Cenomi Centers: Rental income quality a priority; dividend resumption hinges on financial position

Detailed summary

Cenomi Centers onboarded 162 brands in Q3 2026, including 110 international brands, and renewed 1,997 leases in the first nine months of the year, CEO ...

Cenomi Centers onboarded 162 brands in Q3 2026, including 110 international brands, and renewed 1,997 leases in the first nine months of the year, CEO Alison Rehill-Erguven said.

She stressed that the company's priority is to improve the quality and sustainability of rental income through active leasing, lease renewals and stronger tenant performance.

In an interview with Argaam, Erguven added that footfall increased 20.7% to 39 million visitors in Q3 2026, reflecting growing demand for the company's destinations.

Higher visitor numbers supported tenant sales and turnover-related rental income, while net rental revenue increased 2.8% to SAR 507.3 million in Q3.

She noted that footfall reached 109 million visitors in 9M 2026, up 11.4% on a like-for-like basis. Like-for-like occupancy stood at 91.8%, compared with 92.1% in September 2025.

Erguven said the increase in the company's borrowings reflects continued funding for its major development projects.

Total 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, while net debt reached approximately SAR 14.9 billion.

The company's cash balance increased to SAR 1.14 billion in Q3, primarily supported by a SAR 750 million drawdown from revolving credit facilities, strengthening liquidity ahead of the remaining development commitments.

She said Cenomi Centers targets revenue of approximately SAR 2.4 billion and EBITDA of around SAR 1.6 billion in 2026.

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