Emaar The Economic City (Emaar EC) widened net loss after Zakat and tax by more than four-fold year-on-year (YoY) to SAR 486 million for the first half of 2020, driven by lower revenue and decreased gross profit.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 567.95 | 348.50 | (38.6 %) |
| Gross Income | 243.46 | (22.32) | (109.2 %) |
| Operating Income | (78.55) | (345.06) | (339.3 %) |
| Net Income | (98.97) | (486.43) | (391.5 %) |
| Average Shares | 850.00 | 850.00 | - |
| EPS (Riyals) | (0.12) | (0.57) | (391.5 %) |
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 217.35 | 143.10 | (34.2 %) |
| Gross Income | 83.02 | 17.00 | (79.5 %) |
| Operating Income | (87.33) | (143.21) | (64.0 %) |
| Net Income | (106.44) | (204.93) | (92.5 %) |
| Average Shares | 850.00 | 850.00 | - |
| EPS (Riyals) | (0.13) | (0.24) | (92.5 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 205.40 | 143.10 | (30.3 %) |
| Gross Income | (39.33) | 17.00 | 143.2 % |
| Operating Income | (201.85) | (143.21) | 29.1 % |
| Net Income | (281.50) | (204.93) | 27.2 % |
| Average Shares | 850.00 | 850.00 | - |
| EPS (Riyals) | (0.33) | (0.24) | 27.2 % |
Emaar EC widened loss by 93.4% YoY to SAR 205 million for the second quarter, due to lower sales revenue, higher financial charges and decreased capitalization of borrowing costs.
On a quarter-on-quarter basis, net loss shrank by 27.3%
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