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Emaar, the Economic City Announces its Interim Financial Results for the Period Ending on 31-03-2026 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 157 | 204 | -23.039 | 457 | -65.645 |
| Gross Profit (Loss) | 24 | 77 | -68.831 | 232 | -89.655 |
| Operational Profit (Loss) | -89 | 48 | - | 420 | - |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -180 | -123 | 46.341 | 293 | - |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -180 | -130 | 38.461 | 294 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 9,166 | 5,136 | 78.465 |
| Profit (Loss) per Share | -0.2 | -0.24 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -177 | -2 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The 23% decrease in revenue during the current quarter compared to the same quarter of the last year is primarily attributable to exceptional revenue recognized in the comparative quarter from material conclusions in property development projects under the percentage-of-completion method, which reached full completion and were delivered during 2025, and therefore did not generate comparable revenue in the current quarter. This decrease was partially offset by the following: - 53% increase in sales of residential units and land. - 46% Increase in operational revenue driven by income from city operations, and higher revenue from student enrollment in one of the subsidiaries operating in education sector. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net loss by 46% during the current quarter compared to the same quarter of the last year is mainly attributable to the following: - Decrease in period revenue for the reason provided above - Increase in operational expenses by SAR 25m primarily driven by higher employee related cost and increased marketing spend to support real estate strategy, and especially after the launch of the Non-Saudi Real Estate Ownership Law during the period. - Decrease in other income by SAR 17m is due to the comparative quarter including gains from the disposal of an Investment Property and one-off release of certain excess provisions - The current quarter includes a charge of SAR 19m relating to the provision for expected credit losses, whereas the corresponding quarter reflected a reversal of such provision as per the ECL methodology under IFRS. - The increase in net loss was partially offset by a reduction in finance costs of SAR 81m, primarily driven by the conversion of SAR 4.1b of debt into share capital, and the commercial debts restructuring of SAR 3.7b loan at lower interest rates. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The decrease in revenue by 66% during the current quarter compared to the previous quarter is mainly attributable to the following: -Lower residential land sales - Revenue recognized in the previous quarter from property development projects under the percentage-of-completion method, which reached full completion and were delivered during 2025, therefore did not generate comparable revenue in the current quarter. This decrease was partially offset by a 6% Increase in operational revenue driven by income from city operations. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net loss of SAR 180m in current quarter compared to net profit of SAR 293m in previous quarter due to the following: - Decrease in revenue for the reason provided above - Increase in operational expenses by SAR 9m primarily driven by higher employee related cost and increased marketing spend to support real estate strategy and the launch of the Non-Saudi Real Estate Ownership Law during the period. - The corresponding quarter included one-off adjustments, comprising an impairment reversal of SAR 317m on non-financial assets and a gain on extinguishment of a loan amounting to SAR 26m. Also, the negative impact was partially controlled by the following: - Decrease in provision for expected credit loss by SAR 20m between the two comparative periods. - Decrease in financial charges by SAR 58m primarily driven by the conversion of SAR 4.1 billion debt into share capital. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | We draw attention to Note 1 of the condensed consolidated interim financial statements, which indicates that the Group incurred a net loss of SR 180 million and reported a net operating cashflow deficit of SR 21 million during the three-month period ended 31 March 2026. The Group’s ability to achieve sustainable profitability and continue its operations without significant curtailment is highly dependent on the successful execution of management’s plans, including obtaining additional funding from shareholders and the sale of properties to generate sufficient cash flows. These events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our conclusion is not modified in respect of this matter. |
| Reclassification of Comparison Items | N/A |
| Additional Information | - |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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