Cenomi Centers CEO Alison Rehill-Erguven outlines 2028 revenue target of SAR 3.6B, says 2026 is peak investment year. Westfield Riyadh opening in Q4 2026.
Alpha Score of 67 reflects moderate overall profile with strong momentum, strong value, weak quality, moderate sentiment.
Cenomi Centers will see 2026 as the peak of its investment spending, with major projects set to start generating cash flow, Chief Executive Officer Alison Rehill-Erguven said. The company is targeting revenue of SAR 3.4 billion to SAR 3.6 billion and EBITDA of SAR 2.5 billion to SAR 2.6 billion by 2028, representing growth of roughly 60% from 2025 levels.
Rehill-Erguven told Argaam that the company's financial position remains strong and that the targets are achievable through disciplined execution, the transition of key projects into the operating phase, and increased financing allocated to the Westfield Riyadh project. She added that the development pipeline is expected to drive a significant step-up in revenue, earnings, and cash flow over the next three years.
Westfield Jeddah and Westfield Riyadh are the core pillars of the company's next growth phase, she said. Westfield Jeddah has received its occupancy certificate and is 96% pre-leased based on agreed contractual terms and signed letters of intent. The company is working with tenants to complete fit-out work ahead of the commercial opening. Westfield Riyadh, meanwhile, has completed structural work and is 94% pre-leased, with the project on track to enter the operating phase in the fourth quarter of 2026.
As with any major retail destination, both projects are expected to undergo a ramp-up period after their openings. While the company does not provide separate financial guidance for the two Westfield projects, it expects both to become major contributors to revenue and earnings as occupancy increases and performance stabilizes, the CEO said.
Commenting on the second-quarter results, which showed a net profit of SAR 385.7 million compared with SAR 689.8 million a year earlier, Rehill-Erguven said it is important to differentiate between underlying operating performance and accounting factors. Underlying operating performance remained resilient, with EBITDA growth, higher visitor numbers, and occupancy at 91.2%. The decline in reported net profit reflected higher financing costs associated with the scale of investments being undertaken, particularly for the Westfield projects.
Leasing activity remained strong. The company signed 1,308 leases in the first half of 2026, including 693 in the second quarter. It attracted 59 new brands during the quarter, including global names such as Bottega Veneta, Bulgari, Jaeger-LeCoultre, and Piaget. The company aims to maintain occupancy above 90% while improving tenant mix and achieving rental growth, the CEO said.
Reported revenue fell in the second quarter, but Rehill-Erguven said the difference between reported and like-for-like performance was due to changes in the asset portfolio compared with the same period last year, not weaker operating performance. Performance benefited from stable net rental income and strong leasing activity, partially offset by utilities and other income. Media sales rose 4% in the second quarter.
Looking ahead to the second half of 2026, the CEO said the company's focus will remain on disciplined execution, the successful launch of key projects, maintaining strong leasing activity, and continuing to improve portfolio quality. The company reported a net profit of SAR 588.2 million for the first half of 2026, down from SAR 689.8 million a year earlier.
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