Emaar EC cuts H1 2023 loss to SAR 76 mln; Q2 profit at SAR 95 mln

Emaar The Economic City (Emaar EC) narrowed H1 2023 net loss to SAR 76 million from SAR 417 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	164.92	585.38	254.9 %
Gross Income	(87.24)	252.16	389.0 %
Operating Income	(330.34)	75.75	122.9 %
Net Income	(416.83)	(76.21)	81.7 %
Average Shares	1,133.33	1,133.33	-
EPS (Riyals)	(0.37)	(0.07)	81.7 %

The improvement in results was mainly due to an increase in sales of real estate assets, a rise in other operating income as well as lower selling, general and administrative expenses. However, the positive impacts were partially offset by an increase in finance charges.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	78.30	428.37	447.1 %
Gross Income	(50.76)	234.44	561.8 %
Operating Income	(196.91)	146.18	174.2 %
Net Income	(250.82)	95.07	137.9 %
Average Shares	1,133.33	1,133.33	-
EPS (Riyals)	(0.22)	0.08	137.9 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	157.00	428.37	172.8 %
Gross Income	17.72	234.44	1223.1 %
Operating Income	(70.43)	146.18	307.6 %
Net Income	(171.28)	95.07	155.5 %
Average Shares	1,133.33	1,133.33	-
EPS (Riyals)	(0.15)	0.08	155.5 %

In Q2 2023, the company turned to a net profit of SAR 95 million from a loss of SAR 251 million a year earlier.

This was driven by recording a gross profit of SAR 237 million in the three-month period against a loss of SAR 51 million a year earlier, with an increase in gross margin of SAR 288 million. General and administrative expenses amounted to SAR 80 million, compared with SAR 106 million in Q2 2022.

Emaar EC turned profitable from a loss of SAR 171.28 million in Q1 2023.

Shareholders’ equity, no minority interest, reached SAR 6.58 billion by the end of the six-month period, down from SAR 7.36 billion a year earlier.

Accumulated losses stood at SAR 4.75 billion, or 41.9% of the company’s capital as of June 30, 2023.

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Share Price

Emaar The Economic City (EMAAR EC)

	Current
Market Cap (M Riyal)	9,701.30
Enterprise Value (EV) (M)	17,386.45
Shares Outstanding ((M))	1,133.33
EPS ( Riyal) (TTM)	(1.20)
Book Value (BV) ( Riyal)	4.63
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.85
Return on Average Assets (%) (TTM)	(8.87 )
Return on Average Equity (%) (TTM)	(22.89 )

