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.
| 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.
| 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 %) |
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}