ain Water revamped its premium glass packaging to elevate shelf presence and appeal. In Protein & Frozen, Atyab relaunched a range of cold cuts range, with 2 new SKUs introduced, aiming to boost supermarket visibility and support overall range. Meanwhile, Meatland re-launched its Luncheon range with a refreshed packaging design and more competitive pricing to drive growth in the Tier-2 Luncheon segment. Agthia also advanced its digital transformation efforts in Q1 2025, enhancing both customer experience and operational efficiency, driving a 18.7% surge in e-commerce revenue, now representing 5.6% of total Group revenue. Agthia continued to advance its sustainability roadmap in Q1 2025, achieving an 8.5% reduction in absolute water consumption. The Group partnered with the Authority of Social Contribution - Ma'an and Khubza Bakery on the 'A Million Pieces of Bread' initiative during Ramadan, as part of the UAE's Year of Community campaign. It also earned Gold recognition as Sustainable Brand Owner of the Year 2025 for its 100% recyclable monolayer flexible packaging for 'Freakin' Wholesome roasted walnuts stuffed dates pouch'. To strengthen ESG governance and transparency, Agthia launched a Smart ESG Platform integrating over 150 KPIs, enabling real-time audits and streamlined reporting across the business. Alan Smith, Group Chief Executive Officer of Agthia Group, commented: 'Over the course of the past two decades, our ability to navigate a dynamic operating environment has been tested multiple times. We have the utmost confidence in the resilience of our business and our ability to withstand short-term pressures in some segments, and while we acknowledge the short-term pressures in select segments, we are not defined by them. What stands out this quarter is the continued strength in Water and Agri-Business, the operational momentum across our diversified portfolio, and the solid groundwork we're laying for the future. We are focused on disciplined execution, integrating recent acquisitions, and accelerating synergies that drive long-term value creation. Our increased ownership in Abu Auf and the acquisition of Riviere are testament to our commitment to reinforcing leadership in high-potential verticals. Agthia is in a strong position to deliver sustainable, profitable growth and continued value for all our stakeholders.' Agthia ended the quarter with a Net Debt-to-EBITDA ratio of 2.4x and AED 321 million in cash and equivalents - maintaining a strong financial position that supports continued investment in strategic priorities and growth opportunities. The Group's Q1 2025 financial results are available at and on the Abu Dhabi Securities Exchange ( About Agthia Agthia Group PJSC (ADX: AGTHIA) is one of the region's leading food and beverage companies headquartered in Abu Dhabi and part of ADQ, one of the largest holding companies in the Middle East. Established in 2004, Agthia has evolved into a diversified, multi-category F&B leader with a strong regional footprint across the UAE, Saudi Arabia, Kuwait, Oman, Egypt, Turkey, and Jordan. The Group's integrated portfolio includes market-leading brands across four key categories: Water & Food (Al Ain Water, Al Bayan, VOSS, Alpin, SunRice, Campa Cola), Snacking (Al Foah, BMB, Abu Auf, Al Faysal Bakery & Sweets), Protein and Frozen (Nabil Foods, Atyab, Al Ain Frozen Vegetables), and Agri-Business (Grand Mills, Agrivita). With more than 12,000 employees across its operations, Agthia's products reach consumers in over 60 markets worldwide. For more information, please visit or, email us on corpcoms@
Yahoo
13-05-2025
- Business
- Yahoo
UniCredit SpA (UNCFF) Q1 2025 Earnings Call Highlights: Record-Breaking Quarter with Strong ...
