Emaar EC widens net loss to SAR 352M in Q1 2024

14/05/2024 Argaam Exclusive

Emaar The Economic City (Emaar EC) incurred SAR 352 million in net loss for Q1 2024, compared to a net loss of SAR 171 million a year earlier.

 

Sequentially, the company extended its losses from SAR 204.2 million in Q4 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 157.00 74.52 (52.5 %)
Gross Income 17.72 (38.37) (316.5 %)
Operating Income (70.43) (150.11) (113.1 %)
Net Income (171.28) (351.65) (105.3 %)
Average Shares 1,133.33 1,133.33 -
EPS (Riyals) (0.15) (0.31) (105.3 %)

Emaar EC reported a 52% year-on-year (YoY) decrease in revenues in Q1 2024, on lower operating revenues. It reported a decline in leasing revenues on the termination of some contracts.

 

The company did not sign new contracts in the commercial and industrial valley segments.

 

It suffered higher operating expenses of SAR 24 million due to an increase in professional fees as a result of performance-improvement initiatives and an increase in marketing expenses, which is expected to be reflected positively during future periods.

 

The financing costs (FCs) widened by SAR 39 million on higher volume of loans and the effective interest rate as a result of rising SAIBOR.

 

Zakat expenses soared by SAR 62 million on updating the Zakat provision according to the latest assessment of liabilities. It should be noted that this is a one-time event related to old Zakat assessments and is not expected to affect the financial results in future periods, the company said.

 

Shareholders' equity (no minority interest) shrank to SAR 6.05 billion by the end of Q1 2024, compared to SAR 6.48 billion a year earlier.

 

Accumulated losses amounted to SAR 5.29 billion, or 46.69% of capital, as of March 31, 2024.

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Share Price

Emaar The Economic City
7.99
(0.03) (0.37 %)

Emaar The Economic City (EMAAR EC)

