Emaar EC incurs SAR 123.3M loss in Q1 2025

15/05/2025 Argaam Exclusive

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Emaar The Economic City (Emaar EC) narrowed its net loss to SAR 123.3 million in Q1 2025, compared to SAR 351.7 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2024	Q1 2025	Change‬
Revenues	74.52	203.73	173.4 %
Gross Income	(38.37)	76.62	299.7 %
Operating Income	(150.11)	29.17	119.4 %
Net Income	(351.65)	(123.29)	64.9 %
Average Shares	523.26	523.26	-
Earnings Per Share before unusual items (Riyal)	(0.55)	(0.27)	51.2 %
EPS (Riyal)	(0.67)	(0.24)	64.9 %

Item	Q4 2024	Q1 2025	Change‬
Revenues	184.81	203.73	10.2 %
Gross Income	48.43	76.62	58.2 %
Operating Income	8.09	29.17	260.6 %
Net Income	18.22	(123.29)	(776.5 %)
Average Shares	523.26	523.26	-
Earnings Per Share before unusual items (Riyal)	(0.26)	(0.27)	(2.1 %)
EPS (Riyal)	0.03	(0.24)	(776.5 %)

The lower losses came as Emaar EC’s topline expanded in Q1 2025 on higher earnings from sale of residential lands and units. This is besides revenue recognition from progress on projects and revision in certain cost estimates.

Additionally, operating revenue increased year-on-year (YoY) in Q1 2025, mainly driven by lease contracts signed in the industrial valley segment, paired with higher student intake in one of the subsidiaries operating in the education sector.

During the three-month period, the company reported a SAR 20 million decline in operating expenses on lower professional fees for the activities related to the Capital Optimization Plan initiatives. This is in addition to a decrease in marketing expenses and employee-related costs.

Moreover, during the same quarter, Emaar EC reversed the provision for expected credit losses, following a reassessment compared to the recorded provision in Q1 2024.

Emaar EC also witnessed a SAR 15 million hike in other income in Q1 2025, due to gains on the disposal of investment property and reversal of certain excess provisions.

Furthermore, Zakat charges fell by SAR 72 million during the three-month period, mainly because Q1 2024 included a one-off charge of SAR 66 million related to settling open Zakat assessments.

On the other hand, finance costs soared by SAR 11 million for Q1 2025, primarily due to the higher loan balance and the SAR 18 million losses incurred from equity-accounted investees.

Sequentially, the company turned to losses against a bottom line of SAR 18.22 million in Q4 2024, as the Q1 2025 revenues dropped by SAR 43 million on a quarterly basis.

Shareholders' equity (no minority interest) shrank to SAR 5.13 billion by the end of Q1 2025, compared to SAR 6.05 billion a year earlier.

