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MarketScreener Homepage  >  Equities  >  SAUDI ARABIA STOCK EXCHANGE  >  Emaar The Economic City    4220   SA000A0KDVM8

EMAAR THE ECONOMIC CITY (4220)
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Emaar Economic City : suffers losses in Q3, 9M

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11/09/2018 | 07:49am CET

Emaar The Economic City suffers losses in Q3, 9M

Emaar EC4220

-2.47% 8.69 -0.22

Riyadh – Mubasher:Emaar The Economic City on Thursday said it suffered losses in the third quarter and nine-month period of 2018.

The real estate developer incurred SAR 150 million ($39.99 million) in net losses after deducting zakat and taxes versus SAR 27 million ($7.20 million) in profits in the corresponding period of 2017.

Sales amounted to SAR 112 million in Q3-18, down 58.36% year-on-year from SAR 269 million, the company said in a statement to the Saudi Stock Exchange (Tadawul).

Emaar The Economic City attributed its quarterly losses to higher industrial land sales and progress in industrial land projects in Q3-17.

Loss on new operating assets during Q3-18 has also led to a gross loss during the period, the Saudi-listed firm said, citing other reasons for the losses such as lower other income, a decrease in income share from a joint venture, higher depreciation, marketing, and administrative expenses, and a rise in Zakat and impairment loss.

As for the nine months to September, Emaar The Economic City logged SAR 196 million losses after zakat and taxed against SAR 43 million in profits in the same period of 2017.

The company suffered an operating loss of SAR 222 million against SAR 5 million in operating profit in the first nine months of 2017, it said.

Meanwhile, sales fell 21.36% year-on-year to SAR 637 million during the January-to-September period of 2018 from SAR 810 million.

Emaar The Economic City previously reported turning to losses in Q2-18 with SAR 45 million against generating a net profit of SAR 35 million in Q2-17, while for H1-18, the company also suffered a loss of SAR 42 million against SAR 16 million in profits in the prior-year period.

Source: Mubasher

(c) All Rights Reserved - Mubasher Info 2005 - 2018 Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (SAR)
Sales 2018 1 538 M
EBIT 2018 359 M
Net income 2018 408 M
Debt 2018 -
Yield 2018 -
P/E ratio 2018 16,12
P/E ratio 2019 13,43
Capi. / Sales 2018 4,45x
Capi. / Sales 2019 3,88x
Capitalization 6 851 M
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NameTitle
Fahd Abdul Mohsen Saleh Al-Rasheed Group CEO, Executive Director & MD
Mohammed bin Ali Rashed Al-Abbar Chairman
Faisal Rashid bin Mahmoud Faruqi Group Chief Financial Officer
Wafa Saleh Al-Hameedi Chief Information Officer
Khalid Abdullah Abdul Aziz Al-Molhem Independent Director
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