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Financial Ratios
Current
Market Cap (M Riyal) 9,066.64
Enterprise Value (EV) (M) 16,751.78
Shares Outstanding ((M)) 1,133.33
EPS ( Riyal) (TTM) (1.20)
Book Value (BV) ( Riyal) 4.63
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.73
Return on Average Assets (%) (TTM) (8.87 )
Return on Average Equity (%) (TTM) (22.89 )
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 229.56 39.0 % 157.48 33.9 % 99.36 56.3 %
Q2 2015 236.68 (47.5 %) 147.22 (48.9 %) 74.60 (67.3 %)
Q3 2015 169.89 16.8 % 85.41 (23.5 %) 9.07 (84.4 %)
Q4 2015 386.83 27.7 % 176.66 (17.1 %) 66.88 (12.2 %)
Q1 2016 272.33 18.6 % 93.16 (40.8 %) (1.86) (101.9 %)
Q2 2016 558.98 136.2 % 286.68 94.7 % 137.68 84.6 %
Q3 2016 589.72 247.1 % 191.94 124.7 % 77.96 759.2 %
Q4 2016 846.74 118.9 % 602.38 241.0 % 436.44 552.5 %
Q1 2017 318.23 16.9 % 115.70 24.2 % (25.44) (1,265.4 %)
Q2 2017 223.19 (60.1 %) 136.97 (52.2 %) 23.58 (82.9 %)
Q3 2017 268.52 (54.5 %) 106.32 (44.6 %) 6.83 (91.2 %)
Q4 2017 628.03 (25.8 %) 457.05 (24.1 %) 288.51 (33.9 %)
Q1 2018 280.77 (11.8 %) 92.66 (19.9 %) (22.04) 13.4 %
Q2 2018 244.05 9.3 % 101.03 (26.2 %) (49.80) (311.2 %)
Q3 2018 111.85 (58.3 %) (17.77) (116.7 %) (149.72) (2291.8 %)
Q4 2018 371.56 (40.8 %) 162.49 (64.4 %) (34.15) (111.8 %)
Q1 2019 350.61 24.9 % 160.45 73.1 % 8.78 139.8 %
Q2 2019 217.35 (10.9 %) 83.02 (17.8 %) (87.33) (75.4 %)
Q3 2019 160.36 43.4 % 6.45 136.3 % (136.95) 8.5 %
Q4 2019 218.50 (41.2 %) 52.08 (67.9 %) (122.53) (258.8 %)
Q1 2020 205.40 (41.4 %) (39.33) (124.5 %) (201.85) (2399.7 %)
Q2 2020 143.10 (34.2 %) 17.00 (79.5 %) (143.21) (64.0 %)
Q3 2020 132.68 (17.3 %) 10.52 63.1 % (144.18) (5.3 %)
Q4 2020 66.12 (69.7 %) (307.22) (689.9 %) (554.40) (352.5 %)
Q1 2021 83.59 (59.3 %) (17.07) 56.6 % (158.58) 21.4 %
Q2 2021 88.07 (38.5 %) (19.69) (215.8 %) (149.58) (4.4 %)
Q3 2021 86.03 (35.2 %) (4.81) (145.8 %) (129.78) 10.0 %
Q4 2021 114.39 73.0 % (195.48) 36.4 % (261.53) 52.8 %
Q1 2022 86.62 3.6 % (36.48) (113.7 %) (133.43) 15.9 %
Q2 2022 78.30 (11.1 %) (50.76) (157.8 %) (196.91) (31.6 %)
Q3 2022 62.00 (27.9 %) (53.47) (1,010.8 %) (154.51) (19.1 %)
Q4 2022 136.35 19.2 % (90.88) 53.5 % (335.17) (28.2 %)
Q1 2023 157.00 81.3 % 17.72 148.6 % (70.43) 47.2 %
Q2 2023 428.37 447.1 % 234.44 561.8 % 146.18 174.2 %
Q3 2023 340.97 450.0 % 218.23 508.1 % 111.27 172.0 %
Q4 2023 105.01 (23.0 %) (47.10) 48.2 % (142.10) 57.6 %
Q1 2024 74.52 (52.5 %) (38.37) (316.5 %) (150.11) (113.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 85.72 71.8 % 0.10 (4.27) 90.00 0.11
Q2 2015 50.35 (76.3 %) 0.06 (11.16) 61.51 0.07
Q3 2015 8.19 (82.9 %) 0.01 - 8.19 0.01
Q4 2015 158.45 129.1 % 0.19 83.87 74.58 0.09
Q1 2016 (17.04) (119.9 %) (0.02) 0.98 (18.02) (0.02)
Q2 2016 239.68 376.0 % 0.28 96.00 143.68 0.17
Q3 2016 69.65 750.4 % 0.08 - 69.65 0.08
Q4 2016 454.56 186.9 % 0.53 30.75 423.81 0.50
Q1 2017 (17.51) (2.7 %) (0.02) - (17.51) (0.02)
Q2 2017 36.08 (84.9 %) 0.04 - 36.08 0.04
Q3 2017 26.99 (61.3 %) 0.03 - 26.99 0.03
Q4 2017 195.36 (57.0 %) 0.23 - 195.36 0.23
Q1 2018 3.13 117.9 % 0.00 - 3.13 0.00
Q2 2018 (47.59) (231.9 %) (0.06) - (47.59) (0.06)
Q3 2018 (149.10) (652.5 %) (0.18) - (149.10) (0.18)
Q4 2018 58.47 (70.1 %) 0.07 - 58.47 0.07
Q1 2019 7.47 138.7 % 0.01 - 7.47 0.01
Q2 2019 (106.44) (123.7 %) (0.13) - (106.44) (0.13)
Q3 2019 (212.81) (42.7 %) (0.25) - (212.81) (0.25)
Q4 2019 (221.61) (479.0 %) (0.26) - (221.61) (0.26)
Q1 2020 (281.50) (3870.9 %) (0.33) - (281.50) (0.33)
Q2 2020 (204.93) (92.5 %) (0.24) - (204.93) (0.24)
Q3 2020 (187.34) 12.0 % (0.22) - (187.34) (0.22)
Q4 2020 (574.60) (159.3 %) (0.68) - (574.60) (0.68)
Q1 2021 (194.49) 30.9 % (0.20) - (194.49) (0.20)
Q2 2021 (177.59) 13.3 % (0.18) - (177.59) (0.18)
Q3 2021 (172.77) 7.8 % (0.17) - (172.77) (0.17)
Q4 2021 (291.69) 49.2 % (0.29) - (291.69) (0.29)
Q1 2022 (166.01) 14.6 % (0.15) - (166.01) (0.15)
Q2 2022 (250.82) (41.2 %) (0.22) - (250.82) (0.22)
Q3 2022 (230.68) (33.5 %) (0.20) - (230.68) (0.20)
Q4 2022 (509.78) (74.8 %) (0.45) (56.36) (453.42) (0.40)
Q1 2023 (171.28) (3.2 %) (0.15) - (171.28) (0.15)
Q2 2023 95.07 137.9 % 0.08 56.70 38.37 0.03
Q3 2023 27.17 111.8 % 0.02 42.72 (15.55) (0.01)
Q4 2023 (204.19) 59.9 % (0.18) 75.37 (279.56) (0.25)
Q1 2024 (351.65) (105.3 %) (0.31) - (351.65) (0.31)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 68.22 % 47.40 % 37.19 %
Q2 2015 68.81 % 42.24 % 29.35 %
Q3 2015 64.22 % 34.85 % 24.37 %
Q4 2015 55.41 % 33.23 % 22.90 %
Q1 2016 47.15 % 22.83 % 11.85 %
Q2 2016 46.25 % 23.19 % 15.02 %
Q3 2016 41.40 % 22.45 % 14.93 %
Q4 2016 51.78 % 38.04 % 27.30 %
Q1 2017 51.72 % 37.13 % 26.78 %
Q2 2017 52.94 % 37.28 % 25.89 %
Q3 2017 58.03 % 40.59 % 28.33 %
Q4 2017 56.75 % 37.49 % 16.75 %
Q1 2018 56.62 % 42.07 % 18.68 %
Q2 2018 53.26 % 35.14 % 12.52 %
Q3 2018 50.05 % 33.47 % 0.14 %
Q4 2018 33.56 % 4.93 % (13.40 %)
Q1 2019 37.68 % 6.54 % (12.13 %)
Q2 2019 36.92 % 10.29 % (18.03 %)
Q3 2019 37.49 % 8.01 % (23.03 %)
Q4 2019 31.90 % 2.36 % (56.34 %)
Q1 2020 12.75 % (23.19 %) (102.59 %)
Q2 2020 4.98 % (32.53 %) (126.60 %)
Q3 2020 5.76 % (34.66 %) (127.97 %)
Q4 2020 (58.29 %) (126.74 %) (228.10 %)
Q1 2021 (69.75 %) (154.58 %) (272.95 %)
Q2 2021 (90.02 %) (182.74 %) (306.12 %)
Q3 2021 (107.72 %) (206.94 %) (345.72 %)
Q4 2021 (63.71 %) (104.57 %) (224.83 %)
Q1 2022 (68.37 %) (99.48 %) (215.42 %)
Q2 2022 (78.70 %) (117.44 %) (241.23 %)
Q3 2022 (98.50 %) (135.91 %) (275.18 %)
Q4 2022 (63.75 %) (148.55 %) (303.06 %)
Q1 2023 (40.91 %) (111.11 %) (255.09 %)
Q2 2023 13.76 % (18.36 %) (104.25 %)
Q3 2023 35.71 % 11.05 % (56.64 %)
Q4 2023 41.04 % 29.23 % (41.50 %)
Q1 2024 38.70 % 23.10 % (64.12 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 850.00 0.49 0.49 9.77
Q2 2015 850.00 0.30 0.32 9.83
Q3 2015 850.00 0.25 0.27 9.84
Q4 2015 850.00 0.36 0.28 10.02
Q1 2016 850.00 0.24 0.15 8.31
Q2 2016 850.00 0.46 0.25 8.59
Q3 2016 850.00 0.53 0.32 8.67
Q4 2016 850.00 0.88 0.73 9.17
Q1 2017 850.00 0.88 0.73 9.15
Q2 2017 850.00 0.64 0.60 9.19
Q3 2017 850.00 0.59 0.55 9.23
Q4 2017 850.00 0.28 0.28 9.42
Q1 2018 850.00 0.31 0.31 9.43
Q2 2018 850.00 0.21 0.21 9.37
Q3 2018 850.00 0.00 0.00 9.22
Q4 2018 850.00 (0.16) (0.16) 8.99
Q1 2019 850.00 (0.15) (0.15) 9.27
Q2 2019 850.00 (0.22) (0.22) 9.12
Q3 2019 850.00 (0.30) (0.30) 8.88
Q4 2019 850.00 (0.63) (0.63) 8.36
Q1 2020 850.00 (0.97) (0.97) 8.00
Q2 2020 850.00 (1.08) (1.08) 7.75
Q3 2020 850.00 (1.05) (1.05) 7.54
Q4 2020 850.00 (1.47) (1.47) 6.87
Q1 2021 991.67 (1.17) (1.17) 6.66
Q2 2021 991.67 (1.14) (1.14) 6.45
Q3 2021 991.67 (1.13) (1.13) 7.18
Q4 2021 991.67 (0.84) (0.84) 6.86
Q1 2022 1,133.33 (0.71) (0.71) 6.72
Q2 2022 1,133.33 (0.78) (0.78) 6.49
Q3 2022 1,133.33 (0.83) (0.83) 6.31
Q4 2022 1,133.33 (1.02) (0.97) 5.87
Q1 2023 1,133.33 (1.03) (0.98) 5.72
Q2 2023 1,133.33 (0.72) (0.72) 5.81
Q3 2023 1,133.33 (0.49) (0.53) 5.84
Q4 2023 1,133.33 (0.22) (0.38) 5.65
Q1 2024 1,133.33 (0.38) (0.54) 5.34

