Financial Results : Emaar EC’s loss deepens to SAR 1.13B in 2024; Q4 profit at SAR 17.8M

Emaar EC’s loss deepens to SAR 1.13B in 2024; Q4 profit at SAR 17.8M

27/03/2025 Argaam Exclusive

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Emaar The Economic City (Emaar EC) widened net loss to SAR 1.13 billion in 2024, from SAR 253 million in 2023.


Financials (M)

Item 2023 2024 Change‬
Revenues 1,031.36 425.97 (58.7 %)
Gross Income 431.63 (118.55) (127.5 %)
Operating Income 44.92 (552.05) (1328.9 %)
Net Income (253.22) (1134.57) (348.1 %)
Average Shares 523.26 523.26 -
Earnings Per Share before unusual items (Riyals) (0.82) (2.37) (189.8 %)
EPS (Riyal) (0.48) (2.17) (348.1 %)

Revenues fell 59% year-on-year (YoY) as earnings from projects and operations declined. In addition, 2023 included one-off revenue impact of SAR 263 million.

 

The developer posted a gross loss of SAR 119 million in 2024 against a gross profit of SAR 432 million in 2023.

 

Also, gross profit on projects dropped by SAR 507 million due to decreased sales of residential properties and industrial and commercial land plots, in addition to the impact of the one-off revenue of SAR 263 million during 2023.

 

The company also cited an increase in gross loss from operations by SAR 44 million mainly due to lower hospitality revenue.

 

Additionally, operating expenses, including general administrative and marketing, increased in 2024, on higher employee costs, legal provisions, and marketing expenses.

 

Financial charges rose by SAR 136 million, driven by the utilization of additional loan facility of SAR 550 million during 2024 in addition to slightly higher SAIBOR.

 

Other operating income declined SAR 102 million in 2024 on lower gains on disposal of investment property at SAR 47 million. -

 

Emaar EC recorded a loss share of SAR 93 million in equity accounted investees during 2024.

 

However, this was partially offset by the reversal provision for expected credit loss (ECL) at SAR 70 million in 2024, compared to SAR 19 million in 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 105.01 184.81 76.0 %
Gross Income (47.10) 48.43 202.8 %
Operating Income (142.10) 8.09 105.7 %
Net Income (204.19) 18.22 108.9 %
Average Shares 523.26 523.26 -
Earnings Per Share before unusual items (Riyal) (0.53) (0.26) 51.2 %
EPS (Riyal) (0.39) 0.03 108.9 %

Q4 2024 net earnings stood at SAR 17.8 million, versus a loss of SAR 204.2 million in Q4 2023.

 

Sequentially, Emaar EC turned to a net profit against a net loss of SAR 458.8 million in Q3 2024.

 

