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Emaar The Economic City (Emaar EC) logged SAR 253 million in net loss for 2023, down from SAR 1.15 billion a year earlier.
Financials (M)
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.
Current Quarter Comparison (M)
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) | (142.10) | 57.6 % |
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 | (142.10) | (227.7 %) |
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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- TASI
-
Energy
- 2222 - SAUDI ARAMCO
- 2030 - SARCO
- 2380 - PETRO RABIGH
- 4030 - BAHRI
- 4200 - ALDREES
- 2381 - ARABIAN DRILLING
- 2382 - ADES
- 1201 - TAKWEEN
- 1202 - MEPCO
- 1210 - BCI
- 1211 - MAADEN
- 1301 - ASLAK
- 1304 - ALYAMAMAH STEEL
- 1320 - SSP
- 2001 - CHEMANOL
- 2010 - SABIC
- 2020 - SABIC AGRI-NUTRIENTS
- 2090 - NGC
- 2150 - ZOUJAJ
- 2170 - ALUJAIN
- 2180 - FIPCO
- 2200 - APC
- 2210 - NAMA CHEMICALS
- 2220 - MAADANIYAH
- 2240 - ZAMIL INDUST
- 2250 - SIIG
- 2290 - YANSAB
- 2300 - SPM
- 2310 - SIPCHEM
- 2330 - ADVANCED
- 2350 - SAUDI KAYAN
- 3002 - NAJRAN CEMENT
- 3003 - CITY CEMENT
- 3004 - NORTHERN CEMENT
- 3005 - UACC
- 3010 - ACC
- 3020 - YSCC
- 3030 - SAUDI CEMENT
- 3040 - QACCO
- 3050 - SPCC
- 3060 - YCC
- 3080 - EPCCO
- 3090 - TCC
- 3091 - JOUF CEMENT
- 3092 - RIYADH CEMENT
- 2060 - TASNEE
- 3008 - ALKATHIRI
- 3007 - OASIS
- 1321 - EAST PIPES
- 1322 - AMAK
- 2223 - LUBEREF
- 2360 - SVCP
- 1212 - ASTRA INDUSTRIAL
- 1302 - BAWAN
- 1303 - EIC
- 2040 - SAUDI CERAMICS
- 2110 - SAUDI CABLE
- 2160 - AMIANTIT
- 2320 - ALBABTAIN
- 2370 - MESC
- 4140 - SIECO
- 4141 - ALOMRAN
- 4142 - RIYADH CABLES
- 1214 - SHAKER
- 4110 - BATIC
- 4143 - TALCO
- 4031 - SGS
- 4040 - SAPTCO
- 4260 - BUDGET SAUDI
- 2190 - SISCO HOLDING
- 4261 - THEEB
- 4263 - SAL
- 4262 - LUMI
- 1810 - SEERA
- 6013 - DWF
- 1820 - ALHOKAIR GROUP
- 4170 - TECO
- 4290 - ALKHALEEJ TRNG
- 6002 - HERFY FOODS
- 1830 - Leejam Sports
- 6012 - RAYDAN
- 4291 - NCLE
- 4292 - ATAA
- 6014 - ALAMAR
- 6015 - AMERICANA
- 4003 - EXTRA
- 4008 - SACO
- 4050 - SASCO
- 4190 - JARIR
- 4240 - CENOMI RETAIL
- 4191 - ABO MOATI
- 4051 - BAAZEEM
- 4192 - ALSAIF GALLERY
- 4001 - A.OTHAIM MARKET
- 4006 - FARM SUPERSTORES
- 4061 - ANAAM HOLDING
- 4160 - THIMAR
- 4161 - BINDAWOOD
- 4162 - ALMUNAJEM
- 4164 - NAHDI
- 4163 - ALDAWAA
- 2050 - SAVOLA GROUP
- 2100 - WAFRAH
- 2270 - SADAFCO
- 2280 - ALMARAI
- 6001 - HB
- 6010 - NADEC
- 6020 - GACO
- 6040 - TADCO
- 6050 - SFICO
- 6060 - SHARQIYAH DEV
- 6070 - ALJOUF
- 6090 - JAZADCO
- 2281 - TANMIAH
- 2282 - NAQI
- 2283 - FIRST MILLS
- 4080 - SINAD HOLDING
- 2284 - MODERN MILLS
- 4002 - MOUWASAT
- 4004 - DALLAH HEALTH
- 4005 - CARE
- 4007 - ALHAMMADI
- 4009 - SAUDI GERMAN HEALTH
- 2230 - CHEMICAL
- 4013 - SULAIMAN ALHABIB
- 2140 - AYYAN
- 4014 - EQUIPMENT HOUSE
- 4017 - FAKEEH CARE
- 1010 - RIBL
- 1020 - BJAZ
- 1030 - SAIB
- 1050 - BSF
- 1060 - SAB
- 1080 - ANB
- 1120 - ALRAJHI
- 1140 - ALBILAD
- 1150 - ALINMA
- 1180 - SNB
- 2120 - SAIC
- 4280 - KINGDOM
- 4130 - ALBAHA
- 4081 - NAYIFAT
- 1111 - TADAWUL GROUP