Net Revenue Growth: Increased by 3.2% year-on-year and 14.6% quarter-on-quarter. Net Profit: Increased by 8.3% to EUR 2.8 billion. Return on Tangible Equity (RoTE): Achieved 22%, with an adjusted RoTE of 26% at 13% CET1. Cost-to-Income Ratio: Reduced to 35.4%. Net Interest Income (NII) Return on Allocated Capital (RoAC): Increased to 20%. Fee Income Growth: Grew 8.2% year-on-year and 16.5% quarter-on-quarter. Cost of Risk: Remained low at 8 basis points. CET1 Ratio: Increased to 16.1%, or 16.6% excluding the accrued share buyback. EPS Growth: Increased by 18%. Dividend Per Share Growth: Increased by 46%. Organic Capital Generation: Generated EUR 3.1 billion organically and EUR 5.3 billion overall. Fee to Revenue Ratio: Climbed to 36%. Loan-to-Deposit Ratio: Stands at 87%. Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR): Above 140% and 125%, respectively. Warning! GuruFocus has detected 5 Warning Sign with UNCFF. Release Date: May 12, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. UniCredit SpA (UNCFF) reported its best quarter in history, with record results across all key performance indicators (KPIs). Net profit increased by 8.3% to EUR 2.8 billion, achieving a 22% return on tangible equity. The company upgraded its 2025 guidance, expecting to exceed 2024 net income and return on tangible equity, with distributions above last year. Fee income reached a new record, growing 8.2% year-on-year, with strong performance across various categories and regions. UniCredit SpA (UNCFF) maintained a strong capital position, with a CET1 ratio of 16.1%, and a buffer of EUR 8.5 billion to EUR 10 billion. Net interest income (NII) showed a decline, although it was offset by strong fee generation. The macroeconomic environment remains challenging, with expectations of softer net operating profit due to normalizing rates and cost of risk. The company faces potential volatility in trading revenues, which may not repeat the significant overperformance seen in Q1. There is uncertainty surrounding M&A opportunities, with political hostilities and strategic considerations impacting potential deals. The company has a significant amount of excess capital, which it aims to address by 2027, but this may be impacted by market conditions and strategic decisions. Q: How much of the potential upward revision of guidance on net revenues is from provisions and trading, and how much from fees and costs? Also, can you clarify your stance on M&A, particularly regarding Commerzbank and strategic objectives? A: Andrea Orcel, CEO: The significant beat on core revenues is due to better-than-expected fees and expected NII. Trading was benign, driven by client risk management and treasury performance. Costs and provisions were better than expected. We may increase guidance further if trends continue. On M&A, we evaluate opportunities in every market but will only pursue those that enhance shareholder value. We prioritize new market entry, strengthening factories, and share buybacks, depending on returns. Q: What is the expected trend in headcount and any related cost implications from the Google partnership? Also, can you provide more color on the CET1 capital strength this quarter? A: Andrea Orcel, CEO: We focus on cost efficiencies rather than FTE reduction, reinternalizing activities and investing in younger talent. The Google partnership will transform the bank, similar to other strategic partnerships. Stefano Porro, CFO: The CET1 capital strength was bolstered by ruble appreciation and strategic portfolio performance, with a buffer maintained for volatility. Q: Can you provide details on the impact of the mark-to-market of strategic stakes like Commerzbank and Generali on CET1 and trading? Also, what's the timeline for the Banco BPM transaction? A: Andrea Orcel, CEO: The strategic portfolio had a positive 25 basis points impact on CET1, with a EUR40 million negative impact on trading due to hedges. Regarding Banco BPM, we are evaluating the situation, considering factors like asset quality and capital projections, and awaiting clarification on the golden power before making a decision. Q: What drove the decline in net interest income in Austria, and what is the expected impact of the replication portfolio? Also, can you elaborate on the EUR400 million net profit benefit expected by 2027? A: Stefano Porro, CFO: The decline in Austria's NII was due to customer rate trends and deposit repricing. The replication portfolio is expected to contribute EUR500 million over three years, mainly in 2026 and 2027. The EUR400 million net profit benefit by 2027 includes contributions from insurance, Alpha Romania, and Aion-Vodeno, with synergies expected in the coming years. Q: How are you planning to address excess capital, and what are your expectations for NII given the lower pass-through this quarter? A: Andrea Orcel, CEO: We remain committed to returning excess capital above 13% CET1 by 2027, either through M&A or share buybacks, depending on shareholder value. Stefano Porro, CFO: We expect a moderate decline in NII, with potential upside if pass-through reductions continue. Our assumptions include a deposit facility rate below 2% by year-end. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Zawya
