Emaar EC cuts H1 2023 loss to SAR 76 mln; Q2 profit at SAR 95 mln

09/08/2023 Argaam Exclusive
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Emaar The Economic City (Emaar EC) narrowed H1 2023 net loss to SAR 76 million from SAR 417 million in the prior-year period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 164.92 585.38 254.9 %
Gross Income (87.24) 252.16 389.0 %
Operating Income (330.34) 75.75 122.9 %
Net Income (416.83) (76.21) 81.7 %
Average Shares 523.26 523.26 -
EPS (Riyals) (0.80) (0.15) 81.7 %

The improvement in results was mainly due to an increase in sales of real estate assets, a rise in other operating income as well as lower selling, general and administrative expenses. However, the positive impacts were partially offset by an increase in finance charges.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 78.30 428.37 447.1 %
Gross Income (50.76) 234.44 561.8 %
Operating Income (196.91) 146.18 174.2 %
Net Income (250.82) 95.07 137.9 %
Average Shares 523.26 523.26 -
EPS (Riyals) (0.48) 0.18 137.9 %

In Q2 2023, the company turned to a net profit of SAR 95 million from a loss of SAR 251 million a year earlier.

 

This was driven by recording a gross profit of SAR 237 million in the three-month period against a loss of SAR 51 million a year earlier, with an increase in gross margin of SAR 288 million. General and administrative expenses amounted to SAR 80 million, compared with SAR 106 million in Q2 2022.

 

Emaar EC turned profitable from a loss of SAR 171.28 million in Q1 2023.

 

Shareholders’ equity, no minority interest, reached SAR 6.58 billion by the end of the six-month period, down from SAR 7.36 billion a year earlier.

 

Accumulated losses stood at SAR 4.75 billion, or 41.9% of the company’s capital as of June 30, 2023.

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Share Price

18.10
0.06 0.33 %

Emaar The Economic City (EMAAR EC)


Current
Market Cap (M Riyal) 9,471.01
Enterprise Value (EV) (M) 17,156.15
Shares Outstanding ((M)) 523.26
EPS ( Riyal) (TTM) (2.59)
Book Value (BV) ( Riyal) 10.02
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.81
Return on Average Assets (%) (TTM) (8.87 )
Return on Average Equity (%) (TTM) (22.89 )

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