Financial Results : Emaar EC posts SAR 85 mln (+71%) net profit in Q1-2015

Emaar EC posts SAR 85 mln (+71%) net profit in Q1-2015

21/04/2015 Argaam Exclusive

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Emaar the Economic City, which develops King Abdullah Economic City in Rabigh, reported a net profit of SAR 85.1 million in first quarter, 71 percent higher compared to the same period in 2014.

 

​The year-on-year
 increase was mainly attributed to higher sales of residential 
​lands​
​
​
​
, units and villas
​​
 in addition to higher rental revenue
​s in industrial zones​
.
 
Compared to Q4-2014, the increase was attributed to lower selling and marketing expenses driven by the decline in the number of sales. The impact is partially offset by 
​a 
decrease in 
​the ​
number of industrial zone plots offered for sale during 
​first quarter, the company added. 


Current Quarter Comparison (M)

Compared With The
Item Q1 2014 Q1 2015 Change‬
Revenues 165.16 229.56 39.0 %
Gross Income 117.64 157.48 33.9 %
Operating Income 63.56 99.36 56.3 %
Net Income 49.91 85.72 71.8 %
Average Shares 392.44 392.44 -
Earnings Per Share before unusual items (Riyal) 0.13 0.23 80.3 %
EPS (Riyal) 0.13 0.22 71.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 (19.29) - (0.05) - (19.29) (0.05)
Q2 2008 (40.45) - (0.10) - (40.45) (0.10)
Q3 2008 (181.79) - (0.46) - (181.79) (0.46)
Q4 2008 (50.51) - (0.13) - (50.51) (0.13)
Q1 2009 (62.33) (223.2 %) (0.16) - (62.33) (0.16)
Q2 2009 (113.12) (179.7 %) (0.29) - (113.12) (0.29)
Q3 2009 (63.53) 65.1 % (0.16) - (63.53) (0.16)
Q4 2009 (69.88) (38.3 %) (0.18) - (69.88) (0.18)
Q1 2010 (53.47) 14.2 % (0.14) - (53.47) (0.14)
Q2 2010 (128.40) (13.5 %) (0.33) - (128.40) (0.33)
Q3 2010 (195.59) (207.9 %) (0.50) (105.97) (89.62) (0.23)
Q4 2010 (206.36) (195.3 %) (0.53) (158.82) (47.54) (0.12)
Q1 2011 (13.58) 74.6 % (0.03) 25.64 (39.22) (0.10)
Q2 2011 87.57 168.2 % 0.22 - 87.57 0.22
Q3 2011 6.18 103.2 % 0.02 - 6.18 0.02
Q4 2011 2.39 101.2 % 0.01 - 2.39 0.01
Q1 2012 45.17 432.6 % 0.12 - 45.17 0.12
Q2 2012 92.73 5.9 % 0.24 (16.34) 109.07 0.28
Q3 2012 44.53 620.5 % 0.11 - 44.53 0.11
Q4 2012 4.30 80.2 % 0.01 11.92 (7.61) (0.02)
Q1 2013 (0.33) (100.7 %) 0.00 58.83 (59.17) (0.15)
Q2 2013 1.10 (98.8 %) 0.00 43.23 (42.12) (0.11)
Q3 2013 17.96 (59.7 %) 0.05 - 17.96 0.05
Q4 2013 254.33 5811.8 % 0.65 (230.80) 485.12 1.24
Q1 2014 49.91 15041.9 % 0.13 - 49.91 0.13
Q2 2014 212.82 19194.7 % 0.54 - 212.82 0.54
Q3 2014 47.80 166.1 % 0.12 - 47.80 0.12
Q4 2014 69.15 (72.8 %) 0.18 - 69.15 0.18
Q1 2015 85.72 71.8 % 0.22 (4.27) 90.00 0.23