12-05-2025
- Business
- Zawya
Cenomi Centers accelerates momentum with 20% y-o-y net profit growth and record footfall for any first quarter
EBITDA and Net Profit up 10.6% and 20.0% respectively in Q1-25 compared to same period last year Record footfall of 34.7 million customer visits in Q1-2 5, up 9.7%, highest on record for any first quarter Like-for-like occupancy reached 93.1% in Q1-25, up 0.6 pp compared to same period last year Jawharat Jeddah on track for delivery in Q4-25 and Jawharat Riyadh in Q2-26 Sale of Sahara Plaza concluded in Q1-25, as part of the non-core asset sale program Riyadh, Saudi Arabia: Cenomi Centers, Saudi Arabia's largest owner, operator and developer of shopping malls, published its financial results for the three months ended 31 March 2025. During the first quarter, the company delivered SAR 590.6 million in revenue, up 0.8% y-o-y (year-on-year) and EBITDA of SAR 357.4 million, up 10.6% y-o-y. The improvement in revenue and EBITDA from the previous quarter is driven by growth in media sales (+8.8%) and operating profit (+7.4%). Incremental growth in revenue during Q1-25 despite the absence of contributions from Mall of Dhahran, the first phase of which was handed over in early February 2025, due to steady performance across all revenue streams. Media sales in particular were strong, seeing an increase of 8.8% y-o-y driven by a focused management initiative to expand non-GLA revenue. Net profit increased by 20.0% to SAR 222.7 million in Q1-25 compared to SAR 185.6 million in Q1-24 where Q1-24 profits were impacted by the one-time write-off of non-amortized financing cost associated with a historical Islamic facility and 2024 Sukuk, totaling SAR 50.6 million. In Q1-25, Cenomi Centers also recorded its strongest footfall performance for any first quarter. With 34.7 million customer visits, footfall surged by a notable +9.7% y-o-y. Excluding the footfall impact of Mall of Dhahran which was handed over in early February 2025, footfall surged +15.8% y-o-y. This reaffirms Cenomi Centers' assets are the premier shopping destinations and the primary gateway for both local and international retailers seeking to engage with Saudi consumers. Driven by Cenomi Centers' ongoing focus on enhancing retail quality, like-for-like occupancy remained steady at 93.1% this quarter, an increase of 0.6 pp y-o-y, reflecting the company's commitment to curating a vibrant and relevant shopping experience for Saudi consumers and expected to be supported with a healthy pipeline of leasing activity set to materialize in the coming quarters. The progress of the portfolio continues with flagships Jawharat Riyadh and Jawharat Jeddah, which will be the first gold-LEED certified malls in the Kingdom, making remarkable strides. As of March 2025, overall structural completion levels stand at 99.0% for Jawharat Jeddah and 98.0% for Jawharat Riyadh. These two assets are emerging as Cenomi Centers' top performers in footfall, revenue and EBITDA. They 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. In total, the current pipeline of three flagship centers (Jawharat Riyadh, Jawharat Jeddah and Jawharat Al Khobar) and three lifestyle centers (Jubail Marina Mall, U Walk Qassim and Murcia Mall) will grow Cenomi Centers' GLA by 46%, taking total GLA to 1.8 million sqm. Demonstrating its continued commitment to 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 Q2-24, the Company has paid SAR 0.375 per share per quarter for one year. That implies an annualized dividend yield of 7.3% based on the share price of SAR 20.58 as of 31 March 2025. Alison Rehill-Erguven, CEO, Cenomi Centers, commented: 'Cenomi Centers continues to build on its strong momentum, delivering sustained growth and advancing our strategic vision. In the first quarter, we achieved a steady 1% increase in revenue despite the termination of revenue from Mall of Dhahran earlier that quarter and an 11% increase in EBITDA y-o-y, reflecting the strength of our core operations and the success of our proactive asset enhancement strategy. The ongoing transformation of our portfolio highlighted by progress on flagship developments like Jawharat Jeddah and Jawharat Riyadh underscores our commitment to delivering world-class, premium retail destinations which is on track for Q4-25 and Q2-2026, respectively. We also continued to attract robust tenant demand, supported by record footfall for any first quarter and sustained net rental revenue growth. As we look ahead, our focus remains on disciplined execution, innovation in retail experiences, and unlocking long-term value across the Kingdom's rapidly evolving retail landscape.' Business and Operating highlights In Q1-25, Cenomi Centers welcomed 34.7 million visitors across its malls, the highest first-quarter