Alison Erguven, CEO of Arabian Centres Co. (cenomi Centers)
Alison Erguven, CEO of Arabian Centres Co. (cenomi Centers), said Q3 performance reflects underlying operations after excluding an insurance settlement, with occupancy expected to hold at 93%–94% in Q4 and continued footfall momentum positioning the company strongly ahead of major 2026 project launches. 
Speaking to Argaam, she said 2025 revenue is expected to remain broadly stable, as the impact of Dhahran Mall exiting the portfolio is offset by higher rents, improved occupancy, and growth in non-rental income such as advertising, supported by leasing momentum and ongoing enhancements to the customer experience.
On the financial results, Erguven noted profits reflect operational quality and cost discipline. Reported revenue was affected by Dhahran Mall’s removal, but on a like-for-like basis, revenue rose about 3%, and profitability improved due to a more efficient operational mix and tighter cost control.
The final insurance settlement for the Dhahran Mall fire boosted Q3 results with SAR 253 million in other operating income, while excluding this non-recurring item, net profit rose 22%, reflecting ongoing operational progress across the portfolio.
Foot traffic growth was broad-based, she said, with visitor numbers, excluding Dhahran Mall, up 3.6% year-on-year (YoY), while comparable occupancy held at 92.1%, supported by active leasing policies and tenant rotation aligned with market trends.
On revenue diversification, the company added 91 new brands and renewed over 1,600 leases, expanding target categories, supporting pricing power, reducing revenue concentration risks, and improving visibility on future cash flows.
Regarding a planned SAR 4.5 billion Sukuk issuance, Erguven said the firm aims to fund investments without impacting liquidity.
She added that net financing costs fell year-on-year despite ongoing major projects, with the phased Sukuk program providing long-term domestic funding flexibility, improving capital structure efficiency, and supporting medium-term margin growth.
Cenomi Centers posted SAR 1.192 billion in profits for the first nine months of 2025, including SAR 502 million in Q3 earnings bolstered by exceptional gains, according to Argaam’s data.
Alison Erguven, CEO of Arabian Centres Co. (cenomi Centers)
Alison Erguven, CEO of Arabian Centres Co. (cenomi Centers), said Q3 performance reflects underlying operations after excluding an insurance settlement, with occupancy expected to hold at 93%–94% in Q4 and continued footfall momentum positioning the company strongly ahead of major 2026 project launches.
Speaking to Argaam, she said 2025 revenue is expected to remain broadly stable, as the impact of Dhahran Mall exiting the portfolio is offset by higher rents, improved occupancy, and growth in non-rental income such as advertising, supported by leasing momentum and ongoing enhancements to the customer experience.
On the financial results, Erguven noted profits reflect operational quality and cost discipline. Reported revenue was affected by Dhahran Mall’s removal, but on a like-for-like basis, revenue rose about 3%, and profitability improved due to a more efficient operational mix and tighter cost control.
The final insurance settlement for the Dhahran Mall fire boosted Q3 results with SAR 253 million in other operating income, while excluding this non-recurring item, net profit rose 22%, reflecting ongoing operational progress across the portfolio.
Foot traffic growth was broad-based, she said, with visitor numbers, excluding Dhahran Mall, up 3.6% year-on-year (YoY), while comparable occupancy held at 92.1%, supported by active leasing policies and tenant rotation aligned with market trends.
On revenue diversification, the company added 91 new brands and renewed over 1,600 leases, expanding target categories, supporting pricing power, reducing revenue concentration risks, and improving visibility on future cash flows.
Regarding a planned SAR 4.5 billion Sukuk issuance, Erguven said the firm aims to fund investments without impacting liquidity.
She added that net financing costs fell year-on-year despite ongoing major projects, with the phased Sukuk program providing long-term domestic funding flexibility, improving capital structure efficiency, and supporting medium-term margin growth.
Cenomi Centers posted SAR 1.192 billion in profits for the first nine months of 2025, including SAR 502 million in Q3 earnings bolstered by exceptional gains, according to Argaam’s data.
