Emaar EC widens loss by more than four-fold to SAR 486 mln in H1 2020

20/08/2020 Argaam Exclusive

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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.

Financials (M)

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 %)

Current Quarter Comparison (M)

Compared With The

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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