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	165.16	1038.8 %	117.64	1356.1 %	63.56	282.0 %
Q2 2014	450.74	1025.8 %	287.82	879.4 %	228.18	1244.3 %
Q3 2014	145.45	15.5 %	111.68	29.4 %	58.11	74.8 %
Q4 2014	303.00	(53.6 %)	213.00	(63.3 %)	76.21	(84.5 %)
2014	1,064.34	27.7 %	727.72	3.3 %	426.06	(9.2 %)
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 %)
2015	1,022.96	(3.9 %)	566.77	(22.1 %)	249.91	(41.3 %)
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	833.45	52.9 %	704.67	47.3 %	469.28	101.1 %
2014	1,064.34	27.7 %	727.72	3.3 %	426.06	(9.2 %)
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 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	49.91	15041.9 %	0.06	-	49.91	0.06
Q2 2014	212.82	19194.7 %	0.25	-	212.82	0.25
Q3 2014	47.80	166.1 %	0.06	-	47.80	0.06
Q4 2014	69.15	(72.8 %)	0.08	-	69.15	0.08
2014	379.68	39.0 %	0.45	-	379.68	0.45
Q1 2015	85.72	71.8 %	0.10	(4.27)	90.00	0.11
Q2 2015	50.35	(76.3 %)	0.06	(11.16)	61.51	0.07
Q3 2015	8.19	(82.9 %)	0.01	-	8.19	0.01
Q4 2015	158.45	129.1 %	0.19	83.87	74.58	0.09
2015	302.72	(20.3 %)	0.36	68.43	234.28	0.28
Q1 2016	(17.04)	(119.9 %)	(0.02)	0.98	(18.02)	(0.02)
Q2 2016	239.68	376.0 %	0.28	96.00	143.68	0.17
Q3 2016	69.65	750.4 %	0.08	-	69.65	0.08
Q4 2016	454.56	186.9 %	0.53	30.75	423.81	0.50
2016	719.68	137.7 %	0.85	127.73	591.95	0.70
Q1 2017	(17.51)	(2.7 %)	(0.02)	-	(17.51)	(0.02)
Q2 2017	36.08	(84.9 %)	0.04	-	36.08	0.04
Q3 2017	26.99	(61.3 %)	0.03	-	26.99	0.03
Q4 2017	195.36	(57.0 %)	0.23	-	195.36	0.23
2017	240.92	(66.5 %)	0.28	-	240.92	0.28
Q1 2018	3.13	117.9 %	0.00	-	3.13	0.00
Q2 2018	(47.59)	(231.9 %)	(0.06)	-	(47.59)	(0.06)
Q3 2018	(149.10)	(652.5 %)	(0.18)	-	(149.10)	(0.18)
Q4 2018	58.47	(70.1 %)	0.07	-	58.47	0.07
2018	(135.09)	(156.1 %)	(0.16)	-	(135.09)	(0.16)
Q1 2019	7.47	138.7 %	0.01	-	7.47	0.01
Q2 2019	(106.44)	(123.7 %)	(0.13)	-	(106.44)	(0.13)
Q3 2019	(212.81)	(42.7 %)	(0.25)	-	(212.81)	(0.25)
Q4 2019	(221.61)	(479.0 %)	(0.26)	-	(221.61)	(0.26)
2019	(533.39)	(294.9 %)	(0.63)	-	(533.39)	(0.63)
Q1 2020	(281.50)	(3870.9 %)	(0.33)	-	(281.50)	(0.33)
Q2 2020	(204.93)	(92.5 %)	(0.24)	-	(204.93)	(0.24)
Q3 2020	(187.34)	12.0 %	(0.22)	-	(187.34)	(0.22)
Q4 2020	(574.60)	(159.3 %)	(0.68)	-	(574.60)	(0.68)
2020	(1248.36)	(134.0 %)	(1.47)	-	(1248.36)	(1.47)
Q1 2021	(194.49)	30.9 %	(0.20)	-	(194.49)	(0.20)
Q2 2021	(177.59)	13.3 %	(0.18)	-	(177.59)	(0.18)
Q3 2021	(172.77)	7.8 %	(0.17)	-	(172.77)	(0.17)
Q4 2021	(291.69)	49.2 %	(0.29)	-	(291.69)	(0.29)
2021	(836.53)	33.0 %	(0.84)	-	(836.53)	(0.84)
Q1 2022	(166.01)	14.6 %	(0.15)	-	(166.01)	(0.15)
Q2 2022	(250.82)	(41.2 %)	(0.22)	-	(250.82)	(0.22)
Q3 2022	(230.68)	(33.5 %)	(0.20)	-	(230.68)	(0.20)
Q4 2022	(509.78)	(74.8 %)	(0.45)	(56.36)	(453.42)	(0.40)
2022	(1157.29)	(38.3 %)	(1.02)	(56.36)	(1100.93)	(0.97)
Q1 2023	(171.28)	(3.2 %)	(0.15)	-	(171.28)	(0.15)
Q2 2023	95.07	137.9 %	0.08	56.70	38.37	0.03