Total shareholders’ equity, without minority interest, stood at SAR 5.26 billion by Dec. 31, 2024, compared to SAR 6.40 billion a year earlier.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2018 280.77 (11.8 %) 92.66 (19.9 %) (22.04) 13.4 %
Q2 2018 244.05 9.3 % 101.03 (26.2 %) (49.80) (311.2 %)
Q3 2018 111.85 (58.3 %) (17.77) (116.7 %) (149.72) (2291.8 %)
Q4 2018 371.56 (40.8 %) 162.49 (64.4 %) (34.15) (111.8 %)
Q1 2019 350.61 24.9 % 160.45 73.1 % 8.78 139.8 %
Q2 2019 217.35 (10.9 %) 83.02 (17.8 %) (87.33) (75.4 %)
Q3 2019 160.36 43.4 % 6.45 136.3 % (136.95) 8.5 %
Q4 2019 218.50 (41.2 %) 52.08 (67.9 %) (122.53) (258.8 %)
Q1 2020 205.40 (41.4 %) (39.33) (124.5 %) (201.85) (2399.7 %)
Q2 2020 143.10 (34.2 %) 17.00 (79.5 %) (143.21) (64.0 %)
Q3 2020 132.68 (17.3 %) 10.52 63.1 % (144.18) (5.3 %)
Q4 2020 66.12 (69.7 %) (307.22) (689.9 %) (554.40) (352.5 %)
Q1 2021 83.59 (59.3 %) (17.07) 56.6 % (158.58) 21.4 %
Q2 2021 88.07 (38.5 %) (19.69) (215.8 %) (149.58) (4.4 %)
Q3 2021 86.03 (35.2 %) (4.81) (145.8 %) (129.78) 10.0 %
Q4 2021 114.39 73.0 % (195.48) 36.4 % (261.53) 52.8 %
Q1 2022 86.62 3.6 % (36.48) (113.7 %) (133.43) 15.9 %
Q2 2022 78.30 (11.1 %) (50.76) (157.8 %) (196.91) (31.6 %)
Q3 2022 62.00 (27.9 %) (53.47) (1,010.8 %) (154.51) (19.1 %)
Q4 2022 136.35 19.2 % (90.88) 53.5 % (335.17) (28.2 %)
Q1 2023 157.00 81.3 % 17.72 148.6 % (70.43) 47.2 %
Q2 2023 428.37 447.1 % 234.44 561.8 % 146.18 174.2 %
Q3 2023 340.97 450.0 % 218.23 508.1 % 111.27 172.0 %
Q4 2023 105.01 (23.0 %) (47.10) 48.2 % (142.10) 57.6 %
Q1 2024 74.52 (52.5 %) (38.37) (316.5 %) (150.11) (113.1 %)
Q2 2024 75.93 (82.3 %) (46.62) (119.9 %) (128.13) (187.7 %)
Q3 2024 90.72 (73.4 %) (81.99) (137.6 %) (281.91) (353.3 %)
Q4 2024 184.81 76.0 % 48.43 202.8 % 8.09 105.7 %
2024 425.97 (58.7 %) (118.55) (127.5 %) (552.05) (1328.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q1 2018 3.13 117.9 % 0.01 - 3.13 0.01
Q2 2018 (47.59) (231.9 %) (0.12) - (47.59) (0.12)
Q3 2018 (149.10) (652.5 %) (0.38) - (149.10) (0.38)
Q4 2018 58.47 (70.1 %) 0.15 - 58.47 0.15
Q1 2019 7.47 138.7 % 0.02 - 7.47 0.02
Q2 2019 (106.44) (123.7 %) (0.27) - (106.44) (0.27)
Q3 2019 (212.81) (42.7 %) (0.54) - (212.81) (0.54)
Q4 2019 (221.61) (479.0 %) (0.56) - (221.61) (0.56)
Q1 2020 (281.50) (3870.9 %) (0.72) - (281.50) (0.72)
Q2 2020 (204.93) (92.5 %) (0.52) - (204.93) (0.52)
Q3 2020 (187.34) 12.0 % (0.48) - (187.34) (0.48)
Q4 2020 (574.60) (159.3 %) (1.46) - (574.60) (1.46)
Q1 2021 (194.49) 30.9 % (0.42) - (194.49) (0.42)
Q2 2021 (177.59) 13.3 % (0.39) - (177.59) (0.39)
Q3 2021 (172.77) 7.8 % (0.38) - (172.77) (0.38)
Q4 2021 (291.69) 49.2 % (0.64) - (291.69) (0.64)
Q1 2022 (166.01) 14.6 % (0.32) - (166.01) (0.32)
Q2 2022 (250.82) (41.2 %) (0.48) - (250.82) (0.48)
Q3 2022 (230.68) (33.5 %) (0.44) - (230.68) (0.44)
Q4 2022 (509.78) (74.8 %) (0.97) (56.36) (453.42) (0.87)
Q1 2023 (171.28) (3.2 %) (0.33) - (171.28) (0.33)
Q2 2023 95.07 137.9 % 0.18 56.70 38.37 0.07
Q3 2023 27.17 111.8 % 0.05 42.72 (15.55) (0.03)
Q4 2023 (204.19) 59.9 % (0.39) 75.37 (279.56) (0.53)
Q1 2024 (351.65) (105.3 %) (0.67) (66.03) (285.62) (0.55)
Q2 2024 (342.27) (460.0 %) (0.65) 14.42 (356.69) (0.68)
Q3 2024 (458.87) (1788.8 %) (0.88) 2.68 (461.55) (0.88)
Q4 2024 18.22 108.9 % 0.03 154.74 (136.52) (0.26)
2024 (1134.57) (348.1 %) (2.17) 105.81 (1240.37) (2.37)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
Q4 2018 33.56 % 4.93 % (13.40 %)
Q1 2019 37.68 % 6.54 % (12.13 %)
Q2 2019 36.92 % 10.29 % (18.03 %)
Q3 2019 37.49 % 8.01 % (23.03 %)
Q4 2019 31.90 % 2.36 % (56.34 %)
Q1 2020 12.75 % (23.19 %) (102.59 %)
Q2 2020 4.98 % (32.53 %) (126.60 %)
Q3 2020 5.76 % (34.66 %) (127.97 %)
Q4 2020 (58.29 %) (126.74 %) (228.10 %)
Q1 2021 (69.75 %) (154.58 %) (272.95 %)
Q2 2021 (90.02 %) (182.74 %) (306.12 %)
Q3 2021 (107.72 %) (206.94 %) (345.72 %)
Q4 2021 (63.71 %) (104.57 %) (224.83 %)
Q1 2022 (68.37 %) (99.48 %) (215.42 %)
Q2 2022 (78.70 %) (117.44 %) (241.23 %)
Q3 2022 (98.50 %) (135.91 %) (275.18 %)
Q4 2022 (63.75 %) (148.55 %) (303.06 %)
Q1 2023 (40.91 %) (111.11 %) (255.09 %)
Q2 2023 13.76 % (18.36 %) (104.25 %)
Q3 2023 35.71 % 11.05 % (56.64 %)
Q4 2023 41.04 % 29.23 % (41.50 %)
2023 41.85 % 29.23 % (41.50 %)
Q1 2024 38.70 % 23.10 % (57.16 %)
Q2 2024 14.44 % (9.11 %) (157.17 %)
Q3 2024 (61.84 %) (129.97 %) (399.63 %)
Q4 2024 (27.83 %) (70.39 %) (291.19 %)
2024 (27.83 %) (70.39 %) (291.19 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2018 392.44 0.67 0.67 20.42
Q2 2018 392.44 0.45 0.45 20.31
Q3 2018 392.44 0.00 0.00 19.96
Q4 2018 392.44 (0.34) (0.34) 19.47
Q1 2019 392.44 (0.33) (0.33) 20.08
Q2 2019 392.44 (0.48) (0.48) 19.76
Q3 2019 392.44 (0.65) (0.65) 19.23
Q4 2019 392.44 (1.36) (1.36) 18.10
Q1 2020 392.44 (2.10) (2.10) 17.33
Q2 2020 392.44 (2.35) (2.35) 16.79
Q3 2020 392.44 (2.28) (2.28) 16.34
Q4 2020 392.44 (3.18) (3.18) 14.89
Q1 2021 457.85 (2.54) (2.54) 14.43
Q2 2021 457.85 (2.48) (2.48) 13.98
Q3 2021 457.85 (2.44) (2.44) 15.56
Q4 2021 457.85 (1.83) (1.83) 14.86
Q1 2022 523.26 (1.54) (1.54) 14.54
Q2 2022 523.26 (1.68) (1.68) 14.07
Q3 2022 523.26 (1.79) (1.79) 13.66
Q4 2022 523.26 (2.21) (2.10) 12.72
Q1 2023 523.26 (2.22) (2.11) 12.39
Q2 2023 523.26 (1.56) (1.56) 12.59
Q3 2023 523.26 (1.07) (1.15) 12.64
Q4 2023 523.26 (0.48) (0.82) 12.24
Q1 2024 523.26 (0.83) (1.04) 11.57
Q2 2024 523.26 (1.66) (1.79) 10.92
Q3 2024 523.26 (2.59) (2.64) 10.02
Q4 2024 523.26 (2.17) (2.37) 10.07

