Cenomi Centers profit falls despite ‘negligible’ impact of war

Cenomi Centers, Saudi Arabia’s leading mall developer and operator, reported a fall in net profit and revenue in the first quarter of 2026, despite the company claiming the current regional backdrop had a “negligible direct impact” on its performance.

Revenue was SAR583 million in the first three months of the year, only 1 percent lower than over the same period a year ago. Cenomi said this was primarily due to portfolio changes. On a like-for-like basis, the top line rose 4.9 percent year on year.

Footfall was up 2.5 percent year-on-year, while occupancy was 92.4 percent. This reflects continued demand across the portfolio, the company said in a statement to the Saudi stock exchange.

Net profit fell nearly 9 percent to SAR203 million. Cenomi said this was due to a 33 percent increase in finance costs during an intensive investment phase.

Construction on flagship developments continued during the period. The structural phase of Westfield Jeddah was completed, while Westfield Riyadh is also nearly finished.  

Further reading:

• Cenomi Centers net profit rises on cost control
• Cenomi Centers gets $67m settlement in mall fire
• Cenomi Centers gets $1.4bn to support growth plans

By 2029 the company’s gross leasing area is set to grow by over 50 percent to 1.9 million square metres, driven by the building of Westfield Riyadh, Westfield Jeddah, and SDC Al Khobar, plus the three lifestyle centres U Walk Qassim, Murcia Mall and Barakah Mall.

Cenomi Centers has 4,250 stores located in nine Saudi cities.

The company’s shares were trading at SAR17.78, up 1.4 percent, on Sunday afternoon, but are down nearly 6 percent so far this year.