Emaar EC’s loss deepens to SAR 1.13B in 2024; Q4 profit at SAR 17.8M

27/03/2025 Argaam Exclusive

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Emaar The Economic City (Emaar EC) widened net loss to SAR 1.13 billion in 2024, from SAR 253 million in 2023.


Financials (M)

Item 2023 2024 Change‬
Revenues 1,031.36 426.00 (58.7 %)
Gross Income 431.63 (119.00) (127.6 %)
Operating Income 243.00 (361.00) (248.6 %)
Net Income (253.22) (1135.00) (348.2 %)
Average Shares 523.26 523.26 -
Earnings Per Share before unusual items (Riyals) (0.82) (2.17) (165.2 %)
EPS (Riyals) (0.48) (2.17) (348.2 %)

Revenues fell 59% year-on-year (YoY) as earnings from projects and operations declined. In addition, 2023 included one-off revenue impact of SAR 263 million.

 

The developer posted a gross loss of SAR 119 million in 2024 against a gross profit of SAR 432 million in 2023.

 

Also, gross profit on projects dropped by SAR 507 million due to decreased sales of residential properties and industrial and commercial land plots, in addition to the impact of the one-off revenue of SAR 263 million during 2023.

 

The company also cited an increase in gross loss from operations by SAR 44 million mainly due to lower hospitality revenue.

 

Additionally, operating expenses, including general administrative and marketing, increased in 2024, on higher employee costs, legal provisions, and marketing expenses.

 

Financial charges rose by SAR 136 million, driven by the utilization of additional loan facility of SAR 550 million during 2024 in addition to slightly higher SAIBOR.

 

Other operating income declined SAR 102 million in 2024 on lower gains on disposal of investment property at SAR 47 million. -

 

Emaar EC recorded a loss share of SAR 93 million in equity accounted investees during 2024.

 

However, this was partially offset by the reversal provision for expected credit loss (ECL) at SAR 70 million in 2024, compared to SAR 19 million in 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 105.01 184.84 76.0 %
Gross Income (38.39) 47.97 225.0 %
Operating Income (70.38) 164.92 334.3 %
Net Income (204.19) 17.79 108.7 %
Average Shares 523.26 523.26 -
Earnings Per Share before unusual items (Riyals) (0.53) 0.03 106.4 %
EPS (Riyals) (0.39) 0.03 108.7 %

Q4 2024 net earnings stood at SAR 17.8 million, versus a loss of SAR 204.2 million in Q4 2023.

 

Sequentially, Emaar EC turned to a net profit against a net loss of SAR 458.8 million in Q3 2024.

 

Total shareholders’ equity, without minority interest, stood at SAR 5.26 billion by Dec. 31, 2024, compared to SAR 6.40 billion a year earlier.

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Share Price

Emaar The Economic City
14.32
(0.04) (0.28 %)

Emaar The Economic City (EMAAR EC)

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Financial Ratios
Current
Market Cap (M Riyal) 7,493.08
Enterprise Value (EV) (M) 15,178.23
Shares Outstanding ((M)) 523.26
EPS ( Riyal) (TTM) (2.17)
Book Value (BV) ( Riyal) 10.07
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.42
Return on Average Assets (%) (TTM) (7.53 )
Return on Average Equity (%) (TTM) (11.12 )
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