Emaar EC widens 2020 losses to SAR 1.248 bln

31/03/2021 Argaam Exclusive

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Emaar The Economic City (Emaar EC) deepened net loss after Zakat and tax to SAR 1.248 billion in 2020, from SAR 533 million a year earlier.

Financials (M)

Item	2019	2020	Change‬
Revenues	946.81	547.29	(42.2 %)
Gross Income	301.99	(319.03)	(205.6 %)
Operating Income	(338.04)	(1043.64)	(208.7 %)
Net Income	(533.39)	(1248.36)	(134.0 %)
Average Shares	850.00	850.00	-
EPS (Riyals)	(0.63)	(1.47)	(134.0 %)

The developer cited a general slowdown of economic activities in the real estate sector and an unprecedented COVID-19 outbreak for the higher losses. It also recorded an impairment of SAR 316 million on properties available for sales, leases and certain operating assets.

Furthermore, the revision of life cycle cost estimates of residential and industrial projects increased gross losses by SAR 307 million year-on-year and higher impairment loss on outstanding trade receivables.

However, losses were partially offset by an increase in the hospitality sector results, improvement in Port Development Co. results, and reduction in general and administrative expenses.

Emaar EC's Q4 2020 net loss after Zakat and tax widened to SAR 574.2 million from SAR 221.2 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	218.50	66.12	(69.7 %)
Gross Income	52.08	(307.22)	(689.9 %)
Operating Income	(122.53)	(554.40)	(352.5 %)
Net Income	(221.61)	(574.60)	(159.3 %)
Average Shares	850.00	850.00	-
EPS (Riyals)	(0.26)	(0.68)	(159.3 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	132.68	66.12	(50.2 %)
Gross Income	10.52	(307.22)	(3021.2 %)
Operating Income	(144.18)	(554.40)	(284.5 %)
Net Income	(187.34)	(574.60)	(206.7 %)
Average Shares	850.00	850.00	-
EPS (Riyals)	(0.22)	(0.68)	(206.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2011	23.77	(47.4 %)	13.45	146.4 %	(13.58)	74.6 %	(0.02)
Q2 2011	228.00	1303.8 %	152.28	566.6 %	87.57	168.2 %	0.10
Q3 2011	74.82	389.8 %	70.20	407.1 %	6.18	103.2 %	0.01
Q4 2011	81.13	472.2 %	75.69	653.1 %	2.39	101.2 %	0.00
2011	407.72	348.4 %	311.62	589.0 %	82.55	114.1 %	0.10
Q1 2012	142.04	497.5 %	121.88	806.1 %	45.17	432.6 %	0.05
Q2 2012	216.77	(4.9 %)	189.72	24.6 %	92.73	5.9 %	0.11
Q3 2012	138.99	85.8 %	133.92	90.8 %	44.53	620.5 %	0.05
Q4 2012	47.38	(41.6 %)	32.94	(56.5 %)	4.30	80.2 %	0.01
2012	545.18	33.7 %	478.45	53.5 %	186.12	125.5 %	0.22
Q1 2013	14.50	(89.8 %)	8.08	(93.4 %)	(0.33)	(100.7 %)	0.00
Q2 2013	40.04	(81.5 %)	29.39	(84.5 %)	1.10	(98.8 %)	0.00
Q3 2013	125.89	(9.4 %)	86.30	(35.6 %)	17.96	(59.7 %)	0.02
Q4 2013	653.03	1278.3 %	580.90	1663.8 %	254.33	5811.8 %	0.30
2013	833.45	52.9 %	704.67	47.3 %	273.06	46.7 %	0.32
Q1 2014	165.16	1038.8 %	117.64	1356.1 %	49.91	15041.9 %	0.06
Q2 2014	450.74	1025.8 %	287.82	879.4 %	212.82	19194.7 %	0.25
Q3 2014	145.45	15.5 %	111.68	29.4 %	47.80	166.1 %	0.06
Q4 2014	303.00	(53.6 %)	213.00	(63.3 %)	69.15	(72.8 %)	0.08
2014	1,064.34	27.7 %	727.72	3.3 %	379.68	39.0 %	0.45
Q1 2015	229.56	39.0 %	157.48	33.9 %	85.72	71.8 %	0.10
Q2 2015	236.68	(47.5 %)	147.22	(48.9 %)	50.35	(76.3 %)	0.06
Q3 2015	169.89	16.8 %	85.41	(23.5 %)	8.19	(82.9 %)	0.01
Q4 2015	386.83	27.7 %	176.66	(17.1 %)	158.45	129.1 %	0.19
2015	1,022.96	(3.9 %)	566.77	(22.1 %)	302.72	(20.3 %)	0.36
Q1 2016	272.33	18.6 %	93.16	(40.8 %)	(17.04)	(119.9 %)	(0.02)
Q2 2016	558.98	136.2 %	286.68	94.7 %	239.68	376.0 %	0.28
Q3 2016	589.72	247.1 %	191.94	124.7 %	69.65	750.4 %	0.08
Q4 2016	846.74	118.9 %	602.38	241.0 %	454.56	186.9 %	0.53
2016	2,267.77	121.7 %	1,174.16	107.2 %	719.68	137.7 %	0.85
Q1 2017	318.23	16.9 %	115.70	24.2 %	(17.51)	(2.7 %)	(0.02)
Q2 2017	223.19	(60.1 %)	136.97	(52.2 %)	36.08	(84.9 %)	0.04
Q3 2017	268.52	(54.5 %)	106.32	(44.6 %)	26.99	(61.3 %)	0.03
Q4 2017	628.03	(25.8 %)	457.05	(24.1 %)	195.36	(57.0 %)	0.23
2017	1,437.98	(36.6 %)	816.04	(30.5 %)	240.92	(66.5 %)	0.28
Q1 2018	280.77	(11.8 %)	92.66	(19.9 %)	3.13	117.9 %	0.00
Q2 2018	244.05	9.3 %	101.03	(26.2 %)	(47.59)	(231.9 %)	(0.06)
Q3 2018	111.85	(58.3 %)	(17.77)	(116.7 %)	(149.10)	(652.5 %)	(0.18)
