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Cinema profits fall to 385.7 million riyals
Arab Centers (Seenomie Centers) announced an 18.44% decline in its profits for the second quarter of 2026, recording a net profit of 385.7 million SAR compared to 472.9 million SAR in the same period last year. This was primarily due to increased financing costs and a decrease in the value of investment properties. Despite these challenges, the company demonstrated operational resilience, with operating profit rising by 2% as visitor numbers increased to 70 million and collection efficiency improved. Additionally, revenues for the first half of the year experienced a slight decrease of 1.8%, while operating profit grew by 4.3%, supported by a 73% reduction in bad debt expenses. The company plans to launch new projects, especially in "Westfield Jeddah" and "Westfield Riyadh," although reports indicate unresolved legal cases that could impact its final results.
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