Emaar The Economic City announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

Emaar The Economic City announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

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

|Sales/Revenue||428||78||448.72||157||172.61|

|Gross Profit (Loss)||237||-51||-||21||1,028.57|

|Operational Profit (Loss)||214||-189||-||-61||-|

|Net Profit (Loss) after Zakat and Tax||95||-251||-||-171||-|

|Total Comprehensive Income||108||-251||-||-173||-|

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

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

|Sales/Revenue||585||165||254.54|

|Gross Profit (Loss)||258||-87||-|

|Operational Profit (Loss)||153||-308||-|

|Net Profit (Loss) after Zakat and Tax||-76||-417||-81.77|

|Total Comprehensive Income||-66||-417||-84.17|

|Total Share Holders Equity (after Deducting Minority Equity)||6,589||7,360||-10.47|

|Profit (Loss) per Share||-0.07||-0.37|

|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 profit for Q2 2023 is SAR 95M as compared to the net loss of SAR (251M) 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 237M during Q2 2023 against a loss of SAR (51M) when compared with a similar quarter of last year which represents an increase in gross margin by SAR 288M. The variance is mainly due to the following:

• Projects’ gross profit increased by SAR 278M, from a gross loss of SAR (2M) (Q2 2022) to a gross profit of SAR 276M (Q2 2023) driven by an increase in sales of real