Cenomi Retail reports stable revenues

Cenomi Retail reports stable revenues

- Topline performance maintained, supported by improvement in domestic demand

- Adjusted net profit, excluding one-off inventory charge, increased 10% YoY in 9M-FY23

- “Cenomi” launched as a full rebrand, marking a new era of growth and prosperity

- Brand portfolio rationalization underway, with 26 non-strategic brands earmarked for divestments to focus on Champion Brands and enhance profitability

- Staff optimization review at Stores and HQ to yield a minimum of SAR 50 million in savings

Riyadh, Saudi Arabia: Cenomi Retail, Saudi Arabia’s pioneering retail brand partner, today announced its results for the third quarter and nine-month (9M) period of FY2023, ending 31 December 2022 (Q3-FY23 and 9M-FY23). The company reported revenues of SAR 1,460 million, and SAR 4,538 million, respectively, with gains in KSA supported by a renewal in consumer sentiment and a solid international retail performance. The positive top line performance was diluted by the accounting adjustment related to the four exited F&B brands.

As the company strategically aligns its business with Champion Brands and operating excellence, several key milestones on its transformation journey were successfully achieved during the period. This includes the strategic brand rationalization program, with the goal of divesting 26 non-strategic brands, four of which have already been exited. This is