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - (56.77) -
Q2 2008 - - - - (74.82) -
Q3 2008 43.76 - (97.32) - (201.52) -
Q4 2008 57.81 - (22.97) - (66.05) -
Q1 2009 82.45 - 1.77 - (64.29) (13.2 %)
Q2 2009 83.76 - 20.88 - (110.17) (47.3 %)
Q3 2009 73.78 68.6 % 34.99 136.0 % (59.56) 70.4 %
Q4 2009 20.54 (64.5 %) 11.85 151.6 % (71.29) (7.9 %)
Q1 2010 45.23 (45.1 %) 5.46 209.3 % (52.75) 17.9 %
Q2 2010 16.24 (80.6 %) (32.64) (256.3 %) (127.71) (15.9 %)
Q3 2010 15.28 (79.3 %) (22.86) (165.3 %) (81.81) (37.4 %)
Q4 2010 14.18 (31.0 %) (13.69) (215.5 %) (63.05) 11.6 %
Q1 2011 23.77 (47.4 %) 13.45 146.4 % (38.17) 27.6 %
Q2 2011 228.00 1303.8 % 152.28 566.6 % 96.84 175.8 %
Q3 2011 74.82 389.8 % 70.20 407.1 % 26.79 132.7 %
Q4 2011 81.13 472.2 % 75.69 653.1 % 13.69 121.7 %
Q1 2012 142.04 497.5 % 121.88 806.1 % 68.32 279.0 %
Q2 2012 216.77 (4.9 %) 189.72 24.6 % 127.03 31.2 %
Q3 2012 138.99 85.8 % 133.92 90.8 % 65.26 143.6 %
Q4 2012 47.38 (41.6 %) 32.94 (56.5 %) (35.29) (357.9 %)
Q1 2013 14.50 (89.8 %) 8.08 (93.4 %) (34.92) (151.1 %)
Q2 2013 40.04 (81.5 %) 29.39 (84.5 %) (19.94) (115.7 %)
Q3 2013 125.89 (9.4 %) 86.30 (35.6 %) 33.24 (49.1 %)
Q4 2013 653.03 1278.3 % 580.90 1663.8 % 490.89 1491.0 %
Q1 2014 165.16 1038.8 % 117.64 1356.1 % 63.56 282.0 %
Q2 2014 450.74 1025.8 % 287.82 879.4 % 228.18 1244.3 %
Q3 2014 145.45 15.5 % 111.68 29.4 % 58.11 74.8 %
Q4 2014 303.00 (53.6 %) 213.00 (63.3 %) 76.21 (84.5 %)
Q1 2015 229.56 39.0 % 157.48 33.9 % 99.36 56.3 %

