Record footfall at Saudi Arabia’s largest mall operator

Record footfall at Saudi Arabia’s largest mall operator

Cenomi Centers, Saudi Arabia’s biggest mall operator, said on Thursday it had seen record footfall of 31.7 million customer visits in the first quarter of 2024, highlighting the continued strength of the Saudi retail sector.  Net profit at the company, which runs 21 malls, was down 53 percent at SAR180.5 million ($48 million) after the […]

Cenomi hails almost 32m visits in Q1

Net profit down 53% after write-off

Revenues up 1.6% over the year

Cenomi Centers, Saudi Arabia’s biggest mall operator, said on Thursday it had seen record footfall of 31.7 million customer visits in the first quarter of 2024, highlighting the continued strength of the Saudi retail sector. 

Net profit at the company, which runs 21 malls, was down 53 percent at SAR180.5 million ($48 million) after the write-off of a non-amortized financing cost, the company said. 

When adjusted, including taking into account a land sale that boosted last year’s figure, net profit would have risen 78 percent to SAR236.2 million, Cenomi said. 

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Revenues rose 1.6 percent over the year to SAR585.5 million. 

Footfall was up almost 8 percent over the year, after a 10 percent increase from the fourth quarter of 2023. Footfall rose