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 35.98 35.61 1.80
Q2 2015 66.69 62.86 2.02
Q3 2015 57.51 53.63 1.47
Q4 2015 48.45 62.60 1.72
Q1 2016 79.07 More than 100 2.24
Q2 2016 42.07 78.57 2.24
Q3 2016 30.15 50.35 1.84
Q4 2016 26.04 31.41 2.49
Q1 2017 25.86 31.15 2.48
Q2 2017 32.82 34.79 2.28
Q3 2017 32.63 34.77 2.08
Q4 2017 63.46 63.46 1.91
Q1 2018 59.28 59.28 1.93
Q2 2018 76.45 76.45 1.71
Q3 2018 More than 100 More than 100 1.37
Q4 2018 NEG NEG 1.17
Q1 2019 NEG NEG 1.44
Q2 2019 NEG NEG 1.46
Q3 2019 NEG NEG 1.49
Q4 2019 NEG NEG 1.52
Q1 2020 NEG NEG 1.14
Q2 2020 NEG NEG 1.17
Q3 2020 NEG NEG 1.78
Q4 2020 NEG NEG 1.79
Q1 2021 NEG NEG 2.14
Q2 2021 NEG NEG 2.65
Q3 2021 NEG NEG 1.85
Q4 2021 NEG NEG 1.74
Q1 2022 NEG NEG 1.74
Q2 2022 NEG NEG 1.52
Q3 2022 NEG NEG 1.56
Q4 2022 NEG NEG 1.42
Q1 2023 NEG NEG 1.41
Q2 2023 NEG NEG 1.61
Q3 2023 NEG NEG 1.37
Q4 2023 NEG NEG 1.41
Q1 2024 NEG NEG 1.52

