Emaar EC widens 9M 2020 losses to SAR 674 mln

10/11/2020 Argaam Exclusive

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Emaar The Economic City (Emaar EC) widened net loss after Zakat and tax by more than two-fold to SAR 674 million for the first nine months of 2020, from SAR 312 million a year earlier, on lower revenue and gross profit amid a slowdown in the real estate sector.

The real estate developer’s results were bolstered in the period ending September 2019 by gains on sale of investment properties, while such investment property disposal was immaterial during the current period.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	728.31	481.17	(33.9 %)
Gross Income	249.91	(11.81)	(104.7 %)
Operating Income	(215.51)	(489.24)	(127.0 %)
Net Income	(311.78)	(673.77)	(116.1 %)
Average Shares	850.00	850.00	-
EPS (Riyals)	(0.37)	(0.79)	(116.1 %)

In Q3 2020, net losses narrowed by 12.2% to SAR 187 million, thanks to improved performance of operating assets, mainly the hospitality and leisure assets.

The third-quarter figures were also driven by a decline in financial charges amid lower average SAIBOR rate, and improved profit from Port Development Co. (PDC), which increased the group’s equity accounted investees.

When compared to previous quarter, Emaar EC trimmed net losses by 8.8% from SAR 205 million, backed by a decline in finance charges, as well as selling and marketing expenses and improved profit from PDC.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	160.36	132.68	(17.3 %)
Gross Income	6.45	10.52	63.1 %
Operating Income	(136.95)	(144.18)	(5.3 %)
Net Income	(212.81)	(187.34)	12.0 %
Average Shares	850.00	850.00	-
EPS (Riyals)	(0.25)	(0.22)	12.0 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	143.10	132.68	(7.3 %)
Gross Income	17.00	10.52	(38.1 %)
Operating Income	(143.21)	(144.18)	(0.7 %)
Net Income	(204.93)	(187.34)	8.6 %
Average Shares	850.00	850.00	-
EPS (Riyals)	(0.24)	(0.22)	8.6 %

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