Emaar EC deepens 9M 2022 loss to SAR 627 mln, Q3 at SAR 219 mln

08/11/2022 Argaam Exclusive

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Emaar The Economic City (Emaar EC) widened net losses after Zakat and tax to SAR 627 million in the first nine months of 2022, from SAR 545 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	257.69	226.92	(11.9 %)
Gross Income	(41.57)	(140.72)	(238.5 %)
Operating Income	(437.94)	(484.85)	(10.7 %)
Net Income	(544.84)	(647.51)	(18.8 %)
Average Shares	991.67	1,133.33	14.3 %
EPS (Riyals)	(0.55)	(0.57)	(4.0 %)

Emaar EC Group reported year-to-date gross loss of SAR -51 million, which implied an increase in losses by SAR -9 million, -22% compared to a gross loss of SAR -42 million in 9M 2021 due to a decrease in buy orders.

General and administrative (G&A) expenses increased by SAR -41 million during the current period mainly on higher provisions. The group also recorded a decline in other income by SAR -41 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	86.03	62.00	(27.9 %)
Gross Income	(4.81)	(53.47)	(1,010.8 %)
Operating Income	(129.78)	(154.51)	(19.1 %)
Net Income	(172.77)	(230.68)	(33.5 %)
Average Shares	991.67	1,133.33	14.3 %
EPS (Riyals)	(0.17)	(0.20)	(16.8 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	78.30	62.00	(20.8 %)
Gross Income	(50.76)	(53.47)	(5.3 %)
Operating Income	(196.91)	(154.51)	21.5 %
Net Income	(250.82)	(230.68)	8.0 %
Average Shares	1,133.33	1,133.33	-
EPS (Riyals)	(0.22)	(0.20)	8.0 %

In Q3 2022, the company’s net loss after Zakat and tax increased by 26.6% to SAR 219 million, from SAR 173 million in Q3 2021. The group recorded a gross loss of SAR -23.5 million, compared to SAR -4.8 million in Q3 2021.

Finance charges rose SAR -19.8 million due to an increase in average SAIBOR rate and credit spread due to restructuring of long-term loans.

The third-quarter results implied a decrease in the share of results of equity accounted investees by SAR -8 million on completion of the bulk berth terminal of Port Development Company (PDC).

Compared to Q2 2022, net losses narrowed by 11.3% from SAR 247 million, as G&A decreased by SAR 39.5 million. The company reported a decline in impairment loss on receivables calculated in accordance with the expected credit loss model (ECL) as required under IFRS 9 against receivable balances of leasing, utilities and service charges by SAR 10.4 million.

Total shareholders’ equity, no minority interest, dropped to SAR 7.271 billion as of Sept. 30, 2022, from SAR 8.141 billion a year earlier.

Accumulated losses came in at SAR 4.074 billion by the end of the nine-month period, representing 35.94% of the company’s capital.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	14.50	(89.8 %)	8.08	(93.4 %)	(34.92)	(151.1 %)
Q2 2013	40.04	(81.5 %)	29.39	(84.5 %)	(19.94)	(115.7 %)
Q3 2013	125.89	(9.4 %)	86.30	(35.6 %)	33.24	(49.1 %)
Q4 2013	653.03	1278.3 %	580.90	1663.8 %	490.89	1491.0 %
2013	833.45	52.9 %	704.67	47.3 %	469.28	101.1 %
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	545.18	33.7 %	478.45	53.5 %	233.39	135.4 %
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 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	(0.33)	(100.7 %)	0.00	58.83	(59.17)	(0.07)
Q2 2013	1.10	(98.8 %)	0.00	43.23	(42.12)	(0.05)
Q3 2013	17.96	(59.7 %)	0.02	-	17.96	0.02
Q4 2013	254.33	5811.8 %	0.30	(230.80)	485.12	0.57
2013	273.06	46.7 %	0.32	(128.74)	401.80	0.47
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)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	186.12	125.5 %	0.22	(13.99)	200.11	0.24
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)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
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 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
2021	(63.71 %)	(104.57 %)	(224.83 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
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 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2021	991.67	(0.84)	(0.84)	6.86

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	76.24	More than 100	1.42
Q2 2013	More than 100	NEG	1.49
Q3 2013	More than 100	NEG	1.73
Q4 2013	55.20	37.51	1.92
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

Period	P/E	Adjusted P/E	Price/book
2012	50.54	47.01	1.24
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

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)

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)

Financial Ratios

	Current
Market Cap (M Riyal)	9,100.64
Enterprise Value (EV) (M)	16,785.78
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	1.74
Return on Average Assets (%) (TTM)	(8.87 )
Return on Average Equity (%) (TTM)	(22.89 )

Emaar The Economic City (EMAAR EC)

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Emaar EC deepens 9M 2022 loss to SAR 627 mln, Q3 at SAR 219 mln

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Emaar EC deepens 9M 2022 loss to SAR 627 mln, Q3 at SAR 219 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

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

Business Segments (Million) Q3 2022

Revenue by Business Segment (Latest) 2022 Q3

Financial Ratios

Share Price

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Business Segments (Million)