Saudi Arabia’s shopping mall owner and developer Cenomi Centers reported revenue of 550.8 million riyals for the quarter ended December 31, 2022, a 7.9 per cent increase from the 510.6 million riyals in the year-ago period.

The strong top-line expansion translated into significant growth in the company’s gross profit, which reached 462.5 million riyals in the quarter, a 9.2 per cent year-on-year increase, while net profit was up 22.2 per cent at 455.7 million riyals.

Strong financial performance was driven by robust and consistent improvements in the company’s operations across its portfolio. Cenomi Centers saw a return to strong visitor footfall, which increased 32.3 per cent year-on-year with 27.1 million visitors in Q3-22. On a nine-month basis, visitor footfall increased by 38.5 per cent at 84.2 million for 9M-22. Like-for-like tenant occupancy rates reached a record 94.2 per cent at the close of the period.

Alison Rehill-Erguven, CEO, Cenomi Centers, said: “Cenomi Centers has maintained a solid growth trajectory. We continue to surpass the pre-pandemic operational metrics as we see strong increases in visitor footfall, up by 32 per cent year-on-year during Q3-2022 and 39 per cent year-on-year on a year-to-date basis, and growing occupancy levels to reach 94.2 per cent for the quarter. These milestones further underline our resilience and the growth momentum of our business.

“Our most significant transformation has been the evolution of our brand to Cenomi, in line with the full rebrand under the Cenomi Group and its subsidiaries. This alignment is consistent with our growth as a consumer-centric company, delivering next generation retail and lifestyle experiences to the consumers of Saudi Arabia.”