Emaar EC widens losses to SAR 1.15 bln in 2022; Q4 at SAR 530.7 mln

30/03/2023 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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