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	273.06	46.7 %	0.32	(128.74)	401.80	0.47
2014	379.68	39.0 %	0.45	-	379.68	0.45
2015	302.72	(20.3 %)	0.36	68.43	234.28	0.28
2016	719.68	137.7 %	0.85	127.73	591.95	0.70
2017	240.92	(66.5 %)	0.28	-	240.92	0.28
2018	(135.09)	(156.1 %)	(0.16)	-	(135.09)	(0.16)
2019	(533.39)	(294.9 %)	(0.63)	-	(533.39)	(0.63)
2020	(1248.36)	(134.0 %)	(1.47)	-	(1248.36)	(1.47)
2021	(836.53)	33.0 %	(0.84)	-	(836.53)	(0.84)
2022	(1157.29)	(38.3 %)	(1.02)	(56.36)	(1100.93)	(0.97)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	82.74 %	62.33 %	51.91 %
Q2 2014	76.90 %	62.34 %	54.90 %
Q3 2014	77.63 %	64.55 %	56.26 %
Q4 2014	68.60 %	46.03 %	35.67 %
2014	68.37 %	46.03 %	35.67 %
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 %
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 %	38.04 %	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 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	84.55 %	61.17 %	48.21 %
2014	68.37 %	46.03 %	35.67 %
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 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	71.23 %	46.78 %	30.22 %
Q2 2014	63.86 %	53.70 %	47.22 %
Q3 2014	76.78 %	57.71 %	32.87 %
Q4 2014	70.30 %	28.61 %	22.82 %
Q1 2015	68.60 %	53.33 %	39.20 %
Q2 2015	62.20 %	39.41 %	25.99 %
Q3 2015	50.28 %	14.67 %	4.82 %
Q4 2015	45.67 %	25.67 %	19.28 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	850.00	0.38	0.60	9.28
Q2 2014	850.00	0.63	0.90	9.53
Q3 2014	850.00	0.66	0.94	9.58
Q4 2014	850.00	0.45	0.45	9.67
Q1 2015	850.00	0.49	0.49	9.77
Q2 2015	850.00	0.30	0.32	9.83
Q3 2015	850.00	0.25	0.27	9.84
Q4 2015	850.00	0.36	0.28	10.02
Q1 2016	850.00	0.24	0.15	8.31
Q2 2016	850.00	0.46	0.25	8.59
Q3 2016	850.00	0.53	0.32	8.67
Q4 2016	850.00	0.88	0.73	9.17
Q1 2017	850.00	0.88	0.73	9.15
Q2 2017	850.00	0.64	0.60	9.19
Q3 2017	850.00	0.59	0.55	9.23
Q4 2017	850.00	0.28	0.28	9.42
Q1 2018	850.00	0.31	0.31	9.43
Q2 2018	850.00	0.21	0.21	9.37
Q3 2018	850.00	0.00	0.00	9.22
Q4 2018	850.00	(0.16)	(0.16)	8.99
Q1 2019	850.00	(0.15)	(0.15)	9.27
Q2 2019	850.00	(0.22)	(0.22)	9.12
Q3 2019	850.00	(0.30)	(0.30)	8.88
Q4 2019	850.00	(0.63)	(0.63)	8.36
Q1 2020	850.00	(0.97)	(0.97)	8.00
Q2 2020	850.00	(1.08)	(1.08)	7.75
Q3 2020	850.00	(1.05)	(1.05)	7.54
Q4 2020	850.00	(1.47)	(1.47)	6.87
Q1 2021	991.67	(1.17)	(1.17)	6.66
Q2 2021	991.67	(1.14)	(1.14)	6.45
Q3 2021	991.67	(1.13)	(1.13)	7.18
Q4 2021	991.67	(0.84)	(0.84)	6.86
Q1 2022	1,133.33	(0.71)	(0.71)	6.72
Q2 2022	1,133.33	(0.78)	(0.78)	6.49
Q3 2022	1,133.33	(0.83)	(0.83)	6.31
Q4 2022	1,133.33	(1.02)	(0.97)	5.87
Q1 2023	1,133.33	(1.03)	(0.98)	5.72
Q2 2023	1,133.33	(0.72)	(0.72)	5.81

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	850.00	0.32	0.47	9.22
2014	850.00	0.45	0.45	9.67
2015	850.00	0.36	0.28	10.02
2016	850.00	0.85	0.70	9.17
2017	850.00	0.28	0.28	9.42
2018	850.00	(0.16)	(0.16)	8.99
2019	850.00	(0.63)	(0.63)	8.36
2020	850.00	(1.47)	(1.47)	6.87
2021	991.67	(0.84)	(0.84)	6.86
2022	1,133.33	(1.02)	(0.97)	5.87

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	60.29	38.16	2.47
Q2 2014	32.05	22.39	2.12
Q3 2014	34.95	24.81	2.42
Q4 2014	35.49	35.49	1.64
Q1 2015	35.98	35.61	1.80
Q2 2015	66.69	62.86	2.02
Q3 2015	57.51	53.63	1.47
Q4 2015	48.45	62.60	1.72
Q1 2016	79.07	More than 100	2.24
Q2 2016	42.07	78.57	2.24
Q3 2016	30.15	50.35	1.84
Q4 2016	26.04	31.41	2.49
Q1 2017	25.86	31.15	2.48
Q2 2017	32.82	34.79	2.28
Q3 2017	32.63	34.77	2.08
Q4 2017	63.46	63.46	1.91
Q1 2018	59.28	59.28	1.93
Q2 2018	76.45	76.45	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

Period	P/E	Adjusted P/E	Price/book
2013	55.20	37.51	1.92
2014	35.49	35.49	1.64
2015	48.45	62.60	1.72
2016	27.02	32.85	2.49
2017	63.46	63.46	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

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

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)

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Emaar EC cuts H1 2023 loss to SAR 76 mln; Q2 profit at SAR 95 mln

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Emaar EC cuts H1 2023 loss to SAR 76 mln; Q2 profit at SAR 95 mln

Financials (M)

Current Quarter Comparison (M)

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Emaar The Economic City (EMAAR EC)

Financial Ratios

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