Financial Results : Emaar EC incurs SAR 167M loss in H1 2025, SAR 44M in Q2

Emaar EC incurs SAR 167M loss in H1 2025, SAR 44M in Q2

11/08/2025 Argaam Exclusive

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Emaar The Economic City (Emaar EC) narrowed net losses to SAR 167 million in the first half of 2025, from SAR 694 million in H1 2024.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 150.44 322.14 114.1 %
Gross Income (84.99) 57.73 167.9 %
Operating Income (278.24) (102.07) 63.3 %
Net Income (693.92) (166.94) 75.9 %
Average Shares 523.26 523.26 -
Earnings Per Share before unusual items (Riyals) (1.23) (0.81) 33.7 %
EPS (Riyal) (1.33) (0.32) 75.9 %

The company recorded gains on the extinguishment of a loan worth SAR 243 million due to the successful completion of bank debt restructuring at lower interest rates.

 

Meanwhile, revenues declined by 42% year-on-year (YoY) in H1 2025. This came as Emaar EC recognized significant revenues in the previous quarter on project progression and the positive review of some estimated outstanding costs.

 

Operating expenses also increased during the first half of this year, with other income also falling by SAR 12 million YoY. The current quarter included SAR 9 million in fees on provisions for expected credit losses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 75.93 118.41 56.0 %
Gross Income (46.62) (18.89) 59.5 %
Operating Income (128.13) (131.24) (2.4 %)
Net Income (342.27) (43.66) 87.2 %
Average Shares 523.26 523.26 -
Earnings Per Share before unusual items (Riyal) (0.68) (0.55) 19.7 %
EPS (Riyal) (0.65) (0.08) 87.2 %

In Q2 2025, Emaar EC trimmed net losses to SAR 44 million, from SAR 342 million in the prior-year period.

 

On a sequential basis, losses also decreased from SAR 123.29 million in Q1 2025.

 

Total shareholders’ equity, no minority interest, declined to SAR 5.09 billion as of June 30, 2025, from SAR 5.71 billion a year earlier.

 

Accumulated losses represented 3%, or SAR 151 million, of the company’s capital by the end of the first six months of 2025.

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