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 (118.44 %) (368.92 %) (287.53 %)
Q1 2009 (64.41 %) (207.75 %) (182.10 %)
Q2 2009 (36.47 %) (155.98 %) (152.27 %)
Q3 2009 11.64 % (92.27 %) (97.21 %)
Q4 2009 26.67 % (102.99 %) (118.55 %)
Q1 2010 32.77 % (112.45 %) (134.33 %)
Q2 2010 12.62 % (164.69 %) (202.35 %)
Q3 2010 (39.26 %) (281.46 %) (350.87 %)
Q4 2010 (70.08 %) (294.10 %) (350.86 %)
Q1 2011 (80.23 %) (363.63 %) (438.75 %)
Q2 2011 45.94 % (12.36 %) (31.58 %)
Q3 2011 65.22 % 21.29 % 2.05 %
Q4 2011 76.43 % 35.42 % 13.96 %
Q1 2012 79.86 % 47.49 % 26.87 %
Q2 2012 88.87 % 54.84 % 31.63 %
Q3 2012 90.03 % 55.60 % 34.75 %
Q4 2012 87.76 % 49.86 % 35.06 %
Q1 2013 87.31 % 39.88 % 20.79 %
Q2 2013 84.81 % 4.64 % (26.72 %)
Q3 2013 68.79 % (11.26 %) (39.92 %)
Q4 2013 84.55 % 61.17 % 48.21 %
Q1 2014 82.74 % 62.33 % 51.91 %
Q2 2014 76.90 % 62.34 % 54.90 %
Q3 2014 77.63 % 64.55 % 56.26 %
Q4 2014 68.60 % 46.03 % 35.67 %
2014 68.37 % 46.03 % 35.67 %
Q1 2015 68.22 % 47.40 % 37.19 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 392.44 - - 21.57
Q2 2008 392.44 - - 21.46
Q3 2008 392.44 - - 21.00
Q4 2008 392.44 (0.74) (0.74) 20.87
Q1 2009 392.44 (0.85) (0.85) 20.71
Q2 2009 392.44 (1.04) (1.04) 20.42
Q3 2009 392.44 (0.74) (0.74) 20.26
Q4 2009 392.44 (0.79) (0.79) 20.08
Q1 2010 392.44 (0.76) (0.76) 19.95
Q2 2010 392.44 (0.80) (0.80) 19.62
Q3 2010 392.44 (1.14) (0.87) 19.12
Q4 2010 392.44 (1.49) (0.81) 18.60
Q1 2011 392.44 (1.39) (0.78) 18.56
Q2 2011 392.44 (0.84) (0.23) 18.78
Q3 2011 392.44 (0.32) 0.02 18.80
Q4 2011 392.44 0.21 0.15 18.81
Q1 2012 392.44 0.36 0.36 18.92
Q2 2012 392.44 0.37 0.41 19.16
Q3 2012 392.44 0.47 0.51 19.27
Q4 2012 392.44 0.48 0.49 19.27
Q1 2013 392.44 0.36 0.22 19.27
Q2 2013 392.44 0.13 (0.16) 19.27
Q3 2013 392.44 0.06 (0.23) 19.32
Q4 2013 392.44 0.70 1.02 19.97
Q1 2014 392.44 0.82 1.30 20.10
Q2 2014 392.44 1.36 1.95 20.64
Q3 2014 392.44 1.44 2.03 20.76
Q4 2014 392.44 0.97 0.97 20.94
Q1 2015 392.44 1.06 1.07 21.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - 2.41
Q2 2008 - - 3.03
Q3 2008 - - 2.01
Q4 2008 NEG NEG 1.24
Q1 2009 NEG NEG 1.15
Q2 2009 NEG NEG 1.48
Q3 2009 NEG NEG 1.49
Q4 2009 NEG NEG 1.38
Q1 2010 NEG NEG 1.43
Q2 2010 NEG NEG 1.26
Q3 2010 NEG NEG 1.19
Q4 2010 NEG NEG 1.10
Q1 2011 NEG NEG 1.07
Q2 2011 NEG NEG 1.21
Q3 2011 NEG More than 100 0.99
Q4 2011 More than 100 More than 100 1.13
Q1 2012 More than 100 More than 100 1.99
Q2 2012 69.28 62.33 1.35
Q3 2012 55.21 50.73 1.35
Q4 2012 50.40 49.23 1.24
Q1 2013 76.27 More than 100 1.42
Q2 2013 More than 100 NEG 1.49
Q3 2013 More than 100 NEG 1.73
Q4 2013 55.23 37.53 1.92
Q1 2014 60.32 38.17 2.47
Q2 2014 32.06 22.40 2.12
Q3 2014 34.97 24.82 2.42
Q4 2014 35.51 35.51 1.64
Q1 2015 35.99 35.63 1.80


Financial Ratios
Current
Market Cap (M Riyal) 7,064.02
Enterprise Value (EV) (M) 15,066.33
Shares Outstanding ((M)) 523.26
EPS ( Riyal) (TTM) (1.73)
Book Value (BV) ( Riyal) 9.82
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 1.38
Return on Average Assets (%) (TTM) (5.99 )
Return on Average Equity (%) (TTM) (16.20 )
EV/adj EBITDA (126.43)
EV/Revenues 27.07
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Share Price

Emaar The Economic City
13.50
0.03 0.22 %

Emaar The Economic City (EMAAR EC)

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