Emaar The Economic City (Emaar EC) swung to net loss of SAR 32 million in the first nine months of 2016, compared to a profit of SAR 144 million in the same period last year.
The firm said sales of residential products with lower profit margin hurt its earnings, along with an increase in general and administrative expenses, and higher depreciation charges.
The decline was also attributed to impairment of assets held for disposal, court ruling relating to sale of a development property, and change in infrastructure cost estimate of industrial and residential lands.
| Item | 9m 2015 | 9m 2016 | Change |
|---|---|---|---|
| Revenues | 636.13 | 1,421.03 | 123.4 % |
| Gross Income | 390.11 | 571.79 | 46.6 % |
| Operating Income | 183.03 | 213.77 | 16.8 % |
| Net Income | 144.27 | 295.42 | 104.8 % |
| Average Shares | 850.00 | 850.00 | - |
| EPS (Riyals) | 0.17 | 0.35 | 104.8 % |
The developer posted a net loss of SAR 81 million for the third quarter of 2016, compared to a profit of SAR 8 million in the same quarter last year, and SAR 80 million net profit in the previous quarter.
| Item | Q3 2015 | Q3 2016 | Change |
|---|---|---|---|
| Revenues | 169.89 | 589.72 | 247.1 % |
| Gross Income | 85.41 | 191.94 | 124.7 % |
| Operating Income | 9.07 | 77.96 | 759.2 % |
| Net Income | 8.19 | 69.65 | 750.4 % |
| Average Shares | 850.00 | 850.00 | - |
| EPS (Riyals) | 0.01 | 0.08 | 750.4 % |
| Item | Q2 2016 | Q3 2016 | Change |
|---|---|---|---|
| Revenues | 558.98 | 589.72 | 5.5 % |
| Gross Income | 286.68 | 191.94 | (33.0 %) |
| Operating Income | 137.68 | 77.96 | (43.4 %) |
| Net Income | 239.68 | 69.65 | (70.9 %) |
| Average Shares | 850.00 | 850.00 | - |
| EPS (Riyals) | 0.28 | 0.08 | (70.9 %) |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 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 |
| Q4 2015 | 386.83 | 27.7 % | 176.66 | (17.1 %) | 158.45 | 129.1 % | 0.19 |
| 2015 | 1,022.96 | (3.9 %) | 566.77 | (22.1 %) | 302.72 | (20.3 %) | 0.36 |
| Q1 2016 | 272.33 | 18.6 % | 93.16 | (40.8 %) | (17.04) | (119.9 %) | (0.02) |
| Q2 2016 | 558.98 | 136.2 % | 286.68 | 94.7 % | 239.68 | 376.0 % | 0.28 |
| Q3 2016 | 589.72 | 247.1 % | 191.94 | 124.7 % | 69.65 | 750.4 % | 0.08 |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 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 |
| 2015 | 1,022.96 | (3.9 %) | 566.77 | (22.1 %) | 302.72 | (20.3 %) | 0.36 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| Q4 2015 | 55.41 % | 33.23 % | 22.90 % |
| 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 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| 2015 | 55.41 % | 33.23 % | 22.90 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| Q4 2015 | 45.67 % | 25.67 % | 19.28 % |
| Q1 2016 | 34.21 % | 9.49 % | (6.62 %) |
| Q2 2016 | 51.29 % | 30.73 % | 25.70 % |
| Q3 2016 | 32.55 % | 18.47 % | 11.81 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
| 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 |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
| 2015 | 850.00 | 0.36 | 0.28 | 10.02 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
| Q4 2015 | 48.43 | More than 50 | 1.72 |
| Q1 2016 | More than 50 | More than 50 | 2.24 |
| Q2 2016 | 42.06 | More than 50 | 2.24 |
| Q3 2016 | 30.14 | More than 50 | 1.84 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
| 2015 | 48.43 | More than 50 | 1.72 |
Q3 2016
2016
| Period | Hospitality and Leisure | Residential business | Industrial development | Other activities |
|---|---|---|---|---|
| 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 |
| Period | Hospitality and Leisure | Residential business | Industrial development | Other activities |
|---|
| 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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