Financial Results : Emaar EC widens H1 2024 loss to SAR 694M; Q2 at SAR 342M

Emaar EC widens H1 2024 loss to SAR 694M; Q2 at SAR 342M

08/08/2024 Argaam Exclusive

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Emaar The Economic City (Emaar EC) increased H1 2024 net loss to SAR 694 million from SAR 76.2 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 585.38 150.44 (74.3 %)
Gross Income 252.16 (84.99) (133.7 %)
Operating Income 75.75 (278.24) (467.3 %)
Net Income (76.21) (693.92) (810.6 %)
Average Shares 1,133.33 1,133.33 -
EPS (Riyals) (0.07) (0.61) (810.6 %)

Revenues declined by 74% year-on-year (YoY) during the six-month period due to weak operational revenues on lower lease revenues resulting from the termination of certain leases.

 

In addition, the company reported a decline in project revenues due to the delay in the signing of new contracts in the commercial and industrial valley sectors.

 

This is in addition an increase in the provision for expected credit loss by SAR 29 million due to aging of legacy receivables, as well as a rise in finance costs by SAR 108 million due to additional borrowings and higher effective interest rates as a result of the slight SAIBOR increase.

 

The company also lost SAR 51 million from the share of equity accounted investees against earnings a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 428.37 75.93 (82.3 %)
Gross Income 234.44 (46.62) (119.9 %)
Operating Income 146.18 (110.00) (175.2 %)
Net Income 95.07 (342.27) (460.0 %)
Average Shares 1,133.33 1,133.33 -
EPS (Riyals) 0.08 (0.30) (460.0 %)

In Q2 2024, the company swung to a loss of SAR 342 million from SAR 95.07 million in earnings in Q2 2023, mainly due to lower revenues.

 

The developer narrowed Q2 2024 loss from SAR 351.65 million in the previous quarter.

 

Shareholders’ equity, no minority interest, reached SAR 5.71 billion by the end of the six-month period, down from SAR 6.58 billion a year earlier.

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