Emaar The Economic City (Emaar EC) reported a net loss of SAR 1.15 billion in 2022, compared to SAR 837 million a year ago.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 372.08 | 363.27 | (2.4 %) |
| Gross Income | (237.06) | (231.60) | 2.3 % |
| Operating Income | (699.46) | (820.01) | (17.2 %) |
| Net Income | (836.53) | (1157.29) | (38.3 %) |
| Average Shares | 991.67 | 1,133.33 | 14.3 % |
| EPS (Riyals) | (0.84) | (1.02) | (21.1 %) |
The higher losses were attributed to a rise in general and administrative expenses, as well as increased finance expenses. This was paired with the decline in the company's share in subsidiaries.
The fourth-quarter losses jumped 81.9% to SAR 530.65 million, from SAR 292.69 million in the year-earlier period.
Compared to the previous quarter, Q4 losses increased from SAR 218.85 million.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 114.39 | 136.35 | 19.2 % |
| Gross Income | (195.48) | (90.88) | 53.5 % |
| Operating Income | (261.53) | (335.17) | (28.2 %) |
| Net Income | (291.69) | (509.78) | (74.8 %) |
| Average Shares | 991.67 | 1,133.33 | 14.3 % |
| EPS (Riyals) | (0.29) | (0.45) | (52.9 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 62.00 | 136.35 | 119.9 % |
| Gross Income | (53.47) | (90.88) | (70.0 %) |
| Operating Income | (154.51) | (335.17) | (116.9 %) |
| Net Income | (230.68) | (509.78) | (121.0 %) |
| Average Shares | 1,133.33 | 1,133.33 | - |
| EPS (Riyals) | (0.20) | (0.45) | (121.0 %) |
Total shareholders’ equity, no minority interest, amounted to SAR 6.65 billion as of Dec. 31, 2022, compared to SAR 7.77 billion a year earlier.
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