Q4 2018	371.56	(40.8 %)	162.49	(64.4 %)	58.47	(70.1 %)	0.07
2018	1,008.23	(29.9 %)	338.41	(58.5 %)	(135.09)	(156.1 %)	(0.16)
Q1 2019	350.61	24.9 %	160.45	73.1 %	7.47	138.7 %	0.01
Q2 2019	217.35	(10.9 %)	83.02	(17.8 %)	(106.44)	(123.7 %)	(0.13)
Q3 2019	160.36	43.4 %	6.45	136.3 %	(212.81)	(42.7 %)	(0.25)
Q4 2019	218.50	(41.2 %)	52.08	(67.9 %)	(221.61)	(479.0 %)	(0.26)
2019	946.81	(6.1 %)	301.99	(10.8 %)	(533.39)	(294.9 %)	(0.63)
Q1 2020	205.40	(41.4 %)	(39.33)	(124.5 %)	(281.50)	(3870.9 %)	(0.33)
Q2 2020	143.10	(34.2 %)	17.00	(79.5 %)	(204.93)	(92.5 %)	(0.24)
Q3 2020	132.68	(17.3 %)	10.52	63.1 %	(187.34)	12.0 %	(0.22)
Q4 2020	66.12	(69.7 %)	(307.22)	(689.9 %)	(574.60)	(159.3 %)	(0.68)
2020	547.29	(42.2 %)	(319.03)	(205.6 %)	(1248.36)	(134.0 %)	(1.47)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2011	407.72	348.4 %	311.62	589.0 %	82.55	114.1 %	0.10
2012	545.18	33.7 %	478.45	53.5 %	186.12	125.5 %	0.22
2013	833.45	52.9 %	704.67	47.3 %	273.06	46.7 %	0.32
2014	1,064.34	27.7 %	727.72	3.3 %	379.68	39.0 %	0.45
2015	1,022.96	(3.9 %)	566.77	(22.1 %)	302.72	(20.3 %)	0.36
2016	2,267.77	121.7 %	1,174.16	107.2 %	719.68	137.7 %	0.85
2017	1,437.98	(36.6 %)	816.04	(30.5 %)	240.92	(66.5 %)	0.28
2018	1,008.23	(29.9 %)	338.41	(58.5 %)	(135.09)	(156.1 %)	(0.16)
2019	946.81	(6.1 %)	301.99	(10.8 %)	(533.39)	(294.9 %)	(0.63)
2020	547.29	(42.2 %)	(319.03)	(205.6 %)	(1248.36)	(134.0 %)	(1.47)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	(80.23 %)	(363.63 %)	(438.75 %)
Q2 2011	45.94 %	(12.36 %)	(31.58 %)
Q3 2011	65.22 %	21.29 %	2.05 %
Q4 2011	76.43 %	35.42 %	13.96 %
2011	76.43 %	35.42 %	13.96 %
Q1 2012	79.86 %	47.49 %	26.87 %
Q2 2012	88.87 %	54.84 %	31.63 %
Q3 2012	90.03 %	55.60 %	34.75 %
Q4 2012	87.76 %	49.86 %	35.06 %
2012	87.76 %	51.34 %	36.71 %
Q1 2013	87.31 %	39.88 %	20.79 %
Q2 2013	84.81 %	4.64 %	(26.72 %)
Q3 2013	68.79 %	(11.26 %)	(39.92 %)
Q4 2013	84.55 %	61.17 %	48.21 %
2013	84.55 %	61.17 %	48.21 %
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 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	76.43 %	35.42 %	13.96 %
2012	87.76 %	51.34 %	36.71 %
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 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	56.59 %	(111.11 %)	(165.00 %)
Q2 2011	66.79 %	47.69 %	38.41 %
Q3 2011	93.83 %	50.39 %	8.26 %
Q4 2011	93.29 %	30.06 %	2.94 %
Q1 2012	85.81 %	55.59 %	31.80 %
Q2 2012	87.52 %	65.15 %	50.32 %
Q3 2012	96.35 %	55.61 %	32.04 %
Q4 2012	69.52 %	(54.15 %)	(16.07 %)
Q1 2013	55.71 %	(181.36 %)	(407.95 %)
Q2 2013	73.40 %	(35.33 %)	(105.21 %)
Q3 2013	68.55 %	32.14 %	14.27 %
Q4 2013	88.95 %	78.07 %	74.29 %
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 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	850.00	(0.64)	(0.36)	8.57
Q2 2011	850.00	(0.39)	(0.10)	8.67
Q3 2011	850.00	(0.15)	0.01	8.68
Q4 2011	850.00	0.10	0.07	8.68
Q1 2012	850.00	0.17	0.17	8.74
Q2 2012	850.00	0.17	0.19	8.85
Q3 2012	850.00	0.22	0.24	8.90
Q4 2012	850.00	0.22	0.22	8.90
Q1 2013	850.00	0.17	0.10	8.90
Q2 2013	850.00	0.06	(0.08)	8.90
Q3 2013	850.00	0.03	(0.11)	8.92
Q4 2013	850.00	0.32	0.47	9.22
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	850.00	0.10	0.07	8.68
2012	850.00	0.22	0.24	8.90
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	NEG	NEG	1.07
Q2 2011	NEG	NEG	1.21
Q3 2011	NEG	More than 100	0.99
Q4 2011	More than 100	More than 100	1.13
Q1 2012	More than 100	More than 100	1.99
Q2 2012	69.23	62.28	1.35
Q3 2012	55.17	50.69	1.35
Q4 2012	50.36	49.19	1.24
Q1 2013	76.21	More than 100	1.42
Q2 2013	More than 100	NEG	1.49
Q3 2013	More than 100	NEG	1.73
Q4 2013	55.19	37.50	1.92
Q1 2014	60.28	38.15	2.47
Q2 2014	32.04	22.38	2.12
Q3 2014	34.94	24.81	2.42
Q4 2014	35.48	35.48	1.64
Q1 2015	35.97	35.60	1.80
Q2 2015	66.67	62.84	2.02
Q3 2015	57.49	53.62	1.47
Q4 2015	48.43	62.58	1.72
Q1 2016	79.04	More than 100	2.24
Q2 2016	42.06	78.55	2.24
Q3 2016	30.14	50.33	1.84
Q4 2016	26.03	31.40	2.49
Q1 2017	25.85	31.14	2.48
Q2 2017	32.81	34.78	2.28
Q3 2017	32.62	34.76	2.08
Q4 2017	63.44	63.44	1.91
Q1 2018	59.26	59.26	1.93
Q2 2018	76.43	76.43	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

