Emaar The Economic City (Emaar EC) logged SAR 253 million in net loss for 2023, down from SAR 1.15 billion a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 363.27 | 1,031.36 | 183.9 % |
| Gross Income | (231.60) | 431.63 | 286.4 % |
| Operating Income | (820.01) | 44.92 | 105.5 % |
| Net Income | (1157.29) | (253.22) | 78.1 % |
| Average Shares | 1,133.33 | 1,133.33 | - |
| EPS (Riyals) | (1.02) | (0.22) | 78.1 % |
The improved results were due to the 184% year-on-year (YoY) revenue increase during the year. This was coupled with the SAR 605 million YoY hike in gross profit generated from projects in 2023, versus a gross loss of SAR 8 million in 2022.
Moreover, general and administrative expenses shrank to SAR 322 million in 2023, from SAR 464 million in the previous year. This is besides recognizing development revenues from progress in the completion of existing projects.
Other operating income also jumped YoY by SAR 169 million in 2023, mainly due to realizing gains on the sale of investment properties worth SAR 70 million.
This came despite the SAR 194 million in financing costs on soaring interest rates, alongside a marginal YoY hike in borrowing rates for 2023.
In Q4 2023, Emaar EC trimmed losses to SAR 204 million, from SAR 509.78 million in the corresponding period a year ago.
Sequentially, the company swung to losses against SAR 27.17 million in net profit in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 136.35 | 105.01 | (23.0 %) |
| Gross Income | (90.88) | (47.10) | 48.2 % |
| Operating Income | (335.17) | (71.00) | 78.8 % |
| Net Income | (509.78) | (204.19) | 59.9 % |
| Average Shares | 1,133.33 | 1,133.33 | - |
| EPS (Riyals) | (0.45) | (0.18) | 59.9 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 340.97 | 105.01 | (69.2 %) |
| Gross Income | 220.92 | (47.10) | (121.3 %) |
| Operating Income | 111.27 | (71.00) | (163.8 %) |
| Net Income | 27.17 | (204.19) | (851.5 %) |
| Average Shares | 1,133.33 | 1,133.33 | - |
| EPS (Riyals) | 0.02 | (0.18) | (851.5 %) |
Shareholders' equity (no minority interest) slipped to SAR 6.40 billion by the end of 2023, compared to SAR 6.65 billion a year earlier.
By 2023-end, Emaar EC’s accumulated losses amounted to SAR 4.93 billion, or 43.58% of capital.
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