Emaar, The Economic City (EEC) announces its Interim Financial Results for the Period Ending on 30-06-2024 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 76 | 428 | -82.242 | 75 | 1.333 |
| Gross Profit (Loss) | -47 | 234 | - | -38 | 23.684 |
| Operational Profit (Loss) | -110 | 214 | - | -147 | -25.17 |
| Net profit (Loss) | -342 | 95 | - | -352 | -2.84 |
| Total Comprehensive Income | -340 | 108 | - | -353 | -3.682 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 150 | 585 | -74.358 |
| Gross Profit (Loss) | -85 | 252 | - |
| Operational Profit (Loss) | -257 | 153 | - |
| Net profit (Loss) | -694 | -76 | 813.157 |
| Total Comprehensive Income | -693 | -66 | 950 |
| Total Shareholders Equity (after Deducting Minority Equity) | 5,714 | 6,589 | -13.279 |
| Profit (Loss) per Share | -0.61 | -0.07 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -5,631 | -49.69 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The decline in revenue by 82% for the current quarter compared to the corresponding quarter of 2023 is attributable to the delay in signing of new contracts in the commercial and industrial valley sectors during the current quarter. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The net loss for the quarter increased by 460% on a year-on-year basis. This is mainly attributable to:
- Decline in revenues for the reasons provided above.
- Increase in finance costs by SAR 68m due to additional borrowings and the increase in effective interest rates as a result of the slight increase in SAIBOR.
- Loss of SAR 49m in the share of equity accounted investees. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase of current quarter’s revenue by 1% compared to the previous quarter is mainly attributed to the net increase in sales of residential units. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net loss decreased by 3% compared to the previous quarter. This is attributable to the impact of reduced operating expenses as a result of lower professional charges, promotional activities, and employee costs. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The revenue declined by 74% in current period compared to the same period last year. This is mainly attributable to:
- Decline in operational revenues, due to lower lease revenues resulting from the termination of certain leases.
- Decline in project revenue due to the delay in signing of new contracts in the commercial and industrial valley sectors. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net loss increased by 813% compared to the same period in the previous year. This is mainly attributable to:
- Decline in revenues for the reasons provided above.
- The increase in the provision for Expected Credit Loss by SAR 29m due to aging of legacy receivables.
- Increase in finance costs by SAR 108m due to additional borrowings and the increase in effective interest rates as a result of the slight increase in SAIBOR.
- Loss of SAR 51m in the share of equity accounted investees compared to the profit during the same period of the previous year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Not applicable |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified, wherever necessary, to conform to the presentation adopted in the condensed consolidated financial statements for the current period. |
| Additional Information | - |
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