Period	P/E	Adjusted P/E	Price/book
2011	More than 100	More than 100	1.13
2012	50.53	46.99	1.24
2013	55.19	37.50	1.92
2014	35.48	35.48	1.64
2015	48.43	62.58	1.72
2016	27.02	32.84	2.49
2017	63.44	63.44	1.91
2018	NEG	NEG	1.17
2019	NEG	NEG	1.52
2020	NEG	NEG	1.79

Business Segments (Million)

Compared With The

Period	Hospitality and Leisure	Residential business	Industrial development	Other activities
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

Period	Hospitality and Leisure	Residential business	Industrial development	Other activities
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

Financial Ratios

	Current
Market Cap (M Riyal)	7,205.88
Enterprise Value (EV) (M)	14,315.20
Shares Outstanding ((M))	1,133.00
EPS ( Riyal) (TTM)	(0.38)
Book Value (BV) ( Riyal)	5.34
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.19
Return on Average Assets (%) (TTM)	(2.82 )
Return on Average Equity (%) (TTM)	(6.92 )

Emaar The Economic City (EMAAR EC)

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Emaar EC widens 2020 losses to SAR 1.248 bln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2020 Q4

Financial Ratios

Share Price

Emaar The Economic City (EMAAR EC)

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Emaar EC widens 2020 losses to SAR 1.248 bln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2020

Revenue by Business Segment (Latest) 2020 Q4

Financial Ratios

Share Price

Emaar The Economic City (EMAAR EC)

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Business Segments (Million)