{"url":"https://newsforagent.com/news/2026-11-12/cenomi-centers-q3-profit-falls","markdown_url":"https://newsforagent.com/news/2026-11-12/cenomi-centers-q3-profit-falls.md","title":"Cenomi Centers Q3 Profit Falls to SAR 404.9 Million","headline":"Cenomi Centers Q3 Net Profit Falls to SAR 404.9 Million as Footfall Rises 20.7%","description":"Cenomi Centers reported Q3 2026 net profit of SAR 404.9 million, down from SAR 1.19 billion, as footfall rose 20.7% and net rental revenue grew 2.8% to SAR 507.3 million.","section":"Earnings & Results","published_at":"2026-11-12T08:51:34+00:00","modified_at":"2026-11-12T08:51:34+00:00","author":"News Desk","key_takeaways":["Cenomi Centers reported Q3 2026 net profit of SAR 404.9 million, down from SAR 1.19 billion a year earlier.","Footfall rose 20.7% to 39 million visitors in Q3 2026, and net rental revenue increased 2.8% to SAR 507.3 million.","Total borrowings stood at approximately SAR 16.1 billion at the end of September 2026, up from SAR 15.1 billion at the end of June."],"companies":[{"name":"Cenomi Centers","is_primary":true,"profile_url":null,"website":"https://www.cenomicenters.com"}],"source":{"publisher":"Argaam","title":"Cenomi Centers: Rental income quality a priority; dividend resumption hinges on financial position","url":"https://www.argaam.com/en/article/articledetail/id/1953148"},"other_sources":[],"tags":["Earnings & Results","Cenomi Centers"],"body_markdown":"Cenomi Centers reported Q3 2026 net profit of SAR 404.9 million, down from SAR 1.19 billion in the same period last year, while adjusted net profit reached SAR 417.9 million. [Argaam](https://www.argaam.com/en/article/articledetail/id/1953148) reported the results on November 12, 2026. The company operates shopping malls in Saudi Arabia, including the Westfield Jeddah and Westfield Riyadh developments.\n\n## Cenomi Centers' Q3 Earnings and Leasing Push\n\nCEO Alison Rehill-Erguven said the decline in net profit was mainly due to a higher comparative base last year that included insurance proceeds, along with increased development-related costs. Adjusted EBITDA rose 8.8% to SAR 366.2 million, and net finance costs fell 22.4% to SAR 138.6 million. Revenue increased to SAR 606.2 million, and adjusted funds from operations reached SAR 214.9 million.\n\nCenomi Centers onboarded 162 brands in Q3 2026, including 110 international brands, and renewed 1,997 leases in the first nine months of the year, Erguven said. \"Our priority is to improve the quality and sustainability of rental income through active leasing, lease renewals and stronger tenant performance,\" she said. Footfall reached 109 million visitors in the first nine months of 2026, up 11.4% on a like-for-like basis, while like-for-like occupancy stood at 91.8%, compared with 92.1% in September 2025.\n\nTotal borrowings stood at approximately SAR 16.1 billion at the end of September 2026, compared with SAR 15.1 billion at the end of June, and net debt reached approximately SAR 14.9 billion. The cash balance increased to SAR 1.14 billion in Q3, supported by a SAR 750 million drawdown from revolving credit facilities. Erguven said the company targets revenue of approximately SAR 2.4 billion and EBITDA of around SAR 1.6 billion in 2026.\n\nWestfield Jeddah entered its operational phase in July 2026 and generated revenue of SAR 20.4 million in Q3, with a pre-leasing rate close to 97%. Westfield Riyadh has completed structural works, has a pre-leasing rate approaching 95%, and is targeted to enter its operational phase in Q4 2026. Any decision to resume dividend distributions will depend on the company's financial position and Board approval, Erguven said.\n\n## Cenomi Centers' Madinah and Westfield Milestones\n\nCenomi Centers signed a 30-month contract on October 29, 2026, for SAR 825 million excluding VAT to develop mall and office components at Saudi Downtown Co.'s Madinah Downtown project, Argaam reported. In August 2026, the company signed a Promise to Lease Agreement with Saudi Downtown Company for the operation of the shopping mall within the Al Madinah Downtown Project, according to Sahmcapital. On August 4, 2026, Cenomi Centers announced that Westfield Jeddah had transitioned to operational status as of July 30, 2026, after receiving the Occupancy Certificate, Sahmcapital reported.\n\n## Westfield Riyadh's Q4 2026 Target\n\nWestfield Riyadh is targeted to enter its operational phase in Q4 2026. Cenomi Centers will announce target dates for the stabilization of the Westfield developments once the relevant estimates have been approved, Erguven said.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}