Emaar The Economic City announces the interim financial results for the period ending on 30-06-2018 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | -45 | 35 | - | 3 | - |
| Gross profit (loss) | 105 | 137 | -23.36 | 97 | 8.25 |
| Operational profit (loss) | -50 | 24 | - | -22 | -127.27 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | -42 | 16 | - |
| Gross profit (loss) | 201 | 253 | -20.55 |
| Operational profit (loss) | -72 | -2 | -3,500 |
| Earning or loss per share, Riyals | -0.05 | 0.02 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | Reason for decrease in profit of the current quarter vs last year comparable quarter:- Higher industrial land sales in the corresponding quarter. - Decrease in share of income from a joint venture - Increase in depreciation, marketing and administrative expenses |
| Reasons of increase (decrease) for period compared with same period last year | Reason for decrease in profit of the current period YTD vs the last YTD period: - Higher industrial land sales in the corresponding period. - Increase in selling and marketing expenses (mainly due to launch of new projects) resulted in a decrease in operating profit for the current period. - Other income in the current period has increased (mainly due to one-off items and contract cancellation forfeiture) as compared to the corresponding period. |
| Reasons of increase (decrease) for quarter compared with previous quarter | Reason for decrease in profit of the current quarter vs the last quarter : - Increase in selling, marketing, general and administrative expenses - Decrease in other income (one-off items in preceding quarter) - Decrease in share of income from a joint venture |
| Other notes | 1).Total revenue for the current quarter amounted to SR 244 Million as compared to SR 223 Million for the corresponding quarter, with an increase of 9.4%; whereas it has decreased by 13% as compared to SR 281 M of the previous quarter. 2).Total revenue for the current period amounted to SR 525 Million as compared to SR 541 Million for the corresponding period, with a reduction of 3.1%.3). Total shareholders equity (excluding Non-controlling interests), as of 30 Jun 2018, amounted to SR 7,969 Million, as compared to SR 7,815 Million, as of 30 Jun 2017, with an increase of 2%.4). Accumulated losses, as of 30 Jun 2018, amounted to SR 543 Million, which represent 6.4% of Capital, as compared to SR 697 Million, as of 30 Jun 2017, indicating a reduction in accumulated losses by 22%.5). Total comprehensive loss, attributable to owners of the company, for the current quarter, amounted to SR 44 M, as compared to total comprehensive income of SR 36 M for the corresponding quarter, and total comprehensive income of SR 3.6 M for Q1 2018, which represents a decrease of total comprehensive income by 222.22% in the current quarter as compared to the corresponding period and a decrease in total comprehensive income by 1300% of the preceding quarter and Total comprehensive loss, attributable to owners of the company, for the current period, amounted to SR 40.5 M, as compared to total comprehensive income of SR 18.6 M for the corresponding period which represents a decrease of total comprehensive income by 318%. 6). Loss per share for current quarter is SR (0.06) as compared to earning per share of SR 0.04 during the corresponding quarter. 7). The External Auditors reviewed the Financial Statements and issued an unqualified conclusion review report. |
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