Emaar The Economic City (Emaar EC) narrowed net losses after Zakat and tax by 23.5% to SAR 372 million for the first half of 2021, from SAR 486 million in the year-earlier period.
The company reported a decline of SAR 33 million year-on-year (YoY) in general, administrative and marketing expenses, due to various cost optimization measures, including reduction in employee cost. It also cited lower finance charges and impairment losses of financial assets.
Meanwhile, Emaar EC reported a rise in its profit share from Port Development Company (PDC), to SAR 14 million.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 348.50 | 171.66 | (50.7 %) |
| Gross Income | (22.32) | (36.76) | (64.7 %) |
| Operating Income | (345.06) | (308.16) | 10.7 % |
| Net Income | (486.43) | (372.07) | 23.5 % |
| Average Shares | 850.00 | 991.67 | 16.7 % |
| EPS (Riyals) | (0.57) | (0.38) | 34.4 % |
In Q2 2021, Emaar EC cut net losses by 13% to SAR 178 million from SAR 205 million a year earlier, backed by lower general, administrative and marketing expenses, finance charges along with a decline in the gross loss from the hospitality segment.
When compared to the previous quarter, net losses narrowed by 8.2% from SAR 194 million.
Accumulated losses reached SAR 3.027 billion by June 30, 2021, accounting for over 35% of capital.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 143.10 | 88.07 | (38.5 %) |
| Gross Income | 17.00 | (19.69) | (215.8 %) |
| Operating Income | (143.21) | (149.58) | (4.4 %) |
| Net Income | (204.93) | (177.59) | 13.3 % |
| Average Shares | 850.00 | 991.67 | 16.7 % |
| EPS (Riyals) | (0.24) | (0.18) | 25.7 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 83.59 | 88.07 | 5.4 % |
| Gross Income | (17.07) | (19.69) | (15.3 %) |
| Operating Income | (158.58) | (149.58) | 5.7 % |
| Net Income | (194.49) | (177.59) | 8.7 % |
| Average Shares | 991.67 | 991.67 | - |
| EPS (Riyals) | (0.20) | (0.18) | 8.7 % |
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