footfall on record and a 9.7% increase year-on-year. Excluding Mall of Dhahran, footfall rose by an impressive 15.8% compared to the same period last year. This continued growth highlights the strength of Cenomi Centers' portfolio and the strong consumer appeal of its modern, trend-led offerings. Demand for prime retail space in the Kingdom remains robust. In Q1-25, like-for-like occupancy held steady at 93.1%, reflecting a slight y-o-y increase of 0.6 pp. This stability underscores sustained interest from both regional and international brands, with a healthy pipeline of leasing activity set to materialize in the coming quarters. Throughout the quarter, the company successfully renewed 751 lease contracts and welcomed 67 brands onboard, (of which 33 are new brands). Among these additions are distinguished names such as Harry Winston, Blancpain, Breguet, Dua Almoallim Jewelry and ElFaleh. 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. As of March 2025, flagship developments Jawharat Jeddah and Jawharat Riyadh projects are 99.0% and 98.0% structurally complete respectively and will begin trading in Q4-2025 and Q2-2026, respectively. Jawharat Jeddah's pre-leasing is close to 90% 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. Jawharat Riyadh's structure is 98% complete with 80% pre-leasing completed (based on agreed Head of Terms, signed Letters of Intent and signed Contracts). The mall will feature over 300 world-renowned brands in 75+ flagship stores, including over 10 new brands to Riyadh. Spanning an area equivalent to 70 football fields, Jawharat Riyadh stands as Saudi Arabia's largest footprinted mall. 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 sq m of premium office space. It will be the number one mall in Riyadh for footfall and spend and will attract over 20 million customers annually. Financial highlights During the quarter, revenue totaled SAR 590.6 million compared to SAR 585.8 million in Q1-24. The steady growth was supported by strong performance across all revenue streams, despite the absence of contributions from Mall of Dhahran, the first phase of which was handed over in early February 2025. Net rental revenue benefited from an improved like-for-like occupancy rate, which rose to 93.1% from 92.5% in Q1-24. This growth was further driven by an 8.8% increase in media sales and a 0.9% increase in utilities and other revenue due to the increase in occupancy, penalties, and charges related to engineering work services. Cenomi Centers reported a 20.0% y-o-y increase in net profit for Q1-25, reaching SAR 222.7 million compared to SAR 185.6 million in Q1-24. The prior year's results were impacted by a one-time write-off of SAR 50.6 million related to financing cost associated with a historical Islamic facility and 2024 Sukuk. The improved performance this quarter was driven by a combination of factors, including 0.8% increase in total revenues, a 20.1% reduction in cost of revenue reflecting management's concerted efforts of cost reduction initiatives and significant increase in other operating income (notably a SAR 22.0 million gain) on the sale of Sahara Plaza which was offset by the increase in other operating costs due to lease termination costs. Impairment on accounts receivable decreased by 18% y-o-y to SAR 79.6 million in Q1-25, compared to SAR 97.1 million in Q1-24. The higher impairment in Q1-24 reflected a more cautious approach taken at that time in credit loss estimates associated with the receivable balances. Net finance costs totaled to SAR 165.3 million in Q1-25 compared to SAR 173.4 million in Q1-24. The decrease in finance costs during Q1-25 was primarily driven by the reversal of time value of SAR 7.1 million booked initially in 2024. Partially offsetting these gains were a 34.3% y-o-y increase in general and administrative expenses, increased other operating expenses due to lease termination costs, and a slight y-o-y decline of SAR 6.1 million in the fair value gain on investment properties. EBITDA in Q1-25 amounted to SAR 357.4 million, an increase of 10.6% compared to SAR 323.0 million in Q1-24. The increase is mainly driven by 0.8% y-o-y increase in total revenue with media sales seeing a y-o-y increase of 8.8% and operating profit increasing y-o-y by 7.4%, driven by the reduction in impairment loss on accounts receivables by 18.0%. These positive impacts were partially offset by higher general and administrative expenses, largely due to a 34.3% rise in staff costs where Q1-24 expenses were impacted by a reversal of employee-related provisions. As of Q1-25, total amounts due from related parties increased by 7.5% to SAR 691.7 million. Cenomi Centers has put a stringent program in place to ensure recovery, including expediting payment. Cenomi Centers is currently in the midst of its peak investment phase, with net debt at SAR 12.0 billion as Q1-25, up from SAR 11.5 billion in Q4-24. This increase is mainly driven by the active construction phase of the Jawharat flagship developments.
