Financial Results : Emaar EC’s net profit tumbles 69% in FY17

Emaar EC’s net profit tumbles 69% in FY17

28/03/2018 Argaam Exclusive

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Emaar The Economic City (Emaar EC) reported a 68.9 percent year-on-year (YoY) plunge in net profit to SAR 223 million for the fiscal year 2017, due to an increase in depreciation costs on capitalization of infrastructure assets, higher interest rates and loans.

 

In addition the 2016 net earnings included claims from a development contract, which was canceled by a client.



Financials (M)

Item 2016 2017 Change‬
Revenues 2,267.77 1,437.98 (36.6 %)
Gross Income 1,174.16 816.04 (30.5 %)
Operating Income 619.91 293.48 (52.7 %)
Net Income 719.68 240.92 (66.5 %)
Average Shares 392.44 392.44 -
Earnings Per Share before unusual items (Riyals) 1.51 0.61 (59.3 %)
EPS (Riyals) 1.83 0.61 (66.5 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 846.74 628.03 (25.8 %)
Gross Income 602.38 457.05 (24.1 %)
Operating Income 436.44 288.51 (33.9 %)
Net Income 454.56 195.36 (57.0 %)
Average Shares 392.44 392.44 -
Earnings Per Share before unusual items (Riyals) 1.08 0.50 (53.9 %)
EPS (Riyals) 1.16 0.50 (57.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2008 (19.29) - (0.05) - (19.29) (0.05)
Q2 2008 (40.45) - (0.10) - (40.45) (0.10)
Q3 2008 (181.79) - (0.46) - (181.79) (0.46)
Q4 2008 (50.51) - (0.13) - (50.51) (0.13)
Q1 2009 (62.33) (223.2 %) (0.16) - (62.33) (0.16)
Q2 2009 (113.12) (179.7 %) (0.29) - (113.12) (0.29)
Q3 2009 (63.53) 65.1 % (0.16) - (63.53) (0.16)
Q4 2009 (69.88) (38.3 %) (0.18) - (69.88) (0.18)
Q1 2010 (53.47) 14.2 % (0.14) - (53.47) (0.14)
Q2 2010 (128.40) (13.5 %) (0.33) - (128.40) (0.33)
Q3 2010 (195.59) (207.9 %) (0.50) (105.97) (89.62) (0.23)
Q4 2010 (206.36) (195.3 %) (0.53) (158.82) (47.54) (0.12)
Q1 2011 (13.58) 74.6 % (0.03) 25.64 (39.22) (0.10)
Q2 2011 87.57 168.2 % 0.22 - 87.57 0.22
Q3 2011 6.18 103.2 % 0.02 - 6.18 0.02
Q4 2011 2.39 101.2 % 0.01 - 2.39 0.01
Q1 2012 45.17 432.6 % 0.12 - 45.17 0.12
Q2 2012 92.73 5.9 % 0.24 (16.34) 109.07 0.28
Q3 2012 44.53 620.5 % 0.11 - 44.53 0.11
Q4 2012 4.30 80.2 % 0.01 11.92 (7.61) (0.02)
Q1 2013 (0.33) (100.7 %) 0.00 58.83 (59.17) (0.15)
Q2 2013 1.10 (98.8 %) 0.00 43.23 (42.12) (0.11)
Q3 2013 17.96 (59.7 %) 0.05 - 17.96 0.05
Q4 2013 254.33 5811.8 % 0.65 (230.80) 485.12 1.24
Q1 2014 49.91 15041.9 % 0.13 - 49.91 0.13
Q2 2014 212.82 19194.7 % 0.54 - 212.82 0.54
Q3 2014 47.80 166.1 % 0.12 - 47.80 0.12
Q4 2014 69.15 (72.8 %) 0.18 - 69.15 0.18
Q1 2015 85.72 71.8 % 0.22 (4.27) 90.00 0.23
Q2 2015 50.35 (76.3 %) 0.13 (11.16) 61.51 0.16
Q3 2015 8.19 (82.9 %) 0.02 - 8.19 0.02
Q4 2015 158.45 129.1 % 0.40 83.87 74.58 0.19
Q1 2016 (17.04) (119.9 %) (0.04) 0.98 (18.02) (0.05)
Q2 2016 239.68 376.0 % 0.61 96.00 143.68 0.37
Q3 2016 69.65 750.4 % 0.18 - 69.65 0.18
Q4 2016 454.56 186.9 % 1.16 30.75 423.81 1.08
Q1 2017 (17.51) (2.7 %) (0.04) - (17.51) (0.04)
Q2 2017 36.08 (84.9 %) 0.09 - 36.08 0.09
Q3 2017 26.99 (61.3 %) 0.07 - 26.99 0.07
Q4 2017 195.36 (57.0 %) 0.50 - 195.36 0.50
2017 240.92 (66.5 %) 0.61 - 240.92 0.61


