Emaar The Economic City announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )

Emaar The Economic City announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )

|Element List||Current Quarter||Similar quarter for previous year||%Change||Previous Quarter||% Change|

|Sales/Revenue||157||87||80.46||136||15.44|

|Gross Profit (Loss)||21||-36||-||-77||-|

|Operational Profit (Loss)||-61||-119||-48.74||-367||-83.38|

|Net Profit (Loss) after Zakat and Tax||-171||-166||3.01||-531||-67.8|

|Total Comprehensive Income||-173||-166||4.22||-521||-66.79|

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

|Element List||Current Period||Similar period for previous year||%Change|

|Total Share Holders Equity (after Deducting Minority Equity)||6,481||7,610||-14.84|

|Profit (Loss) per Share||-0.15||-0.15|

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

|Element List||Explanation|

|The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is|| Net loss for Q1 2023 is SAR 171M as compared to the net loss of SAR 166M in the corresponding quarter. Key factors impacting the net results for the current quarter, are summarized below:

|

1) EEC Group has reported a gross profit of SAR 21M during Q1 2023 which represents a decrease in loss by SAR 57M (157%) as compared to the gross loss of SAR (36.4 M) for the corresponding quarter. The variance is mainly due to the followings:

a) Projects’ gross profit increased by SAR 60M, from gross loss of SAR (4.2M) (Q1 2022) to gross profit of SAR 56M (Q1 2023) mainly due to increase in order intake by 324M (including order intake of Rixos deal having Gross Profit impact of SAR 28M. The