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2015 60.74 60.12 3.04
Q2 2015 More than 100 More than 100 3.41
Q3 2015 97.09 90.54 2.48
Q4 2015 81.78 More than 100 2.91
Q1 2016 More than 100 More than 100 3.78
Q2 2016 71.02 More than 100 3.79
Q3 2016 50.89 84.99 3.11
Q4 2016 43.96 53.03 4.21
Q1 2017 43.65 52.58 4.19
Q2 2017 55.41 58.74 3.85
Q3 2017 55.09 58.70 3.51
Q4 2017 More than 100 More than 100 3.22
Q1 2018 More than 100 More than 100 3.27
Q2 2018 More than 100 More than 100 2.88
Q3 2018 More than 100 More than 100 2.32
Q4 2018 NEG NEG 1.98
Q1 2019 NEG NEG 2.43
Q2 2019 NEG NEG 2.47
Q3 2019 NEG NEG 2.52
Q4 2019 NEG NEG 2.57
Q1 2020 NEG NEG 1.92
Q2 2020 NEG NEG 1.97
Q3 2020 NEG NEG 3.00
Q4 2020 NEG NEG 3.02
Q1 2021 NEG NEG 3.62
Q2 2021 NEG NEG 4.47
Q3 2021 NEG NEG 3.13
Q4 2021 NEG NEG 2.94
Q1 2022 NEG NEG 2.94
Q2 2022 NEG NEG 2.57
Q3 2022 NEG NEG 2.63
Q4 2022 NEG NEG 2.40
Q1 2023 NEG NEG 2.38
Q2 2023 NEG NEG 2.72
Q3 2023 NEG NEG 2.31
Q4 2023 NEG NEG 2.37
Q1 2024 NEG NEG 2.57
Q2 2024 NEG NEG 2.18
Q3 2024 NEG NEG 3.20
Q4 2024 NEG NEG 3.18

