Emaar EC widens 2020 losses to SAR 1.248 bln

31/03/2021 Argaam Exclusive

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Emaar The Economic City (Emaar EC) deepened net loss after Zakat and tax to SAR 1.248 billion in 2020, from SAR 533 million a year earlier.

Financials (M)

Item	2019	2020	Change‬
Revenues	946.81	547.29	(42.2 %)
Gross Income	301.99	(319.03)	(205.6 %)
Operating Income	(338.04)	(1043.64)	(208.7 %)
Net Income	(533.39)	(1248.36)	(134.0 %)
Average Shares	850.00	850.00	-
EPS (Riyals)	(0.63)	(1.47)	(134.0 %)

The developer cited a general slowdown of economic activities in the real estate sector and an unprecedented COVID-19 outbreak for the higher losses. It also recorded an impairment of SAR 316 million on properties available for sales, leases and certain operating assets.

Furthermore, the revision of life cycle cost estimates of residential and industrial projects increased gross losses by SAR 307 million year-on-year and higher impairment loss on outstanding trade receivables.

However, losses were partially offset by an increase in the hospitality sector results, improvement in Port Development Co. results, and reduction in general and administrative expenses.

Emaar EC's Q4 2020 net loss after Zakat and tax widened to SAR 574.2 million from SAR 221.2 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	218.50	66.12	(69.7 %)
Gross Income	52.08	(307.22)	(689.9 %)
Operating Income	(122.53)	(554.40)	(352.5 %)
Net Income	(221.61)	(574.60)	(159.3 %)
Average Shares	850.00	850.00	-
EPS (Riyals)	(0.26)	(0.68)	(159.3 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	132.68	66.12	(50.2 %)
Gross Income	10.52	(307.22)	(3021.2 %)
Operating Income	(144.18)	(554.40)	(284.5 %)
Net Income	(187.34)	(574.60)	(206.7 %)
Average Shares	850.00	850.00	-
EPS (Riyals)	(0.22)	(0.68)	(206.7 %)

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