Accumulated losses came in at SAR 108 million as of March 31, 2025, representing 2.06% of the company's capital.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2016	2,267.77	121.7 %	1,174.16	107.2 %	619.91	148.1 %
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 %)
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 %)
2018	1,008.23	(29.9 %)	338.41	(58.5 %)	(255.71)	(187.1 %)
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 %)
2019	946.81	(6.1 %)	301.99	(10.8 %)	(338.04)	(32.2 %)
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 %)
2020	547.29	(42.2 %)	(319.03)	(205.6 %)	(1043.64)	(208.7 %)
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 %
2021	372.08	(32.0 %)	(237.06)	25.7 %	(699.46)	33.0 %
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 %)
2022	363.27	(2.4 %)	(231.60)	2.3 %	(820.01)	(17.2 %)
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 %
2023	1,031.36	183.9 %	431.63	286.4 %	44.92	105.5 %
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 %)
Q1 2025	203.73	173.4 %	76.62	299.7 %	29.17	119.4 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	1,022.96	(3.9 %)	566.77	(22.1 %)	249.91	(41.3 %)
2016	2,267.77	121.7 %	1,174.16	107.2 %	619.91	148.1 %
2017	1,437.98	(36.6 %)	816.04	(30.5 %)	293.48	(52.7 %)
2018	1,008.23	(29.9 %)	338.41	(58.5 %)	(255.71)	(187.1 %)
2019	946.81	(6.1 %)	301.99	(10.8 %)	(338.04)	(32.2 %)
2020	547.29	(42.2 %)	(319.03)	(205.6 %)	(1043.64)	(208.7 %)
2021	372.08	(32.0 %)	(237.06)	25.7 %	(699.46)	33.0 %
2022	363.27	(2.4 %)	(231.60)	2.3 %	(820.01)	(17.2 %)
2023	1,031.36	183.9 %	431.63	286.4 %	44.92	105.5 %
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 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
2016	719.68	137.7 %	1.83	127.73	591.95	1.51
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
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
2018	(135.09)	(156.1 %)	(0.34)	-	(135.09)	(0.34)
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)
2019	(533.39)	(294.9 %)	(1.36)	-	(533.39)	(1.36)
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)
2020	(1248.36)	(134.0 %)	(3.18)	-	(1248.36)	(3.18)
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)
2021	(836.53)	33.0 %	(1.83)	-	(836.53)	(1.83)
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)
2022	(1157.29)	(38.3 %)	(2.21)	(56.36)	(1100.93)	(2.10)
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)
2023	(253.22)	78.1 %	(0.48)	174.79	(428.01)	(0.82)
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)
Q1 2025	(123.29)	64.9 %	(0.24)	16.05	(139.33)	(0.27)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2015	302.72	(20.3 %)	0.77	68.43	234.28	0.60
2016	719.68	137.7 %	1.83	127.73	591.95	1.51
2017	240.92	(66.5 %)	0.61	-	240.92	0.61
2018	(135.09)	(156.1 %)	(0.34)	-	(135.09)	(0.34)
2019	(533.39)	(294.9 %)	(1.36)	-	(533.39)	(1.36)
2020	(1248.36)	(134.0 %)	(3.18)	-	(1248.36)	(3.18)
2021	(836.53)	33.0 %	(1.83)	-	(836.53)	(1.83)
2022	(1157.29)	(38.3 %)	(2.21)	(56.36)	(1100.93)	(2.10)
2023	(253.22)	78.1 %	(0.48)	174.79	(428.01)	(0.82)
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 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 %
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 %)
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 %)
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 %)
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 %)
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 %)
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 %)
Q1 2025	(0.64 %)	(21.41 %)	(197.07 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	55.41 %	33.23 %	22.90 %
2016	51.78 %	36.70 %	26.10 %
2017	56.75 %	37.49 %	16.75 %
2018	33.56 %	4.93 %	(13.40 %)
2019	31.90 %	2.36 %	(56.34 %)
2020	(58.29 %)	(126.74 %)	(228.10 %)
2021	(63.71 %)	(104.57 %)	(224.83 %)
2022	(63.75 %)	(148.55 %)	(303.06 %)
2023	41.85 %	29.23 %	(41.50 %)
2024	(27.83 %)	(70.39 %)	(291.19 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2016	34.21 %	9.49 %	(6.62 %)
Q2 2016	51.29 %	30.73 %	25.70 %
Q3 2016	32.55 %	18.47 %	11.81 %
Q4 2016	71.14 %	65.66 %	50.05 %
Q1 2017	36.36 %	7.06 %	(5.50 %)
Q2 2017	61.37 %	22.39 %	16.16 %
Q3 2017	39.60 %	16.36 %	10.05 %
Q4 2017	72.77 %	67.31 %	31.11 %
Q1 2018	33.00 %	25.84 %	1.11 %
Q2 2018	41.40 %	(16.29 %)	(19.50 %)
Q3 2018	(15.89 %)	(28.84 %)	(133.30 %)
Q4 2018	43.73 %	13.23 %	15.74 %
Q1 2019	45.76 %	26.61 %	2.13 %
Q2 2019	38.19 %	(0.94 %)	(48.97 %)
Q3 2019	4.02 %	(32.64 %)	(132.71 %)
Q4 2019	23.84 %	(7.57 %)	(101.43 %)
Q1 2020	(19.15 %)	(56.00 %)	(137.05 %)
Q2 2020	11.88 %	(36.85 %)	(143.21 %)
Q3 2020	7.93 %	(43.88 %)	(141.20 %)
Q4 2020	(464.67 %)	(707.34 %)	(869.07 %)
Q1 2021	(20.42 %)	(94.62 %)	(232.66 %)
Q2 2021	(22.36 %)	(81.74 %)	(201.64 %)
Q3 2021	(5.60 %)	(59.67 %)	(200.83 %)
Q4 2021	(170.89 %)	(163.18 %)	(254.99 %)
Q1 2022	(42.11 %)	(72.93 %)	(191.65 %)
Q2 2022	(64.83 %)	(163.31 %)	(320.35 %)
Q3 2022	(86.25 %)	(139.01 %)	(372.08 %)
Q4 2022	(66.65 %)	(192.44 %)	(332.54 %)
Q1 2023	11.29 %	(3.44 %)	(109.09 %)
Q2 2023	54.73 %	49.05 %	8.96 %
Q3 2023	64.00 %	51.37 %	(4.56 %)
Q4 2023	(44.85 %)	(74.62 %)	(266.22 %)
Q1 2024	(51.49 %)	(117.66 %)	(383.29 %)
Q2 2024	(61.40 %)	(83.54 %)	(469.79 %)
Q3 2024	(90.37 %)	(242.99 %)	(508.76 %)
Q4 2024	26.20 %	38.79 %	(73.87 %)
Q1 2025	37.61 %	45.79 %	(68.39 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
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
Q1 2025	523.26	(1.73)	(2.09)	9.82

