EL7.AI
StocksMedium•9 November 2026•
3 min read

Cenomi Centers’ Q3 Profit Falls 19.1% to SAR 404.9 Million

Key Facts

1Third-quarter net profit was SAR 404.9 million, down 19.1% from the comparable period.
2Third-quarter revenue rose 10% to SAR 606.2 million.
3Cost of revenue increased to SAR 145.9 million from SAR 99.4 million.
4Adjusted net profit rose 32.8% to SAR 417.9 million.

Cenomi Centers posted net profit of SAR 404.9 million in the third quarter of 2026, down 19.1% from SAR 500.65 million in the same period last year, according to the company’s results reported by Argaam. Revenue, meanwhile, rose 10% year on year to SAR 606.2 million from SAR 551.3 million. The company attributed the annual decline in net profit to higher costs, as well as operating expenses for Westfield Jeddah following its start of operations. It also noted that the comparison with the third quarter of 2025 includes a one-off positive impact. Net profit in that period benefited from the final and full settlement of an insurance claim related to a fire at one of the company’s assets.

Cost of revenue rose to SAR 145.9 million in the third quarter, compared with SAR 99.4 million a year earlier. The company said the increase included SAR 32.7 million in development costs linked to recognized development revenue. Revenue growth came from several sources: the company recorded SAR 35.6 million in development revenue, which it described as a new revenue stream. Westfield Jeddah contributed initial revenue of SAR 20.4 million after starting operations. These items reflect revenue expansion alongside higher costs for the period.

On a like-for-like basis, revenue rose 1.5% year on year, supported by improved leasing and visitor traffic, the company said. Occupancy on the same basis was 91.8% as of 30 September 2026. These indicators highlight the performance of existing assets separately from the new revenue added by development and Westfield Jeddah. In the quarterly comparison, revenue rose from SAR 569.4 million in the second quarter to SAR 606.2 million in the third quarter, an increase of 6.5%. Net profit also increased from SAR 385.72 million to SAR 404.9 million, up 5%.

Profitability looks different when excluding non-recurring items, according to the measures reported by Argaam. Earnings per share before non-recurring items stood at SAR 0.37 in the third quarter, up 146.4% year on year from SAR 0.15 in the comparable period. Reported earnings per share were SAR 0.78, down 19.1% from SAR 0.97. On the company’s reported adjusted net profit basis, profit rose to SAR 417.9 million from SAR 314.7 million in the third quarter of 2025, an increase of 32.8%. This measure places adjusted earnings in a different context from reported net profit, which was affected by the comparison with the prior period that benefited from the insurance settlement.

In the first nine months of 2026, revenue increased 1.9% to SAR 1,758.1 million, compared with SAR 1,724.5 million in the same period of 2025. Net profit for the period fell 16.6% to SAR 993.1 million from SAR 1,190.47 million. On the balance sheet, shareholders’ equity, including minority interests, stood at SAR 16.50 billion as of 30 September 2026, compared with SAR 15.43 billion a year earlier. These figures place the quarterly results within a broader period of limited revenue growth and lower net profit. The latest quarterly comparison showed revenue and net profit rising from the second quarter.