Financial Results : Emaar EC narrows losses to SAR 160 mln in Q1 2022

Emaar EC narrows losses to SAR 160 mln in Q1 2022

18/05/2022 Argaam Exclusive

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Emaar The Economic City (Emaar EC) narrowed net losses after Zakat and tax by 17.7% to SAR 160 million in Q1 2022, from SAR 194 million in the year-earlier period. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 83.59 86.62 3.6 %
Gross Income (17.07) (36.48) (113.7 %)
Operating Income (158.58) (133.43) 15.9 %
Net Income (194.49) (166.01) 14.6 %
Average Shares 991.67 1,133.33 14.3 %
EPS (Riyals) (0.20) (0.15) 25.3 %

The developer reduced losses due to a 62% year-on-year (YoY) decline in gross loss and lower depreciation expenses, along with a decrease in impairment loss, financial charges, Zakat charges, and general and administrative expenses. 

 

On a sequential basis, Q1 2022 losses narrowed by 43.4% from SAR 282.60 million. 

 

Shareholders’ equity, after minority interest, increased to SAR 7.719 billion as of March 31, 2022, from SAR 5.663 billion a year earlier.

 

Accumulated losses amounted to SAR 3.626 billion as of March 31, 2022, representing 31.99% of the company's capital.

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