Emaar The Economic City announces its Annual financial results for the period ending on 2018-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,008 | 1,438 | -29.902 | ||
| Total Profit (Loss) | 338 | 816 | -58.578 | ||
| Profit (Loss) Operational | -256 | 293 | - | ||
| Net Profit (Loss) after Zakat and Tax | -138 | 251 | - | ||
| Total Comprehensive Income | -130 | 223 | - | ||
| Total Share Holders Equity (after deducting minority equity) | 7,877 | 8,009 | -1.648 | ||
| Profit (Loss) per Share | -0.16 | 0.28 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current year compared to last year | 'The reason for net losses during the current year as compared to net profit during the corresponding year is mainly attributable to the following:
- Order intake of residential and industrial projects was lower in the current year as compared to the corresponding year. - Launch of certain new operating assets during 2018, resulting in increase in the current year's net loss. - Increase in administrative, selling and marketing expenses, mainly due to launch of new projects and certain CSR activities also contributed to net loss during the current year. - The above impacts are partially offset by the increase in other income (mainly due to disposal of investment properties) and net gain on interest rate swap arrangement (entered into by Ports Development Company) along with reduction in zakat charge for the year as compared to the corresponding year. |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | None |
| Reclassifications in annual financial results | 'Certain comparative amounts have been reclassified to conform to the current year's presentation. |
| Additional Information | None |
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