Business · Companies · 12 hrs ago
Cenomi Centers’ third-quarter profit falls 19% as revenue grows
Saudi mall operator Cenomi Centers’ net profit fell 19.1% year on year in the third quarter of 2026, to 404.9 million riyals.
Revenue rose 10% to 606.2 million riyals, but higher costs weighed on the reported profit.
Those costs included development expenses and increased spending as Westfield Jeddah moved into operation.
The company’s malls drew 39 million visitors, up 20.7% from the same quarter a year earlier.
Cenomi Centers also brought in 162 new brands during the quarter, while its malls serve shoppers across 10 Saudi cities.
Westfield Jeddah began operating in July and was 97% pre-leased, with tenants still preparing their units.
Westfield Riyadh is expected to begin operating in the fourth quarter of 2026, after its structural construction was completed and 95% of its space was pre-leased.
Cenomi Centers’ third-quarter net profit fell 19.1% year on year to 404.9 million riyals.
Revenue rose 10% to 606.2 million riyals in the quarter.
The company said higher revenue costs, including development costs and expenses at Westfield Jeddah, weighed on profit.
Visitor numbers increased 20.7% year on year to 39 million.
The company attracted 162 brands in the quarter, including 110 international and 52 local brands.
- Who
- Saudi shopping-centre operator Cenomi Centers.
- What
- Its third-quarter net profit fell 19.1% year on year, while revenue increased 10%.
- When
- The third quarter of 2026; results were reported on November 9, 2026.
- Where
- Saudi Arabia.
- Why
- Revenue costs increased, including development costs and expenses at Westfield Jeddah after it began operating.
This story does not have two clearly opposing sides.
Westfield Jeddah entered its operating phase.
Cenomi Centers recorded net profit of 404.9 million riyals and revenue of 606.2 million riyals.
The company’s third-quarter results were reported.
- Net profit
- 404.9 million riyals, down 19.1% year on year
- Revenue
- 606.2 million riyals, up 10% year on year
- Visitors
- 39 million in the third quarter, up 20.7% year on year
- New brands
- 162, including 110 international and 52 local
- Westfield Jeddah pre-leasing
- 97% before its operating phase
- Westfield Riyadh pre-leasing
- 95%; structural construction was 100% complete according to the latest disclosure