CENOMI CENTERS-

Cenomi Centers reported a 20.0% y-o-y increase in net income in 1Q 2025 to SAR 222.7 mn, according to its earnings release. The Saudi mall operator’s bottom line was supported by a favorable base effect, with 1Q 2024 net income “impacted by the one-time write-off of non-amortized financing cost associated with a historical Islamic facility and 2024 Sukuk.”

The company also reported SAR 590.6 mn in total revenue, rising 0.8% y-o-y, with EBITDA for the quarter coming in at SAR 357.4 mn, up 10.6% y-o-y. The improvement was supported by an 8.8% rise in media sales and a 7.4% increase in operating income.

Cenomi Centers saw the “strongest footfall performance for any first quarter” in 1Q 2025, recording 34.7 mn customer visits, rising 9.7% y-o-y. When adjusted to exclude Mall of Dhahran, Cenomi Centers’ overall footfall was up 15.8% y-o-y. The Mall of Dhahran was handed over in early February. Like-for-like occupancy rose 0.6 percentage points y-o-y to 93.1%.

Dividends: Cenomi Centers’ board approved a dividend distribution of SAR 178.125 mn for Q4 2024 at SAR 0.375 per share. The dividend is scheduled to be distributed on 3 July.

CENOMI RETAIL-

Cenomi Retail reported a net income of SAR 1.8 mn in 1Q 2025, reversing a net loss of SAR 151.7 mn in the same period last year, according to a disclosure to Tadawul. Group revenues rose 11.2% y-o-y to SAR 1.3 bn, supported by strong domestic retail performance and growing international sales, as well as “favorable seasonal dynamics” in Saudi Arabia thanks to Ramadan driving higher sales.

International locations: Saudi retail revenues climbed 10% y-o-y to SAR 953.4 mn, with revenue per store nearly doubling due to portfolio optimization. International sales grew 21.8% led by Uzbekistan and other CIS markets. Online revenues jumped 21.8% to SAR 111.2 mn, contributing 8.3% to total sales.

Shrinking debt: The company trimmed its total debt by SAR 216.6 mn to SAR 1.6 bn.

ARABIAN DRILLING-

Arabian Drilling’s net income dipped 48.6% y-o-y to SAR 75 mn in 1Q 2025, weighed down by rig suspensions since 2024 despite a land plot sale and insurance recoveries compensating, according to an earnings release. Meanwhile, revenue slipped 5.8% y-o-y to SAR 911 mn over the same period, due to rig suspensions, which was offset by operating 11 new unconventional land rigs.

AL MAWARID MANPOWER-

Al Mawarid Manpower Company reported a 13.4% y-o-y rise in net income to SAR 29.9 mn in 1Q 2025, while its revenue climbed 34.0% y-o-y to SAR 588.7 mn, according to a disclosure to Tadawul. Both were mainly driven by higher workforce deployment across corporate and individual segments.

LAZURDE-

Jewelry maker Lazurde posted a 52.5% y-o-y decline in net income to SAR 13.3 mn in 1Q 2025 amid the absence of a one-off FX gain recorded in the same quarter last year, according to a disclosure to Tadawul. Revenue rose 35.6% y-o-y to SAR 721.2 mn during the same period, supported by growing sales at existing and new stores in both the Kingdom and Egypt.

NATIONAL GAS AND INDUSTRIALIZATION COMPANY-

The National Gas and Industrialization Company (Gasco) clocked a 21.2% y-o-y drop in net income in 1Q 2025, coming in at SAR 61.9 mn, according to a disclosure to Tadawul. The decline came on the back of rising operating expenses and lower investment and finance income. Revenue grew 18.5% y-o-y to SAR 837.6 mn thanks to higher gas sales volume and prices.

AL BABTAIN POWER AND TELECOMMUNICATION-

Al Babtain Power and Telecommunication saw its net income rise 6.8% y-o-y to SAR 88.2 mn in 1Q 2025, supported by higher productivity, stronger cost control, and bigger margins, according to a disclosure to Tadawul. However, revenue declined 9.8% y-o-y to SAR 631.2 mn during the same period as the company completed several projects in the poles and lighting sector, as well as the renewable energy sector.

BUDGET SAUDI-

The United International Transportation Company (Budget Saudi) posted an 18.1% y-o-y increase in net income to SAR 82.8 mn in 1Q 2025, supported by a stronger revenue base, operational efficiency, and cost control measures, according to a disclosure to Tadawul. Revenue climbed 30.4% y-o-y to SAR 543.4 mn during the same quarter, boosted by an expanded fleet and higher utilization rates across both the short- and long-term rental segments, as well as the positive impact of the newly consolidated subsidiary Autoworld.

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