Emaar EC’s net profit plunges 54% in nine-months 2015

20/10/2015 Argaam Exclusive

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Emaar The Economic City (EMAAR EC)

Emaar The Economic City (Emaar EC) reported a net profit of SAR 144.3 million for the first nine months of 2015, a 54 percent drop compared to the same period last year, due to delayed launches of some of its real estate projects.

Financials (M)

Item	9m 2014	9m 2015	Change‬
Revenues	761.34	636.13	(16.4 %)
Gross Income	514.72	390.11	(24.2 %)
Operating Income	349.85	183.03	(47.7 %)
Net Income	310.53	144.27	(53.5 %)
Average Shares	850.00	850.00	-
EPS (Riyals)	0.37	0.17	(53.5 %)

The developer recorded a net profit of SAR 8.2 million in Q3 this year, a drop of 82.9 percent compared to the same quarter last year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2014	Q3 2015	Change‬
Revenues	145.45	169.89	16.8 %
Gross Income	111.68	85.41	(23.5 %)
Operating Income	58.11	9.07	(84.4 %)
Net Income	47.80	8.19	(82.9 %)
Average Shares	850.00	850.00	-
EPS (Riyals)	0.06	0.01	(82.9 %)

Item	Q2 2015	Q3 2015	Change‬
Revenues	236.68	169.89	(28.2 %)
Gross Income	147.22	85.41	(42.0 %)
Operating Income	74.60	9.07	(87.8 %)
Net Income	50.35	8.19	(83.7 %)
Average Shares	850.00	850.00	-
EPS (Riyals)	0.06	0.01	(83.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	-	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-	-
2007	-	-	-	-	-	-	-
Q1 2008	-	-	-	-	(19.29)	-	(0.02)
Q2 2008	-	-	-	-	(40.45)	-	(0.05)
Q3 2008	43.76	-	(97.32)	-	(181.79)	-	(0.21)
Q4 2008	57.81	-	(22.97)	-	(50.51)	-	(0.06)
2008	101.57	-	(120.29)	-	(292.04)	-	(0.34)
Q1 2009	82.45	-	1.77	-	(62.33)	(223.2 %)	(0.07)
Q2 2009	83.76	-	20.88	-	(113.12)	(179.7 %)	(0.13)
Q3 2009	73.78	68.6 %	34.99	136.0 %	(63.53)	65.1 %	(0.07)
Q4 2009	20.54	(64.5 %)	11.85	151.6 %	(69.88)	(38.3 %)	(0.08)
2009	260.53	156.5 %	69.48	157.8 %	(308.85)	(5.8 %)	(0.36)
Q1 2010	45.23	(45.1 %)	5.46	209.3 %	(53.47)	14.2 %	(0.06)
Q2 2010	16.24	(80.6 %)	(32.64)	(256.3 %)	(128.40)	(13.5 %)	(0.15)
Q3 2010	15.28	(79.3 %)	(22.86)	(165.3 %)	(195.59)	(207.9 %)	(0.23)
Q4 2010	14.18	(31.0 %)	(13.69)	(215.5 %)	(206.36)	(195.3 %)	(0.24)
2010	90.93	(65.1 %)	(63.72)	(191.7 %)	(583.81)	(89.0 %)	(0.69)
Q1 2011	23.77	(47.4 %)	13.45	146.4 %	(13.58)	74.6 %	(0.02)
Q2 2011	228.00	1303.8 %	152.28	566.6 %	87.57	168.2 %	0.10
Q3 2011	74.82	389.8 %	70.20	407.1 %	6.18	103.2 %	0.01
Q4 2011	81.13	472.2 %	75.69	653.1 %	2.39	101.2 %	0.00
2011	407.72	348.4 %	311.62	589.0 %	82.55	114.1 %	0.10
Q1 2012	142.04	497.5 %	121.88	806.1 %	45.17	432.6 %	0.05
Q2 2012	216.77	(4.9 %)	189.72	24.6 %	92.73	5.9 %	0.11
Q3 2012	138.99	85.8 %	133.92	90.8 %	44.53	620.5 %	0.05
Q4 2012	47.38	(41.6 %)	32.94	(56.5 %)	4.30	80.2 %	0.01
2012	545.18	33.7 %	478.45	53.5 %	186.12	125.5 %	0.22
Q1 2013	14.50	(89.8 %)	8.08	(93.4 %)	(0.33)	(100.7 %)	0.00
Q2 2013	40.04	(81.5 %)	29.39	(84.5 %)	1.10	(98.8 %)	0.00
Q3 2013	125.89	(9.4 %)	86.30	(35.6 %)	17.96	(59.7 %)	0.02
Q4 2013	653.03	1278.3 %	580.90	1663.8 %	254.33	5811.8 %	0.30
2013	833.45	52.9 %	704.67	47.3 %	273.06	46.7 %	0.32
Q1 2014	165.16	1038.8 %	117.64	1356.1 %	49.91	15041.9 %	0.06
Q2 2014	450.74	1025.8 %	287.82	879.4 %	212.82	19194.7 %	0.25
Q3 2014	145.45	15.5 %	111.68	29.4 %	47.80	166.1 %	0.06
Q4 2014	303.00	(53.6 %)	213.00	(63.3 %)	69.15	(72.8 %)	0.08
2014	1,064.34	27.7 %	727.72	3.3 %	379.68	39.0 %	0.45
Q1 2015	229.56	39.0 %	157.48	33.9 %	85.72	71.8 %	0.10
Q2 2015	236.68	(47.5 %)	147.22	(48.9 %)	50.35	(76.3 %)	0.06
Q3 2015	169.89	16.8 %	85.41	(23.5 %)	8.19	(82.9 %)	0.01

