The company operates a diversified multi-format, multi-market strategy focused on tier-1 international brand partnerships across MENA and CIS regions. Recent strategic initiatives include significant brand divestitures and portfolio rationalization to return to profitability after reporting losses of SAR 197.5M in 2024 (down 82% from 2023). A major strategic development occurred in late 2024 when founding shareholders agreed to sell a 49.95% stake to UAE-based Al-Futtaim, signaling external capital infusion and operational restructuring.
Cyborg Score Rationale
While Cenomi maintains market-leading scale as the sole publicly listed franchise retailer in MENA with strong brand portfolio diversity, the company faced significant operational challenges including SAR 1.11B net losses in 2023, substantial brand divestitures, and store closures. Recent CEO appointment (Aug 2024), partial stake sale to Al-Futtaim, and improved 2024 results show recovery trajectory, but margin pressures and structural industry headwinds persist.
Top Insights
Strategic portfolio contraction in progress: divested 16 brands in Q1 2024, transferred 226 Saudi stores, closed 219 stores in 2023 to stabilize margins
Al-Futtaim stake acquisition signals external expertise infusion and potential operational synergies with regional retail/diversified conglomerate
Recent profitability inflection: losses improved 82% to SAR 197.5M in 2024 from SAR 1.11B in 2023; Q3 2024 showed net profitability
Unique market position as only publicly listed Middle East franchise retailer with 47+ brands but facing headwinds from brand rationalization and portfolio cleanup
Named Competitors
Direct retail and e-commerce — Direct-to-consumer retail competing for apparel and accessories market share
Regional retail operators — Diversified conglomerate with fashion, F&B, and retail segments across MENA
Fast-fashion and value retail — Saudi-based fashion retailer; acquired 226 Cenomi stores in Q1 2024
Recent Developments
(January 2026) Company name changed to AFG International Company
(September 2025) Board appointments and leadership changes announced
(April 2024) Major brand portfolio rationalization - divested 16 brands and transferred 226 stores to Abdullah Al Othaim
(August 2024) Salim Fakhouri appointed CEO following operational restructuring
Open the full interactive Cenomi Retail (Fawaz Abdulaziz Al Hokair & Company) report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.