{"id":88637,"date":"2024-08-12T00:00:00","date_gmt":"2024-08-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/12\/a-slower-day\/"},"modified":"2024-08-12T00:00:00","modified_gmt":"2024-08-12T00:00:00","slug":"a-slower-day","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/12\/a-slower-day\/","title":{"rendered":"A slower day"},"content":{"rendered":"

The avalanche of earnings is beginning to slow as we approach the deadline for <\/strong>Tadawul-listed <\/strong>companies to report their results.<\/strong> Today we have reports from Cenomi Retail, Bindawood Holding, and Jahez International. <\/p>\n

CENOMI RETAIL- <\/p>\n

Cenomi Retail\u2019s net income fell 50.5% y-o-y to SAR 84 mn in 2Q 2024<\/strong> due to a negative base effect, the company said in an earnings release (pdf)<\/a>. The company\u2019s bottom line in 2Q 2023 was inflated due to SAR 163 mn in non-recurring income. Meanwhile, revenues dropped 11.6% y-o-y to SAR 1.3 bn.<\/p>\n

Back in the black on a quarterly basis:<\/strong> The retail company reversed a SAR 152 mn loss in 2Q 2024 on a quarterly basis, according to a disclosure on Tadawul<\/a>. The company attributed the rebound to a decline in the cost of revenue, and a drop in SGA expenses due to \u201cstore closures, the brands divestment program and the shift in the Holy month of Ramadan.\u201d This is in addition to an increase in other operating income, along with a drop in net finance expenses.<\/p>\n

On a 1H basis:<\/strong> Cenomi Retail noted a net loss of SAR 68 mn in 1H 2024, down from a SAR 113.8 mn gain during the same period last year, and its revenues fell 6.1% during the period to SAR 2.6 bn. <\/p>\n

What\u2019s next?<\/strong> The company is in the final push of the second wave of the franchise sale program which will see it divest from 3 brands, after exiting 16 brands in the previous wave, Cenomi Retail\u2019s Acting CEO Salim Fakhouri said. Fakhour added that \u201cthird wave is about to start, with the upcoming sale of 5 further brands (Charles & Keith, Pedro, Call it Spring, Estee Lauder, and Nine West) which is expected to result in proceeds of valued at SAR 77 mn plus inventory and a decrease of 70 stores in Saudi Arabia. <\/p>\n

Use of proceeds from future divestments: <\/strong>\u201cAll proceeds from the brands divestment will continue to be deployed to repay debt and deleverage the balance sheet. Approximately SAR 300 mn of debt is expected to be repaid by the end of FY2024, which should reduce net debt to SAR 1.5 bn.\u201d<\/p>\n

BINDAWOOD HOLDING- <\/p>\n

BinDawood\u2019s net income grew 14% <\/strong>y-o-y<\/strong> to SAR 75 mn in 2Q 2024<\/strong>, on revenues of SAR 1.4 bn, rising 0.4% y-o-y, it said in a an earnings release (pdf)<\/a>. Meanwhile, the Tadawul-listed supermarket group\u2019s bottom line grew 14.9% y-o-y to SAR 135.6 mn in 1H 2024 on the back of increased volumes and margins, and its top line rose 3.5% to SAR 2.9 bn. <\/p>\n

REMEMBER: <\/strong>BinDawood closed its SAR 186.5 mn acquisition of Jumeirah Trading earlier this<\/a>month<\/a>. The Tadawul-listed holding company now holds 100% of Jumeirah as it looks to expand its distribution reach, reduce supply chain risk, and improve margins through vertical integration.<\/p>\n

\n

JAHEZ INTERNATIONAL-<\/p>\n

Nomu-listed Jahez reported a 26% y-o-y drop in net income to SAR 43 mn in 1H 2024,<\/strong> according to an earnings release (pdf)<\/a>. The decline was attributed to investments in geographic expansions and into new verticals. Meanwhile, revenues were up 22.3% y-o-y to SAR 1 bn. The homegrown food delivery app is gearing up to transition to Tadawul\u2019s main market<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Cenomi Retail turned into the black on a quarterly basis<\/p>\n","protected":false},"author":1,"featured_media":88638,"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":[2979,605,285,10,3021,211],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-bindawood-holding","tag-cenomi-retail","tag-earnings-watch","tag-enterpriseam-ksa","tag-jahez-international","tag-retail","wpautop","entry"],"acf":{"mongo_id":"d21bd2b5-7681-46f9-9570-7b0d78ae52b7","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1812.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Cenomi Retail, Jahez International, and Bindawood Holding report 2Q 2024 results","related_issue":[88624],"teaser":"Cenomi Retail turned into the black on a quarterly basis","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.7e2ef09d-fdf1-40b2-8e5c-33ede1a7709f.mp3"},"yoast_head":"\nA slower day - 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