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	-	-	-	-	-	-	-
2006	-	-	-	-	-	-	-
2007	-	-	-	-	-	-	-
2008	101.57	-	(120.29)	-	(292.04)	-	(0.34)
2009	260.53	156.5 %	69.48	157.8 %	(308.85)	(5.8 %)	(0.36)
2010	90.93	(65.1 %)	(63.72)	(191.7 %)	(583.81)	(89.0 %)	(0.69)
2011	407.72	348.4 %	311.62	589.0 %	82.55	114.1 %	0.10
2012	545.18	33.7 %	478.45	53.5 %	186.12	125.5 %	0.22
2013	833.45	52.9 %	704.67	47.3 %	273.06	46.7 %	0.32
2014	1,064.34	27.7 %	727.72	3.3 %	379.68	39.0 %	0.45

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	(118.44 %)	(368.92 %)	(287.53 %)
2008	(118.44 %)	(368.92 %)	(287.53 %)
Q1 2009	(64.41 %)	(207.75 %)	(182.10 %)
Q2 2009	(36.47 %)	(155.98 %)	(152.27 %)
Q3 2009	11.64 %	(92.27 %)	(97.21 %)
Q4 2009	26.67 %	(102.99 %)	(118.55 %)
2009	26.67 %	(102.99 %)	(118.55 %)
Q1 2010	32.77 %	(112.45 %)	(134.33 %)
Q2 2010	12.62 %	(164.69 %)	(202.35 %)
Q3 2010	(39.26 %)	(281.46 %)	(350.87 %)
Q4 2010	(70.08 %)	(294.10 %)	(350.86 %)
2010	(70.08 %)	(294.10 %)	(350.86 %)
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 %
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 %
2012	87.76 %	51.34 %	36.71 %
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 %
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 %
2014	68.37 %	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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	(118.44 %)	(368.92 %)	(287.53 %)
2009	26.67 %	(102.99 %)	(118.55 %)
2010	(70.08 %)	(294.10 %)	(350.86 %)
2011	76.43 %	35.42 %	13.96 %
2012	87.76 %	51.34 %	36.71 %
2013	84.55 %	61.17 %	48.21 %
2014	68.37 %	46.03 %	35.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	(222.39 %)	(446.21 %)	(415.40 %)
Q4 2008	(39.74 %)	(104.40 %)	(87.39 %)
Q1 2009	2.14 %	(70.86 %)	(75.60 %)
Q2 2009	24.92 %	(123.72 %)	(135.05 %)
Q3 2009	47.43 %	(70.98 %)	(86.10 %)
Q4 2009	57.67 %	(262.34 %)	(340.19 %)
Q1 2010	12.07 %	(91.15 %)	(118.20 %)
Q2 2010	(200.95 %)	(671.67 %)	(790.54 %)
Q3 2010	(149.65 %)	(455.82 %)	(586.72 %)
Q4 2010	(96.52 %)	(334.82 %)	(335.30 %)
Q1 2011	56.59 %	(111.11 %)	(165.00 %)
Q2 2011	66.79 %	47.69 %	38.41 %
Q3 2011	93.83 %	50.39 %	8.26 %
Q4 2011	93.29 %	30.06 %	2.94 %
Q1 2012	85.81 %	55.59 %	31.80 %
Q2 2012	87.52 %	65.15 %	50.32 %
Q3 2012	96.35 %	55.61 %	32.04 %
Q4 2012	69.52 %	(54.15 %)	(16.07 %)
Q1 2013	55.71 %	(181.36 %)	(407.95 %)
Q2 2013	73.40 %	(35.33 %)	(105.21 %)
Q3 2013	68.55 %	32.14 %	14.27 %
Q4 2013	88.95 %	78.07 %	74.29 %
Q1 2014	71.23 %	46.78 %	30.22 %
Q2 2014	63.86 %	53.70 %	47.22 %
Q3 2014	76.78 %	57.71 %	32.87 %
Q4 2014	70.30 %	28.61 %	22.82 %
Q1 2015	68.60 %	53.33 %	39.20 %
Q2 2015	62.20 %	39.41 %	25.99 %
Q3 2015	50.28 %	14.67 %	4.82 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	850.00	-	-	9.96
Q2 2008	850.00	-	-	9.91
Q3 2008	850.00	-	-	9.70
Q4 2008	850.00	(0.34)	(0.34)	9.64
Q1 2009	850.00	(0.39)	(0.39)	9.56
Q2 2009	850.00	(0.48)	(0.48)	9.43
Q3 2009	850.00	(0.34)	(0.34)	9.35
Q4 2009	850.00	(0.36)	(0.36)	9.27
Q1 2010	850.00	(0.35)	(0.35)	9.21
Q2 2010	850.00	(0.37)	(0.37)	9.06
Q3 2010	850.00	(0.53)	(0.40)	8.83
Q4 2010	850.00	(0.69)	(0.38)	8.59
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	-	-	-	-
2006	-	-	-	-
2007	-	-	-	-
2008	850.00	(0.34)	(0.34)	9.64
2009	850.00	(0.36)	(0.36)	9.27
2010	850.00	(0.69)	(0.38)	8.59
2011	850.00	0.10	0.07	8.68
2012	850.00	0.22	0.24	8.90
2013	850.00	0.32	0.47	9.22
2014	850.00	0.45	0.45	9.67

