Emaar The Economic City announces its Annual Financial Results for the Period Ending on 2022-12-31

Emaar The Economic City announces its Annual Financial Results for the Period Ending on 2022-12-31

|Element List||Current Year||Previous Year||%Change|

|Sales/Revenue||363||372||-2.42|

|Gross Profit (Loss)||-218||-237||-8.02|

|Operational Profit (Loss)||-795||-609||30.54|

|Net Profit (Loss) after Zakat and Tax||-1,157||-837||38.23|

|Total Comprehensive Income||-1,122||-788||42.38|

|Total Share Holders Equity (after Deducting Minority Equity)||6,655||7,776||-14.42|

|Profit (Loss) per Share||-1.02||-0.9|

|All figures are in (Millions) Saudi Arabia, Riyals|

|Element List||Explanation|

|The reason of the increase (decrease) in the net profit during the current year compared to the last year is|| Total comprehensive loss for FY-2022 is SAR 1,122M as compared to the total comprehensive loss of SAR 788M in the corresponding year. Key factors impacting the net results for the current year, are summarized below:

|

1) EEC Group has reported a gross loss of SAR 217.5M during 2022 which represents decrease in gross loss by SAR 19.5M (8.2%) as compared to the gross loss of SAR 237M for the corresponding year. The variance is mainly due to the following:

a) Decrease in Significant Financing Component “SFC” by SAR 15M mainly due to cancellation order intake.

b) There was an impairment of SAR 38M in previous year, whereas there is no significant impairment during current year on development properties.

c) The above positive impacts as a result of SFC and reduction in impairment on development properties are partially offset by variance in order intake of SAR 264M (Net order intake 2022: SAR