Emaar EC deepens 9M 2024 loss to SAR 1.15B; Q3 at SAR 459M

27/10/2024 Argaam Exclusive

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Emaar The Economic City (Emaar EC) slid into a deeper loss of SAR 1.15 billion in the first nine months of 2024, compared to SAR 49 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	926.35	241.16	(74.0 %)
Gross Income	470.39	(166.97)	(135.5 %)
Operating Income	187.02	(560.14)	(399.5 %)
Net Income	(49.03)	(1152.79)	(2,251.1 %)
Average Shares	1,133.33	1,133.33	-
EPS (Riyals)	(0.04)	(1.02)	(2,251.1 %)

The losses were attributed to a 74% year-on-year (YoY) slump in revenue. Emaar EC reported a decline in project revenue on delays in sealing new contracts in the commercial sector and the Industrial Valley.

The company reported a decline in operating revenue, weighed down by the hospitality segment. Operating expenses (OpEx) and the provision for expected credit losses rose by SAR 73 million and SAR 37 million YoY, respectively. Finance costs also increased by SAR 146 million on higher SAIBOR. Emaar EC sustained a loss of SAR 69 million from its equity-accounted investee.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	340.97	90.72	(73.4 %)
Gross Income	218.23	(81.99)	(137.6 %)
Operating Income	111.27	(281.91)	(353.3 %)
Net Income	27.17	(458.87)	(1788.8 %)
Average Shares	1,133.33	1,133.33	-
EPS (Riyals)	0.02	(0.40)	(1788.8 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	75.93	90.72	19.5 %
Gross Income	(46.62)	(81.99)	(75.9 %)
Operating Income	(128.13)	(281.91)	(120.0 %)
Net Income	(342.27)	(458.87)	(34.1 %)
Average Shares	1,133.33	1,133.33	-
EPS (Riyals)	(0.30)	(0.40)	(34.1 %)

In Q3 2024, the company swung to a net loss of SAR 459 million, against a net profit of SAR 27 million in the year-earlier period as topline fell by 73% YoY on lower project revenues.

OpEx and ECL provisions jumped SAR 85 million and SAR 8 million on an annual basis, respectively.

Sequentially, Emaar EC’s net losses widened by 34.1% from SAR 342.2 million in Q2 2024.

The company cited an increase in the professional fees for the activities related to the capital optimization plan initiatives. Meanwhile, the quarterly topline grew by 20% driven by better residential unit sales.

Total shareholders’ equity, no minority interest, dropped to SAR 5.24 billion as of Sept. 30, 2024, from SAR 6.61 billion a year earlier.

Accumulated losses reached SAR 6.1 billion by the end of September 2024, representing 53.83% of the company's capital.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2023	1,031.36	183.9 %	431.63	286.4 %	44.92	105.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
Q3 2023	27.17	111.8 %	0.02	42.72	(15.55)	(0.01)
Q4 2023	(204.19)	59.9 %	(0.18)	75.37	(279.56)	(0.25)
2023	(253.22)	78.1 %	(0.22)	174.79	(428.01)	(0.38)
Q1 2024	(351.65)	(105.3 %)	(0.31)	-	(351.65)	(0.31)
Q2 2024	(342.27)	(460.0 %)	(0.30)	-	(342.27)	(0.30)
Q3 2024	(458.87)	(1788.8 %)	(0.40)	-	(458.87)	(0.40)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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)
2023	(253.22)	78.1 %	(0.22)	174.79	(428.01)	(0.38)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
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 %	(64.12 %)
Q2 2024	14.44 %	(9.11 %)	(165.82 %)
Q3 2024	(61.84 %)	(129.97 %)	(413.76 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
2023	41.85 %	29.23 %	(41.50 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	64.00 %	51.37 %	(4.56 %)
Q4 2023	(44.85 %)	(74.62 %)	(266.22 %)
Q1 2024	(51.49 %)	(117.66 %)	(471.91 %)
Q2 2024	(61.40 %)	(83.54 %)	(450.79 %)
Q3 2024	(90.37 %)	(242.99 %)	(505.81 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2023	1,133.33	(0.49)	(0.53)	5.84
Q4 2023	1,133.33	(0.22)	(0.38)	5.65
Q1 2024	1,133.33	(0.38)	(0.54)	5.34
Q2 2024	1,133.33	(0.77)	(0.87)	5.04
Q3 2024	1,133.33	(1.20)	(1.26)	4.63

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	1,133.33	(0.22)	(0.38)	5.65

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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

Period	P/E	Adjusted P/E	Price/book
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
2023	NEG	NEG	1.41

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)

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)

Financial Ratios

	Current
Market Cap (M Riyal)	9,089.31
Enterprise Value (EV) (M)	16,774.45
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	1.73
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 2024 loss to SAR 1.15B; Q3 at SAR 459M

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Financials (M)

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Profit Performance (Million)

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Per Share Data (Riyal)

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Emaar EC deepens 9M 2024 loss to SAR 1.15B; Q3 at SAR 459M

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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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q3

Financial Ratios

Share Price

Emaar The Economic City (EMAAR EC)

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Business Segments (Million)