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	2.41
Q2 2008	-	-	3.03
Q3 2008	-	-	2.01
Q4 2008	NEG	NEG	1.24
Q1 2009	NEG	NEG	1.15
Q2 2009	NEG	NEG	1.48
Q3 2009	NEG	NEG	1.49
Q4 2009	NEG	NEG	1.38
Q1 2010	NEG	NEG	1.43
Q2 2010	NEG	NEG	1.26
Q3 2010	NEG	NEG	1.19
Q4 2010	NEG	NEG	1.10
Q1 2011	NEG	NEG	1.07
Q2 2011	NEG	NEG	1.21
Q3 2011	NEG	More than 50	0.99
Q4 2011	More than 50	More than 50	1.13
Q1 2012	More than 50	More than 50	1.99
Q2 2012	More than 50	More than 50	1.35
Q3 2012	More than 50	More than 50	1.35
Q4 2012	More than 50	49.19	1.24
Q1 2013	More than 50	More than 50	1.42
Q2 2013	More than 50	NEG	1.49
Q3 2013	More than 50	NEG	1.73
Q4 2013	More than 50	37.50	1.92
Q1 2014	More than 50	38.15	2.47
Q2 2014	32.04	22.38	2.12
Q3 2014	34.94	24.81	2.42
Q4 2014	35.48	35.48	1.64
Q1 2015	35.97	35.60	1.80
Q2 2015	More than 50	More than 50	2.02
Q3 2015	More than 50	More than 50	1.47

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	NEG	NEG	1.24
2009	NEG	NEG	1.38
2010	NEG	NEG	1.10
2011	More than 50	More than 50	1.13
2012	More than 50	46.99	1.24
2013	More than 50	37.50	1.92
2014	35.48	35.48	1.64

Financial Ratios

	Current
Market Cap (M Riyal)	7,761.05
Enterprise Value (EV) (M)	14,481.49
Shares Outstanding ((M))	1,133.00
EPS ( Riyal) (TTM)	(0.38)
Book Value (BV) ( Riyal)	5.34
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.28
Return on Average Assets (%) (TTM)	(2.83 )
Return on Average Equity (%) (TTM)	(6.92 )

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Emaar EC’s net profit plunges 54% in nine-months 2015

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Share Price

Emaar The Economic City (EMAAR EC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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Emaar EC’s net profit plunges 54% in nine-months 2015

View other reports

Share Price

Emaar The Economic City (EMAAR EC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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