Financial Results : Emaar EC widens H1 2022 loss to SAR 408 mln; Q2 loss at SAR 247 mln

Emaar EC widens H1 2022 loss to SAR 408 mln; Q2 loss at SAR 247 mln

25/08/2022 Argaam Exclusive

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Emaar The Economic City deepened H1 2022 net loss to SAR 408 million, compared to SAR 372 million in the prior-year period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 171.66 164.92 (3.9 %)
Gross Income (36.76) (87.24) (137.3 %)
Operating Income (308.16) (330.34) (7.2 %)
Net Income (372.07) (416.83) (12.0 %)
Average Shares 991.67 1,133.33 14.3 %
EPS (Riyals) (0.38) (0.37) 2.0 %

The losses widened due to higher provisions of SAR 46 million during the period.

 

In Q2 2022, the company reported a net loss of SAR 247 million, from SAR 178 million a year earlier. This was due to a decrease in order intake, lower other income, higher general and administrative expenses, variance in zakat charges, and higher marketing cost.

 

Emaar EC widened losses in Q2 2022, from SAR 160 million in Q1 2022.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 88.07 78.30 (11.1 %)
Gross Income (19.69) (50.76) (157.8 %)
Operating Income (149.58) (196.91) (31.6 %)
Net Income (177.59) (250.82) (41.2 %)
Average Shares 991.67 1,133.33 14.3 %
EPS (Riyals) (0.18) (0.22) (23.6 %)

Shareholders’ equity, after minority interest, reached SAR 7.471 billion by the end of the six-month period, down from SAR 5.485 billion a year earlier.

 

Accumulated losses stood at SAR 3.873 billion, or 34.18% of the company’s capital as of June 30, 2022.

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