Business Segments (Million)

Compared With The
Period Hospitality and Leisure Residential business Industrial development City Operations Education Other activities Eliminations
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 -
Q4 2018 5.07 215.40 63.41 - - 87.69 -
Q1 2019 23.80 231.10 77.89 - - 17.81 -
Q2 2019 13.39 148.03 40.25 - - 15.67 -
Q3 2019 19.77 66.35 57.90 - - 16.35 -
Q4 2019 16.90 54.99 124.76 - - 21.85 -
Q1 2020 25.51 132.57 29.09 - - 18.23 -
Q2 2020 6.15 40.77 73.56 - - 22.62 -
Q3 2020 31.60 57.50 30.86 - - 12.72 -
Q1 2021 40.41 23.88 17.36 - - 33.31 (31.37)
Q3 2021 37.92 18.81 30.18 21.41 4.13 - (26.42)
Q4 2021 48.89 35.33 28.37 21.99 15.72 - (35.98)
Q1 2022 42.68 19.71 12.76 22.42 12.71 - (23.66)
Q2 2022 27.05 22.51 16.62 26.08 10.88 - (24.85)
Q3 2022 32.33 16.84 21.17 15.38 7.56 - (31.28)
Q4 2022 34.48 5.11 97.38 25.77 11.49 - (37.76)
Q1 2023 67.62 31.33 45.87 26.94 12.80 - (27.56)
Q2 2023 56.79 94.38 236.97 20.79 8.36 - 11.09
Q1 2024 32.19 20.11 8.52 21.55 15.73 - (23.57)
Q2 2024 21.87 27.41 11.08 23.34 14.87 - (22.64)


Financial Ratios
Current
Market Cap (M Riyal) 8,334.87
Enterprise Value (EV) (M Riyal) 16,458.65
Shares Outstanding ((M)) 882.93
EPS ( Riyal) (TTM) (0.46)
Book Value (BV) ( Riyal) 9.46
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 1.68
Return on Average Assets (%) (TTM) (1.87 )
Return on Average Equity (%) (TTM) (5.56 )
EV/adj EBITDA 85.48
EV/Revenues 19.02
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Share Price

Emaar The Economic City
9.44
(0.25) (2.58 %)

Emaar The Economic City (EMAAR EC)

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