Financial Results : Emaar EC incurs SAR 282 mln losses in Q1 2020

Emaar EC incurs SAR 282 mln losses in Q1 2020

15/06/2020 Argaam Exclusive

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Emaar The Economic City (Emaar EC) incurred net losses after Zakat and tax of SAR 282 million for Q1 2020, versus net profits of SAR 7 million a year earlier.

 

The losses were sustained as revenue from a major sales transaction was not recognized in the current quarter, due to contractual terms. It will be reflected in future quarters.

 

This led to a decrease in revenue and gross profit in Q1 2020, along with slowdown of economic activities in the real estate sector in addition to the COVID-19 outbreak.

 

Furthermore, the unprecedented pandemic has also resulted in an impairment of SAR 89 million on properties available for sale and lease during the current quarter, affecting gross profit and operating income.

 

Emaar EC also recorded higher financial charges, due to a decrease in the capitalization of borrowing costs.

Net losses after Zakat and tax widened by 26.4% from SAR 223 million in the previous quarter, on a decline in new awards of residential and industrial projects, when compared to Q1 2019.

 

Moreover, the overall economic slowdown, in addition to prevailing COVID-19 pandemic, also resulted in an impairment of SAR 89 million on properties available for sale and lease during the current quarter.

 

The real estate developer also reported a lower profit share from its affiliate, Ports Development Co. (PDC), due to loss on revaluation of interest rate swap hedging arrangements made by PDC amid falling SIBOR rate.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 350.61 205.40 (41.4 %)
Gross Income 160.45 (39.33) (124.5 %)
Operating Income 8.78 (201.85) (2399.7 %)
Net Income 7.47 (281.50) (3870.9 %)
Average Shares 850.00 850.00 -
EPS (Riyals) 0.01 (0.33) (3870.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 23.77 (47.4 %) 13.45 146.4 % (38.17) 27.6 %
Q2 2011 228.00 1303.8 % 152.28 566.6 % 96.84 175.8 %
Q3 2011 74.82 389.8 % 70.20 407.1 % 26.79 132.7 %
Q4 2011 81.13 472.2 % 75.69 653.1 % 13.69 121.7 %
Q1 2012 142.04 497.5 % 121.88 806.1 % 68.32 279.0 %
Q2 2012 216.77 (4.9 %) 189.72 24.6 % 127.03 31.2 %
Q3 2012 138.99 85.8 % 133.92 90.8 % 65.26 143.6 %
Q4 2012 47.38 (41.6 %) 32.94 (56.5 %) (35.29) (357.9 %)
Q1 2013 14.50 (89.8 %) 8.08 (93.4 %) (34.92) (151.1 %)
Q2 2013 40.04 (81.5 %) 29.39 (84.5 %) (19.94) (115.7 %)
Q3 2013 125.89 (9.4 %) 86.30 (35.6 %) 33.24 (49.1 %)
Q4 2013 653.03 1278.3 % 580.90 1663.8 % 490.89 1491.0 %
Q1 2014 165.16 1038.8 % 117.64 1356.1 % 63.56 282.0 %
Q2 2014 450.74 1025.8 % 287.82 879.4 % 228.18 1244.3 %
Q3 2014 145.45 15.5 % 111.68 29.4 % 58.11 74.8 %
Q4 2014 303.00 (53.6 %) 213.00 (63.3 %) 76.21 (84.5 %)
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 (13.58) 74.6 % (0.02) 25.64 (39.22) (0.05)