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 - - - - (56.77) -
Q2 2008 - - - - (74.82) -
Q3 2008 43.76 - (97.32) - (201.52) -
Q4 2008 57.81 - (22.97) - (66.05) -
Q1 2009 82.45 - 1.77 - (64.29) (13.2 %)
Q2 2009 83.76 - 20.88 - (110.17) (47.3 %)
Q3 2009 73.78 68.6 % 34.99 136.0 % (59.56) 70.4 %
Q4 2009 20.54 (64.5 %) 11.85 151.6 % (71.29) (7.9 %)
Q1 2010 45.23 (45.1 %) 5.46 209.3 % (52.75) 17.9 %
Q2 2010 16.24 (80.6 %) (32.64) (256.3 %) (127.71) (15.9 %)
Q3 2010 15.28 (79.3 %) (22.86) (165.3 %) (81.81) (37.4 %)
Q4 2010 14.18 (31.0 %) (13.69) (215.5 %) (63.05) 11.6 %
Q1 2011 23.77 (47.4 %) 13.45 146.4 % (38.17) 27.6 %
Q2 2011 228.00 1303.8 % 152.28 566.6 % 96.84 175.8 %
Q3 2011 74.82 389.8 % 70.20 407.1 % 26.79 132.7 %
Q4 2011 81.13 472.2 % 75.69 653.1 % 13.69 121.7 %
Q1 2012 142.04 497.5 % 121.88 806.1 % 68.32 279.0 %
Q2 2012 216.77 (4.9 %) 189.72 24.6 % 127.03 31.2 %
Q3 2012 138.99 85.8 % 133.92 90.8 % 65.26 143.6 %
Q4 2012 47.38 (41.6 %) 32.94 (56.5 %) (35.29) (357.9 %)
Q1 2013 14.50 (89.8 %) 8.08 (93.4 %) (34.92) (151.1 %)
Q2 2013 40.04 (81.5 %) 29.39 (84.5 %) (19.94) (115.7 %)
Q3 2013 125.89 (9.4 %) 86.30 (35.6 %) 33.24 (49.1 %)
Q4 2013 653.03 1278.3 % 580.90 1663.8 % 490.89 1491.0 %
Q1 2014 165.16 1038.8 % 117.64 1356.1 % 63.56 282.0 %
Q2 2014 450.74 1025.8 % 287.82 879.4 % 228.18 1244.3 %
Q3 2014 145.45 15.5 % 111.68 29.4 % 58.11 74.8 %
Q4 2014 303.00 (53.6 %) 213.00 (63.3 %) 76.21 (84.5 %)
Q1 2015 229.56 39.0 % 157.48 33.9 % 99.36 56.3 %
Q2 2015 236.68 (47.5 %) 147.22 (48.9 %) 74.60 (67.3 %)
Q3 2015 169.89 16.8 % 85.41 (23.5 %) 9.07 (84.4 %)
Q4 2015 386.83 27.7 % 176.66 (17.1 %) 66.88 (12.2 %)
Q1 2016 272.33 18.6 % 93.16 (40.8 %) (1.86) (101.9 %)
Q2 2016 558.98 136.2 % 286.68 94.7 % 137.68 84.6 %
Q3 2016 589.72 247.1 % 191.94 124.7 % 77.96 759.2 %
Q4 2016 846.74 118.9 % 602.38 241.0 % 436.44 552.5 %
Q1 2017 318.23 16.9 % 115.70 24.2 % (25.44) (1,265.4 %)
Q2 2017 223.19 (60.1 %) 136.97 (52.2 %) 23.58 (82.9 %)
Q3 2017 268.52 (54.5 %) 106.32 (44.6 %) 6.83 (91.2 %)
Q4 2017 628.03 (25.8 %) 457.05 (24.1 %) 288.51 (33.9 %)
2017 1,437.98 (36.6 %) 816.04 (30.5 %) 293.48 (52.7 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 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 %)
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 % 38.03 % 27.30 %
2016 51.78 % 36.70 % 26.10 %
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 %
2017 56.75 % 37.49 % 16.75 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2008 392.44 - - 21.57
Q2 2008 392.44 - - 21.46
Q3 2008 392.44 - - 21.00
Q4 2008 392.44 (0.74) (0.74) 20.87
Q1 2009 392.44 (0.85) (0.85) 20.71
Q2 2009 392.44 (1.04) (1.04) 20.42
Q3 2009 392.44 (0.74) (0.74) 20.26
Q4 2009 392.44 (0.79) (0.79) 20.08
Q1 2010 392.44 (0.76) (0.76) 19.95
Q2 2010 392.44 (0.80) (0.80) 19.62
Q3 2010 392.44 (1.14) (0.87) 19.12
Q4 2010 392.44 (1.49) (0.81) 18.60
Q1 2011 392.44 (1.39) (0.78) 18.56
Q2 2011 392.44 (0.84) (0.23) 18.78
Q3 2011 392.44 (0.32) 0.02 18.80
Q4 2011 392.44 0.21 0.15 18.81
Q1 2012 392.44 0.36 0.36 18.92
Q2 2012 392.44 0.37 0.41 19.16
Q3 2012 392.44 0.47 0.51 19.27
Q4 2012 392.44 0.48 0.49 19.27
Q1 2013 392.44 0.36 0.22 19.27
Q2 2013 392.44 0.13 (0.16) 19.27
Q3 2013 392.44 0.06 (0.23) 19.32
Q4 2013 392.44 0.70 1.02 19.97
Q1 2014 392.44 0.82 1.30 20.10
Q2 2014 392.44 1.36 1.95 20.64
Q3 2014 392.44 1.44 2.03 20.76
Q4 2014 392.44 0.97 0.97 20.94
Q1 2015 392.44 1.06 1.07 21.15
Q2 2015 392.44 0.64 0.68 21.28
Q3 2015 392.44 0.54 0.58 21.30
Q4 2015 392.44 0.77 0.60 21.71
Q1 2016 392.44 0.51 0.32 18.00
Q2 2016 392.44 0.99 0.53 18.61
Q3 2016 392.44 1.15 0.69 18.79
Q4 2016 392.44 1.90 1.58 19.87
Q1 2017 392.44 1.90 1.58 19.82
Q2 2017 392.44 1.38 1.30 19.91
Q3 2017 392.44 1.27 1.20 19.98
Q4 2017 392.44 0.61 0.61 20.41

