The high profits of "Sinomi Center" with support of reducing costs and the growth of other income

The Arab centers’ business “Sinom Center” achieved a net profit of 222.7 million rows during the first quarter of 2025, a 20%increase, despite the stability of turnover that recorded a minor growth that was not 1%. This growth in profits is due to the decline in the cost of revenue by 20.1% due to rationalization of operating expenses, in addition to the increase in other operating income to 27.8 million Riyale, powered by the selling profit of “Sahara Plaza”, in addition to the fall in the advertising and promotional costs with 64.1% and 79.6 million. Riyals, according to a statement published by the company on the Saudi financial market website “trade”. CEO of the company, Alison Receyle Argovin, said in an interview with “Al Sharq” that one of the incentives for increasing income, in addition to the previous factors, was the alternative income of advertising and parking income, which grew by 10% this term. The company’s shares rose 0.1% to 20.14 Riyals in the early trading at the Saudi Stock Exchange. Development projects: ‘Jewel Jeddah’ and ‘Jewel of Riyadh’ reported ‘Sinomi Center’ that the ‘Jewel Jeddah’ project is approaching the completion, as the completion rate of the construction structure reached 99% until the end of March 2025, while the completion rate in the ‘Jewel or Riyadh’ project reached 98%. The “Jewel Jeddah” project is the first commercial center in the Kingdom to obtain a Golden suffering certificate. The company pointed out that the front file rate in “Jewel Jeddah” approached 90% and exceeded 80% in the “Jewel of Riyadh” based on signed contracts and intentions of intent. The two projects expected the highest performance indicators to register in the company’s portfolio in respect of the number of visitors, income and operating profit. Ergovin explained that these two projects are a partnership with “Westfield” that runs ten years, with the option to extend for ten years. She noted that this partnership includes a “Westfield” commitment to bring new brands. The distribution of cash dividends to the company’s shareholders The board of the company approved the distribution of cash dividends to shareholders for the fourth quarter of 2024, with a total of 178.1 million Riyals, and with 0.375 Riyale per share. The date of right was set on June 15, 2025, with profits to be paid out on July 3, 2025.