RIYADH: Saudi mall operator Arabian Centres Co. has achieved 92.8 percent occupancy for its properties in the third quarter of 2021, returning to pre-pandemic levels, a senior company official said, as it’s on track to exceed 94-95 percent occupancy levels by 2023.
The company ended the first nine months of 2021 with the renewals of 689 lease contracts, which is 90 percent of lease contracts expiring during the same period, said CFO Walead Al-Rebdi, at the investor conference. (which conference?)
As occupancy rates and commercial activity increased, the company renewed licenses to work on the Jawharat Arriyadh project. Al-Rebdi added.
Arab Centers reported a net profit after tax and Zakat of SR327.2 million in the nine months ended 31 December 2021, a 9 percent decline from SR359.7 million the previous year.
The company's net profit after tax and Zakat rose 15 percent year over year to SR110.1 million in the third quarter of 2021, according to figures compiled by Argaam.