Cenomi Centers net profit rises on cost control

Cenomi Centers, the largest owner, operator and developer of shopping malls in Saudi Arabia, said net profit rose last year despite a decline in revenue, supported by efficient cost management.

The bottom line increased 4 percent to SAR1.3 billion ($345 million), up from SAR1.2 billion in 2024, driven by continued cost control and higher operating income from a land sale, the company said in a statement to the Saudi stock exchange.

Revenue fell 2 percent to SAR2.3 billion. On a like-for-like basis, the top line grew by 6 percent, supported by stronger leasing and higher visitor traffic. Footfall gained more than 4 percent to 126.8 million.

Net debt increased to SAR12.7 billion by the end of 2025 from SAR11.5 billion a year earlier, driven by its expansion strategy.  

Cenomi expects to increase its gross leasable area by over 50 percent to 1.9 million square metres by 2029 following the completion of three flagship centres (Westfield Riyadh, Westfield Jeddah and Al Khobar) and three lifestyle centres (U Walk Qassim, Murcia Mall and Barakah Mall).

Cenomi Centers’ portfolio comprises 21 shopping centres, categorised as super-regional, regional and community.

Of the 21, 11 are on leased land, nine on land owned directly by the company, and one operates under a management and operating agreement, according to the company’s 2024 annual board report.

Shares in Cenomi Centers closed 0.9 percent higher at SAR17.45 on Sunday. The stock is down nearly 8 percent so far this year.

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