Q2 2011 87.57 168.2 % 0.10 - 87.57 0.10
Q3 2011 6.18 103.2 % 0.01 - 6.18 0.01
Q4 2011 2.39 101.2 % 0.00 - 2.39 0.00
Q1 2012 45.17 432.6 % 0.05 - 45.17 0.05
Q2 2012 92.73 5.9 % 0.11 (16.34) 109.07 0.13
Q3 2012 44.53 620.5 % 0.05 - 44.53 0.05
Q4 2012 4.30 80.2 % 0.01 11.92 (7.61) (0.01)
Q1 2013 (0.33) (100.7 %) 0.00 58.83 (59.17) (0.07)
Q2 2013 1.10 (98.8 %) 0.00 43.23 (42.12) (0.05)
Q3 2013 17.96 (59.7 %) 0.02 - 17.96 0.02
Q4 2013 254.33 5811.8 % 0.30 (230.80) 485.12 0.57
Q1 2014 49.91 15041.9 % 0.06 - 49.91 0.06
Q2 2014 212.82 19194.7 % 0.25 - 212.82 0.25
Q3 2014 47.80 166.1 % 0.06 - 47.80 0.06
Q4 2014 69.15 (72.8 %) 0.08 - 69.15 0.08
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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 (80.23 %) (363.63 %) (438.75 %)
Q2 2011 45.94 % (12.36 %) (31.58 %)
Q3 2011 65.22 % 21.29 % 2.05 %
Q4 2011 76.43 % 35.42 % 13.96 %
Q1 2012 79.86 % 47.49 % 26.87 %
Q2 2012 88.87 % 54.84 % 31.63 %
Q3 2012 90.03 % 55.60 % 34.75 %
Q4 2012 87.76 % 49.86 % 35.06 %
Q1 2013 87.31 % 39.88 % 20.79 %
Q2 2013 84.81 % 4.64 % (26.72 %)
Q3 2013 68.79 % (11.26 %) (39.92 %)
Q4 2013 84.55 % 61.17 % 48.21 %
Q1 2014 82.74 % 62.33 % 51.91 %
Q2 2014 76.90 % 62.34 % 54.90 %
Q3 2014 77.63 % 64.55 % 56.26 %
Q4 2014 68.60 % 46.03 % 35.67 %
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 850.00 (0.64) (0.36) 8.57
Q2 2011 850.00 (0.39) (0.10) 8.67
Q3 2011 850.00 (0.15) 0.01 8.68
Q4 2011 850.00 0.10 0.07 8.68
Q1 2012 850.00 0.17 0.17 8.74
Q2 2012 850.00 0.17 0.19 8.85
Q3 2012 850.00 0.22 0.24 8.90
Q4 2012 850.00 0.22 0.22 8.90
Q1 2013 850.00 0.17 0.10 8.90
Q2 2013 850.00 0.06 (0.08) 8.90
Q3 2013 850.00 0.03 (0.11) 8.92
Q4 2013 850.00 0.32 0.47 9.22
Q1 2014 850.00 0.38 0.60 9.28
Q2 2014 850.00 0.63 0.90 9.53
Q3 2014 850.00 0.66 0.94 9.58
Q4 2014 850.00 0.45 0.45 9.67
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 NEG NEG 1.07
Q2 2011 NEG NEG 1.21
Q3 2011 NEG More than 100 0.99
Q4 2011 More than 100 More than 100 1.13
Q1 2012 More than 100 More than 100 1.99
Q2 2012 69.25 62.30 1.35
Q3 2012 55.19 50.71 1.35
Q4 2012 50.37 49.21 1.24
Q1 2013 76.24 More than 100 1.42
Q2 2013 More than 100 NEG 1.49
Q3 2013 More than 100 NEG 1.73
Q4 2013 55.20 37.51 1.92
Q1 2014 60.29 38.16 2.47
Q2 2014 32.05 22.39 2.12
Q3 2014 34.95 24.81 2.42
Q4 2014 35.49 35.49 1.64
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

Business Segments (Million)

Compared With The
Period Hospitality and Leisure Residential business Industrial development Other activities
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


Financial Ratios
Current
Market Cap (M Riyal) 9,055.31
Enterprise Value (EV) (M) 16,740.45
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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Share Price

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

Emaar The Economic City (EMAAR EC)

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