Emaar EC swings to loss of SAR 196 mln in 9M 2018

08/11/2018 Argaam Exclusive

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Share Price

7.49
0.03 0.40 %

Emaar The Economic City (EMAAR EC)

Emaar The Economic City (Emaar EC)  reported a net loss after zakat and tax of SAR 196 million in the first nine months of 2018, compared to a net profit of SAR 43 million a year earlier.

 

The loss was attributed to a rise in administrative, selling and marketing expenses and a loss on new operating assets.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 809.95 636.67 (21.4 %)
Gross Income 359.00 175.92 (51.0 %)
Operating Income 4.97 (221.56) (4555.3 %)
Net Income 45.56 (193.56) (524.9 %)
Average Shares 850.00 850.00 -
EPS (Riyals) 0.05 (0.23) (524.9 %)

The developer reported a net loss of SAR 150 million in Q3 2018 versus a net profit of SAR 27 million for the same quarter last year due to a decrease in other income as well as an increase in depreciation, marketing, administrative expenses,  Zakat and impairment loss.

 

When compared to the previous quarter, the loss widened three times.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 268.52 111.85 (58.3 %)
Gross Income 106.32 (17.77) (116.7 %)
Operating Income 6.83 (149.72) (2291.8 %)
Net Income 26.99 (149.10) (652.5 %)
Average Shares 850.00 850.00 -
EPS (Riyals) 0.03 (0.18) (652.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
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)
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
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
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
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
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
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
Q4 2016 846.74 118.9 % 602.38 241.0 % 454.56 186.9 % 0.53
Q1 2017 318.23 16.9 % 115.70 24.2 % (17.51) (2.7 %) (0.02)
Q2 2017 223.19 (60.1 %) 136.97 (52.2 %) 36.08 (84.9 %) 0.04
Q3 2017 268.52 (54.5 %) 106.32 (44.6 %) 26.99 (61.3 %) 0.03
Q4 2017 628.03 (25.8 %) 457.05 (24.1 %) 195.36 (57.0 %) 0.23
Q1 2018 280.77 (11.8 %) 92.66 (19.9 %) 3.13 117.9 % 0.00
Q2 2018 244.05 9.3 % 101.03 (26.2 %) (47.59) (231.9 %) (0.06)
Q3 2018 111.85 (58.3 %) (17.77) (116.7 %) (149.10) (652.5 %) (0.18)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %)
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 %
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 %
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 %
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 %
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 %
Q1 2016 47.15 % 22.83 % 11.85 %
Q2 2016 46.25 % 23.19 % 15.02 %
Q3 2016 41.40 % 22.45 % 14.93 %
Q4 2016 51.78 % 38.04 % 27.30 %
Q1 2017 51.72 % 37.13 % 26.78 %
Q2 2017 52.94 % 37.28 % 25.89 %
Q3 2017 58.03 % 40.59 % 28.33 %
Q4 2017 56.75 % 37.49 % 16.75 %
Q1 2018 56.62 % 42.07 % 18.68 %
Q2 2018 53.26 % 35.14 % 12.52 %
Q3 2018 50.05 % 33.47 % 0.14 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2016 850.00 0.88 0.73 9.17
Q1 2017 850.00 0.88 0.73 9.15
Q2 2017 850.00 0.64 0.60 9.19
Q3 2017 850.00 0.59 0.55 9.23
Q4 2017 850.00 0.28 0.28 9.42
Q1 2018 850.00 0.31 0.31 9.43
Q2 2018 850.00 0.21 0.21 9.37
Q3 2018 850.00 0.00 0.00 9.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2016 26.03 31.40 2.49
Q1 2017 25.85 31.14 2.48
Q2 2017 32.81 34.78 2.28
Q3 2017 32.62 34.76 2.08
Q4 2017 More than 50 More than 50 1.91
Q1 2018 More than 50 More than 50 1.93
Q2 2018 More than 50 More than 50 1.71
Q3 2018 More than 50 More than 50 1.37

Business Segments (Million)

Compared With The
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
Q4 2016 62.88 394.77 355.07 34.03
Q1 2017 16.71 189.07 96.32 16.13
Q2 2017 19.47 49.34 141.62 12.77
Q3 2017 13.27 88.72 136.14 30.40
Q4 2017 12.81 365.13 224.62 25.46
Q1 2018 13.94 156.34 93.21 17.28
Q2 2018 10.47 143.25 64.37 25.97
Q3 2018 12.78 46.64 30.06 22.37

Current
Market Cap (M Riyal) 8,486.17
Enterprise Value (EV) (M) 15,206.61
Shares Outstanding ((M)) 1,133.00
EPS ( Riyal) (TTM) (0.22)
Book Value (BV) ( Riyal) 5.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.32
Return on Average Assets (%) (TTM) (1.67 )
Return on Average Equity (%) (TTM) (3.88 )

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