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) (0.82) 33.2 %
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) (0.56) 17.7 %
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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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 %
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 %
Q1 2025 203.73 173.4 % 76.62 299.7 % 29.17 119.4 %
Q2 2025 118.41 56.0 % (18.89) 59.5 % (131.24) (2.4 %)


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
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)
Q1 2025 (123.29) 64.9 % (0.24) 11.84 (135.13) (0.26)
Q2 2025 (43.66) 87.2 % (0.08) 250.01 (293.67) (0.56)

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 %
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 %)
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 %) (196.31 %)
Q2 2025 4.04 % (20.45 %) (171.81 %)


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) (2.08) 9.82
Q2 2025 523.26 (1.16) (1.96) 9.73

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
Q2 2025 NEG NEG 1.38

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)


Financial Ratios
Current
Market Cap (M Riyal) 5,755.87
Enterprise Value (EV) (M Riyal) 13,879.64
Shares Outstanding ((M)) 523.26
EPS ( Riyal) (TTM) (0.54)
Book Value (BV) ( Riyal) 9.46
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 1.16
Return on Average Assets (%) (TTM) (1.87 )
Return on Average Equity (%) (TTM) (5.56 )
EV/adj EBITDA 72.09
EV/Revenues 16.04
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Share Price

Emaar The Economic City
11.00
(0.11) (0.99 %)

Emaar The Economic City (EMAAR EC)

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