Emaar EC trims 2021 loss to SAR 827.4 mln; Q4 at SAR 282.6 mln

30/03/2022 Argaam Exclusive

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Emaar The Economic City (Emaar EC) narrowed its loss after Zakat and tax to SAR 827.4 million in 2021, compared to SAR 1.248 billion a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	547.29	372.08	(32.0 %)
Gross Income	(319.03)	(237.06)	25.7 %
Operating Income	(1043.64)	(699.46)	33.0 %
Net Income	(1248.36)	(836.53)	33.0 %
Average Shares	850.00	991.67	16.7 %
EPS (Riyals)	(1.47)	(0.84)	42.6 %

This was driven by a drop in the projects’ gross loss by SAR 48.6 million, a decline in financial charges by SAR 72 million and a slump in impairment loss by SAR 106 million.

Q4 2021 net loss reached SAR 282.6 million, compared to SAR 574.6 million in Q4 2020.

Sequentially, Q4 net loss widened from SAR 172.77 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	66.12	114.39	73.0 %
Gross Income	(307.22)	(195.48)	36.4 %
Operating Income	(554.40)	(261.53)	52.8 %
Net Income	(574.60)	(291.69)	49.2 %
Average Shares	850.00	991.67	16.7 %
EPS (Riyals)	(0.68)	(0.29)	56.5 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	86.03	114.39	33.0 %
Gross Income	(4.81)	(195.48)	(3,960.7 %)
Operating Income	(129.78)	(261.53)	(101.5 %)
Net Income	(172.77)	(291.69)	(68.8 %)
Average Shares	991.67	991.67	-
EPS (Riyals)	(0.17)	(0.29)	(68.8 %)

Total shareholders’ equity, excluding minority interest, rose 34.8% year-on-year (YoY) to 7.88 billion in 2021.

Accumulated losses amounted to SAR 3.46 billion as of Dec. 31, 2021, representing 30.6% of the company’s capital reaching SAR 11.3 billion.

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