Business Segments (Million)

Compared With The
Period Hospitality and Leisure Residential business Industrial development City Operations Education Other activities Eliminations
Q1 2016 16.22 139.39 100.03 - - 16.69 -
Q2 2016 13.28 336.39 185.24 - - 24.07 -
Q3 2016 12.02 480.98 76.52 - - 20.19 -
Q4 2016 62.88 394.77 355.07 - - 34.03 -
Q1 2017 16.71 189.07 96.32 - - 16.13 -
Q2 2017 19.47 49.34 141.62 - - 12.77 -
Q3 2017 13.27 88.72 136.14 - - 30.40 -
Q4 2017 12.81 365.13 224.62 - - 25.46 -
Q1 2018 13.94 156.34 93.21 - - 17.28 -
Q2 2018 10.47 143.25 64.37 - - 25.97 -
Q3 2018 12.78 46.64 30.06 - - 22.37 -
Q4 2018 5.07 215.40 63.41 - - 87.69 -
Q1 2019 23.80 231.10 77.89 - - 17.81 -
Q2 2019 13.39 148.03 40.25 - - 15.67 -
Q3 2019 19.77 66.35 57.90 - - 16.35 -
Q4 2019 16.90 54.99 124.76 - - 21.85 -
Q1 2020 25.51 132.57 29.09 - - 18.23 -
Q2 2020 6.15 40.77 73.56 - - 22.62 -
Q3 2020 31.60 57.50 30.86 - - 12.72 -
Q1 2021 40.41 23.88 17.36 - - 33.31 (31.37)
Q3 2021 37.92 18.81 30.18 21.41 4.13 - (26.42)
Q4 2021 48.89 35.33 28.37 21.99 15.72 - (35.98)
Q1 2022 42.68 19.71 12.76 22.42 12.71 - (23.66)
Q2 2022 27.05 22.51 16.62 26.08 10.88 - (24.85)
Q3 2022 32.33 16.84 21.17 15.38 7.56 - (31.28)
Q4 2022 34.48 5.11 97.38 25.77 11.49 - (37.76)
Q1 2023 67.62 31.33 45.87 26.94 12.80 - (27.56)
Q2 2023 56.79 94.38 236.97 20.79 8.36 - 11.09
Q1 2024 32.19 20.11 8.52 21.55 15.73 - (23.57)

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