Cenomi Centers targets strong performance momentum, aims higher occupancy rates: CFO

He indicated that the company anticipates further growth in footfall and revenue, driven by high leasing demand and continued consumer interest across its centers.

Cenomi Centers has a portfolio of 22 lifestyle centers across 10 cities in Saudi Arabia, with a total gross leasable area (GLA) of approximately 1.4 million square meters, he added.

The company demonstrated robust growth in Q3 2024, with net profit up 11.8% year-on-year (YoY) to SAR 328.1 million. This was largely driven by revenue growth, disciplined cost control, and fair value gains on investment properties, Maali said.

The CFO noted that the like-for-like occupancy rates reached 92.6% in Q3 2024, marking a 2.3 percentage point increase YoY.

Cenomi Centers also renewed 2,228 leases during the first nine months of 2024, reflecting strong demand for prime retail space.

Maali indicated that footfall in shopping centers surged to a record 100 million visitors during the first nine months of 2024, with a 5.8% YoY increase in Q3 2024, amid strong consumer demand for prime retail spaces.

Meanwhile, the Jawharat Jeddah and Jawharat Riyadh projects are progressing as scheduled, with structure completion at 93% and 90%, respectively. Both projects are on track for finalization by the end of 2025, the CFO said.

Maali said that the company is planning new projects, including the upcoming U Walk Qassim, which is set to resume construction in December 2024. The project is backed by a SAR 1 billion fund through a strategic partnership with GIB Capital, he added.