Financial Results : Emaar EC cuts Q1 2021 net loss to SAR 194 mln

Emaar EC cuts Q1 2021 net loss to SAR 194 mln

10/05/2021 Argaam Exclusive

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Emaar The Economic City (Emaar EC) narrowed net losses after Zakat and tax by 31% to SAR 194 million in Q1 2021, from SAR 282 million in the year-earlier period.

 

The company cut net losses, due to inventory impairment of SAR 73 million recorded in Q1 2020. Moreover, financing charges decreased by SAR 36 million during current quarter mainly due to decrease in overall SAIBOR rates.

 

General and administrative expenses also declined by SAR 11.2 million, mainly due to various cost optimization measures including reduction in employee cost.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 205.40 83.59 (59.3 %)
Gross Income (39.33) (17.07) 56.6 %
Operating Income (201.85) (158.58) 21.4 %
Net Income (281.50) (194.49) 30.9 %
Average Shares 850.00 991.67 16.7 %
EPS (Riyals) (0.33) (0.20) 40.8 %

When compared to the previous quarter, net losses narrowed by 66% from SAR 575 million.

 

Accumulated losses reached SAR 2.849 billion by March 31, 2021, accounting for 33.5% of capital.

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