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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

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)


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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