- 4082 - MRNA
- 1182 - AMLAK
- 1183 - SHL
- 8010 - TAWUNIYA
- 8012 - JAZIRA TAKAFUL
- 8020 - MALATH INSURANCE
- 8030 - MEDGULF
- 8040 - ALLIANZ SF
- 8050 - SALAMA
- 8060 - WALAA
- 8070 - ARABIAN SHIELD
- 8190 - UCA
- 8230 - ALRAJHI TAKAFUL
- 8280 - LIVA
- 8150 - ACIG
- 8210 - BUPA ARABIA
- 8270 - BURUJ
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- 8100 - SAICO
- 8120 - GULF UNION ALAHLIA
- 8200 - SAUDI RE
- 8160 - AICC
- 8250 - GIG
- 8240 - CHUBB
- 8260 - GULF GENERAL
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- 8310 - AMANA INSURANCE
- 8311 - ENAYA
- 8313 - RASAN
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- 4333 - TALEEM REIT
- 4334 - AL MAATHER REIT
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- 4339 - DERAYAH REIT
- 4344 - SEDCO CAPITAL REIT
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- 4345 - ALINMA RETAIL REIT
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- 4349 - ALINMA HOSPITALITY REIT
- 4020 - ALAKARIA
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- 4090 - TAIBA
- 4100 - MCDC
- 4150 - ARDCO
- 4220 - EMAAR EC
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- 4250 - JABAL OMAR
- 4300 - DAR ALARKAN
- 4310 - KEC
- 4320 - ALANDALUS
- 4321 - CENOMI CENTERS
- 4322 - RETAL
- NOMU
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Utilities
Real Estate Mgmt & Dev't
REITs
Health Care Equipment & Svc
- 9518 - CMCER
- 9530 - TIBBIYAH
- 9527 - AME
- 9544 - FUTURE CARE
- 9546 - NABA ALSAHA
- 9574 - PRO MEDEX
- 9594 - ALMODAWAT
- 9572 - ALRAZI
- 9587 - LANA
- 9600 - QOMEL
- 9604 - MIRAL
- 9515 - FESH FASH
- 9532 - ALJOUF WATER
- 9536 - FADECO
- 9556 - NOFOTH
- 9559 - BALADY
- 9564 - HORIZON FOOD
- 9555 - LEEN ALKHAIR
- 9513 - WATANI STEEL
- 9514 - ALNAQOOL
- 9523 - GROUP FIVE
- 9539 - AQASEEM
- 9548 - APICO
- 9553 - MOLAN
- 9565 - MEYAR
- 9552 - SAUDI TOP
- 9563 - BENA
- 9566 - LIME INDUSTRIES
- 9580 - ALRASHID INDUSTRIAL
- 9583 - UNITED MINING
- 9576 - PAPER HOME
- 9588 - RIYADH STEEL
- 9575 - MARBLE DESIGN
- 9599 - TAQAT
- 9601 - ALRASHEED
- 9605 - NEFT ALSHARQ
- 9607 - ASG
- 9510 - NBM
- 9528 - GAS
- 9531 - OBEIKAN GLASS
- 9533 - SPC
- 9529 - RAOOM
- 9525 - ALWASAIL INDUSTRIAL
- 9542 - KEIR
- 9547 - RAWASI
- 9568 - MAYAR
- 9569 - ALMUNEEF
- 9578 - ATLAS ELEVATORS
- 9560 - WAJA
- 9540 - TADWEEER
- 9545 - ALDAWLIAH
- 9570 - TAM DEVELOPMENT
- 9581 - CLEAN LIFE
- 9593 - PAN GULF
- 9597 - LEAF
- 9608 - ALASHGHAL ALMOYSRA
- 9520 - BURGERIZZR
- 9541 - ACADEMY OF LEARNING
- 9567 - GHIDA ALSULTAN
- 9562 - FOOD GATE
- 9590 - ARMAH
- 9526 - JAHEZ
- 9598 - ALMOHAFAZA
- 9603 - HORIZON EDUCATIONAL
Share Price
Emaar The Economic City (EMAAR EC)
Current | |
Market Cap (M Riyal) | 9,675.82 |
Enterprise Value (EV) (M) | 17,120.90 |
Shares Outstanding ((M)) | 1,133.00 |
EPS ( Riyal) (TTM) | (0.77) |
Book Value (BV) ( Riyal) | 5.04 |
Par Value ( Riyal) | 10.00 |
Adjusted P/E (Last12) | Neg |
P/E (TTM) | NEG |
Price/book | 1.69 |
Return on Average Assets (%) (TTM) | (5.67 ) |
Return on Average Equity (%) (TTM) | (14.16 ) |
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