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 100 0.99
Q4 2011 More than 100 More than 100 1.13
Q1 2012 More than 100 More than 100 1.99
Q2 2012 69.28 62.33 1.35
Q3 2012 55.21 50.73 1.35
Q4 2012 50.40 49.23 1.24
Q1 2013 76.27 More than 100 1.42
Q2 2013 More than 100 NEG 1.49
Q3 2013 More than 100 NEG 1.73
Q4 2013 55.23 37.53 1.92
Q1 2014 60.32 38.17 2.47
Q2 2014 32.06 22.40 2.12
Q3 2014 34.97 24.82 2.42
Q4 2014 35.51 35.51 1.64
Q1 2015 35.99 35.63 1.80
Q2 2015 66.72 62.89 2.02
Q3 2015 57.54 53.66 1.47
Q4 2015 48.47 62.63 1.72
Q1 2016 79.10 More than 100 2.24
Q2 2016 42.09 78.61 2.24
Q3 2016 30.16 50.37 1.84
Q4 2016 26.05 31.43 2.50
Q1 2017 25.87 31.16 2.48
Q2 2017 32.84 34.81 2.28
Q3 2017 32.65 34.79 2.08
Q4 2017 63.49 63.49 1.91

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


Financial Ratios
Current
Market Cap (M Riyal) 6,791.92
Enterprise Value (EV) (M) 14,794.23
Shares Outstanding ((M)) 523.26
EPS ( Riyal) (TTM) (1.73)
Book Value (BV) ( Riyal) 9.82
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.32
Return on Average Assets (%) (TTM) (5.99 )
Return on Average Equity (%) (TTM) (16.20 )
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Share Price

Emaar The Economic City
12.98
0.06 0.46 %

Emaar The Economic City (EMAAR EC)

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