Emaar The Economic City (Emaar EC) narrowed net losses after Zakat and tax by 31% to SAR 194 million in Q1 2021, from SAR 282 million in the year-earlier period.
The company cut net losses, due to inventory impairment of SAR 73 million recorded in Q1 2020. Moreover, financing charges decreased by SAR 36 million during current quarter mainly due to decrease in overall SAIBOR rates.
General and administrative expenses also declined by SAR 11.2 million, mainly due to various cost optimization measures including reduction in employee cost.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 205.40 | 83.59 | (59.3 %) |
| Gross Income | (39.33) | (17.07) | 56.6 % |
| Operating Income | (201.85) | (158.58) | 21.4 % |
| Net Income | (281.50) | (194.49) | 30.9 % |
| Average Shares | 850.00 | 991.67 | 16.7 % |
| EPS (Riyals) | (0.33) | (0.20) | 40.8 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 66.12 | 83.59 | 26.4 % |
| Gross Income | (307.22) | (17.07) | 94.4 % |
| Operating Income | (554.40) | (158.58) | 71.4 % |
| Net Income | (574.60) | (194.49) | 66.2 % |
| Average Shares | 850.00 | 991.67 | 16.7 % |
| EPS (Riyals) | (0.68) | (0.20) | 71.0 % |
When compared to the previous quarter, net losses narrowed by 66% from SAR 575 million.
Accumulated losses reached SAR 2.849 billion by March 31, 2021, accounting for 33.5% of capital.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}