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	392.44	0.77	0.60	21.71
2016	392.44	1.83	1.51	19.87
2017	392.44	0.61	0.61	20.41
2018	392.44	(0.34)	(0.34)	19.47
2019	392.44	(1.36)	(1.36)	18.10
2020	392.44	(3.18)	(3.18)	14.89
2021	457.85	(1.83)	(1.83)	14.86
2022	523.26	(2.21)	(2.10)	12.72
2023	523.26	(0.48)	(0.82)	12.24
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 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
Q1 2018	59.30	59.30	1.94
Q2 2018	76.49	76.49	1.71
Q3 2018	More than 100	More than 100	1.37
Q4 2018	NEG	NEG	1.17
Q1 2019	NEG	NEG	1.44
Q2 2019	NEG	NEG	1.46
Q3 2019	NEG	NEG	1.49
Q4 2019	NEG	NEG	1.52
Q1 2020	NEG	NEG	1.14
Q2 2020	NEG	NEG	1.17
Q3 2020	NEG	NEG	1.78
Q4 2020	NEG	NEG	1.79
Q1 2021	NEG	NEG	2.14
Q2 2021	NEG	NEG	2.65
Q3 2021	NEG	NEG	1.85
Q4 2021	NEG	NEG	1.74
Q1 2022	NEG	NEG	1.74
Q2 2022	NEG	NEG	1.52
Q3 2022	NEG	NEG	1.56
Q4 2022	NEG	NEG	1.42
Q1 2023	NEG	NEG	1.41
Q2 2023	NEG	NEG	1.61
Q3 2023	NEG	NEG	1.37
Q4 2023	NEG	NEG	1.41
Q1 2024	NEG	NEG	1.52
Q2 2024	NEG	NEG	1.29
Q3 2024	NEG	NEG	1.90
Q4 2024	NEG	NEG	1.88
Q1 2025	NEG	NEG	1.46

Period	P/E	Recurring P/E	Price/book
2015	48.47	62.63	1.72
2016	27.04	32.87	2.50
2017	63.49	63.49	1.91
2018	NEG	NEG	1.17
2019	NEG	NEG	1.52
2020	NEG	NEG	1.79
2021	NEG	NEG	1.74
2022	NEG	NEG	1.42
2023	NEG	NEG	1.41
2024	NEG	NEG	1.88

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)
Q1 2025	22.14	108.28	49.04	25.78	22.04	-	(23.56)

Period	Hospitality and Leisure	Residential business	Industrial development	City Operations	Education	Other activities	Eliminations
2016	104.40	1,351.53	716.87	-	-	94.98	-
2017	62.26	692.26	598.70	-	-	84.75	-
2018	42.25	561.63	251.05	-	-	153.31	-
2019	73.86	500.46	300.80	-	-	71.69	-
2020	98.20	92.63	281.81	-	-	74.65	-
2021	169.13	110.37	94.69	84.47	36.23	-	(2.11)
2022	136.55	64.18	147.93	89.64	42.64	-	(117.55)
2023	165.35	455.97	310.75	95.75	56.77	-	(53.23)
2024	98.35	127.38	130.19	93.43	74.93	-	(98.31)

Financial Ratios

	Current
Market Cap (M Riyal)	6,540.76
Enterprise Value (EV) (M Riyal)	14,519.36
Shares Outstanding ((M))	523.26
EPS ( Riyal) (TTM)	(1.16)
Book Value (BV) ( Riyal)	9.73
Par Value ( Riyal)	10.00
Recurring P/E	Neg
P/E (TTM)	NEG
Price/book	1.28
Return on Average Assets (%) (TTM)	(4.00 )
Return on Average Equity (%) (TTM)	(11.24 )
EV/adj EBITDA	(118.82)
EV/Revenues	24.29

Emaar The Economic City (EMAAR EC)

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Emaar EC incurs SAR 123.3M loss in Q1 2025

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Emaar EC incurs SAR 123.3M loss in Q1 2025

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Current Quarter Comparison (M)

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Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

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Revenue by Business Segment (Latest) 2025 Q1

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Business Segments (Million)