{"id":84930,"date":"2024-04-01T00:00:00","date_gmt":"2024-04-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/01\/earnings-season-comes-to-a-close\/"},"modified":"2024-04-01T00:00:00","modified_gmt":"2024-04-01T00:00:00","slug":"earnings-season-comes-to-a-close","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/01\/earnings-season-comes-to-a-close\/","title":{"rendered":"Earnings season comes to a close"},"content":{"rendered":"

Cenomi Retail recorded a net loss of SAR 1.1 bn in FY 2023 <\/font><\/strong>on the back of brand exits and store closures as part of its rationalization strategy, it said in its earnings release (pdf)<\/a>. Its revenues were down 5.3% y-o-y to SAR 5.2 bn. <\/p>\n

A look at Q4: <\/strong>Cenomi Retail reported a net loss of SAR 1 bn in the fourth quarter of the year from a net income of SAR 17.5 mn in the same period a year earlier. Its revenues were down 4.6% y-o-y in the same period to SAR 1 bn.<\/p>\n

What they said:<\/strong> \u201cCenomi Retail is in the midst of a significant turnaround strategy. The business continues as originally outlined last year with the objective of strengthening the performance and financial stability of Cenomi Retail. Namely, this includes rationalizing our portfolio to focus on champion brands and profitable stores in the fashion and food and beverage categories; on board new champion brands in our core markets; exit or right size our presence in non-strategic markets; deleverage to improve profitability and continue enhancements on operating processes,\u201d Cenomi Retail\u2019s Acting CEO Salim Fakhouri said.<\/p>\n

Pushing for solutions:<\/strong> Cenomi Retail\u2019s Board of Directors has recommended lowering its capital to SAR 100 mn as part of a capital restructuring to \u201coffset accumulated losses,\u201d it said in disclosure to Tadawul<\/a> yesterday. It hired Alinma Investment as financial advisor for the capital reduction.<\/p>\n

MODERN MILLS-<\/p>\n

Tadawul-listed Modern Mills\u2019 net income fell 13.4% <\/strong>y-o-y<\/strong> to SAR 201.8 mn in 2023<\/strong>, while revenues were down 4% y-o-y to SAR 938.6 mn, it said in a disclosure to Tadawul<\/a>. The milling company attributed the drop in net income during the year to IPO costs of SAR 7.2 mn, higher finance and zakat costs and lower returns from its animal bran segment. Its BoD has recommended a dividend payout of SAR 81.8 mn at SAR 1 apiece for 2023, it said in a separate disclosure<\/a>.<\/p>\n

ICYMI-<\/strong> Modern Mills made its debut<\/a> on the main market last week after it sold a 30% stake in<\/a>the IPO<\/a>, which saw 20 percentage points allocated to institutional investors and the remaining 10 points to retail investors.<\/p>\n

SAUDI GERMAN HEALTH-<\/p>\n

Tadawul-listed Saudi German Health\u2019 net income soared 2.4x y-o-y to SAR 180.2 mn in 2023<\/strong>, while revenues grew 23.3% y-o-y to SAR 2.7 bn, it said in a disclosure to Tadawul<\/a>. The healthcare provider attributed the increase in net income to higher revenues on the back of increased capacity and number of inpatients and improved efficiency from new facilities.<\/p>\n

ABDULLAH AL OTHAIM MARKETS-<\/p>\n

Tadawul-listed <\/strong>Abdullah Al Othaim Markets\u2019<\/a><\/strong> net income fell 54.5% y-o-y to SAR 491 mn in 2023<\/strong>, while revenues grew c. 6.9% y-o-y to SAR 10.2 bn, it said in a disclosure to Tadawul<\/a>.<\/p>\n

MAHARAH-<\/p>\n

Tadawul-listed <\/strong>Maharah Human Resources\u2019<\/a><\/strong> net income fell 14.8% <\/strong>y-o-y<\/strong> to SAR 96.3 mn in 2023<\/strong>, while revenues were up 12.3% y-o-y to SAR 1.9 bn, it said in a disclosure to Tadawul<\/a>. Its BoD has approved a dividend payout of SAR 33.8 mn at SAR 0.075 apiece for the second half of 2023, it said in a separate disclosure<\/a>.<\/p>\n

ALMODAWAT-<\/p>\n

Nomu-listed Al Modawat Specialized Medical\u2019s net income almost doubled to SAR 18.6 <\/strong>mn in 2023<\/strong>, while revenues were up 26.9% to SAR 74.3 mn, it said in a disclosure to Tadawul<\/a>. <\/p>\n

ICYMI\u2014 <\/strong> Al Modawat debuted on the parallel market Nomu<\/a> in February after it sold a 20% stake to qualified investors, offloading 475k shares as SAR 111 apiece.<\/p>\n

AL-BABTAIN-<\/p>\n

Tadawul-listed <\/strong>Al Babtain Power and<\/a><\/strong>Telecommunication<\/a><\/strong>\u2019s<\/strong> net income jumped 2.7x <\/strong>y-o-y<\/strong> to SAR <\/strong>141.5 <\/strong>mn<\/strong>, while its revenues were up 14.6% to SAR 2.5 bn, it said in a disclosure to Tadawul<\/a>. Its BoD has recommended a dividend payout of SAR 64 mn at SAR 1 apiece for 2023, according to a separate disclosure<\/a>.<\/p>\n

LADUN INVESTMENT-<\/p>\n

Nomu-listed <\/strong>Ladun Investment<\/a><\/strong>\u2019s net income grew 81.7% y-o-y to reach SAR 109.3 mn in 2023<\/strong>, while its revenues grew 63% to SAR 1.4 bn, it said in a disclosure to Tadawul<\/a>. The real estate developer attributed the growth in net income to high profit margins for new and ongoing real estate projects.<\/p>\n

TABUK AGRICULTURAL DEVELOPMENT CO<\/p>\n

Tadawul-listed Tabuk Agricultural Development Co (Tadco) turned to profitability to report a net income <\/strong>of SAR 81 mn in FY 2023<\/strong>, reversing losses of SAR 53.7 mn a year earlier, it said in a disclosure to Tadawul<\/a>. Its revenues were down 21.5% y-o-y to SAR 105.5 mn. The realized net income came on the back of a rise in its share of income from equity investments in companies and a lower credit losses provision.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cenomi Retail | Modern Mills | Saudi German Health | Maharah | Al Modawat Specialized Hospital | Abdullah Al Othaim Markets<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2607],"tags":[1704,1703,605,285,10,1702,965,112],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84930","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-abdullah-al-othaim-markets","tag-al-modawat-specialized-hospital","tag-cenomi-retail","tag-earnings-watch","tag-enterpriseam-ksa","tag-maharah","tag-modern-mills","tag-saudi-german-health","wpautop","entry"],"acf":{"mongo_id":"a18231c4-4bae-406a-a687-f9be2736fc0c","is_powered_by":false,"story_type":"1","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Earnings season comes to a close","related_issue":[84916],"teaser":"Cenomi Retail | Modern Mills | Saudi German Health | Maharah | Al Modawat Specialized Hospital | Abdullah Al Othaim Markets","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.eb71d391-3cd5-4cb8-ab25-5f833349c0a8.mp3"},"yoast_head":"\nEarnings season comes to a close - 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