Cash flow Emaar Development

Equities

EMAARDEV

AEE001901017

Real Estate Development & Operations

Market Closed - Dubai FM Other stock markets 14:59:07 23/01/2026 +04			5-day change	1st Jan Change
17.15 ^AED	+0.88%		+7.19%	+13.20%

04:42pm	HSBC Boosts Emaar Development's PT, Keeps at Buy	MT
01-08	MIDEAST STOCKS-Gulf stocks slip ahead of US jobs data; SABIC weighs on Saudi index	RE

0f24effe46274f31e4d24.1OkFY2rVWWxH63MY7c-h9Dr6EMf9n3ak7fzUEJ5s2FE.i4c2DCSkNj4AsQNdqbrLvX3Pf4qwrwPsvb-6e9sEjSXsnU8LHZswCB2HKg

Published financial data: EMAAR DEVELOPMENT

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	9.76B	15.6B	11.54B	11.92B	19.15B
Total Revenues	9.76B	15.6B	11.54B	11.92B	19.15B
Cost of Goods Sold, Total	6.41B	9.95B	6.46B	3.64B	8.6B
Gross Profit	3.35B	5.65B	5.08B	8.28B	10.54B
Selling General & Admin Expenses, Total	1.16B	1.56B	596M	1.05B	1.49B
Depreciation & Amortization - (IS)	18.88M	12.4M	9.63M	12.52M	8.46M
Other Operating Expenses	-	-	522M	-	-
Other Operating Expenses, Total	1.18B	1.57B	1.13B	1.06B	1.5B
Operating Income	2.17B	4.08B	3.95B	7.22B	9.05B
Interest Expense, Total	-145M	-94.03M	-174M	-167M	-244M
Interest And Investment Income	56.72M	13.22M	131M	677M	991M
Net Interest Expenses	-88.46M	-80.81M	-42.46M	510M	747M
Income (Loss) On Equity Invest.	97.87M	235M	174M	124M	194M
Other Non Operating Income (Expenses)	-127M	-2.75M	179M	626M	184M
EBT, Excl. Unusual Items	2.06B	4.23B	4.27B	8.48B	10.17B
EBT, Incl. Unusual Items	2.06B	4.23B	4.27B	8.48B	10.17B
Income Tax Expense	-	-	-	-	486M
Earnings From Continuing Operations	2.06B	4.23B	4.27B	8.48B	9.69B
Net Income to Company	2.06B	4.23B	4.27B	8.48B	9.69B
Minority Interest	-398M	-988M	-457M	-1.86B	-2.05B
Net Income - (IS)	1.66B	3.24B	3.81B	6.63B	7.63B
Net Income to Common Incl Extra Items	1.66B	3.24B	3.81B	6.63B	7.63B
Net Income to Common Excl. Extra Items	1.66B	3.24B	3.81B	6.63B	7.63B
Per Share Items
Net EPS - Basic	0.41	0.81	0.95	1.66	1.91
Basic EPS - Continuing Operations	0.41	0.81	0.95	1.66	1.91
Basic Weighted Average Shares Outstanding	4B	4B	4B	4B	4B
Net EPS - Diluted	0.41	0.81	0.95	1.66	1.91
Diluted EPS - Continuing Operations	0.41	0.81	0.95	1.66	1.91
Diluted Weighted Average Shares Outstanding	4B	4B	4B	4B	4B
Normalized Basic EPS	0.22	0.41	0.55	0.86	1.08
Normalized Diluted EPS	0.22	0.41	0.55	0.86	1.08
Dividend Per Share	-	-	0.52	0.52	0.68
Payout Ratio	-	-	-	31.39	27.28
Supplemental Items
EBITDA	2.19B	4.09B	3.96B	7.23B	9.05B
EBITA	2.17B	4.08B	3.95B	7.22B	9.05B
EBIT	2.17B	4.08B	3.95B	7.22B	9.05B
Effective Tax Rate - (Ratio)	-	-	-	-	4.78
Current Domestic Taxes	-	-	-	-	486M
Total Current Taxes	-	-	-	-	486M
Normalized Net Income	886M	1.66B	2.21B	3.45B	4.3B
Interest Capitalized	106M	5.2M	7.72M	6.21M	4.48M
Interest on Long-Term Debt	406M	111M	-	-	-
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
Selling and Marketing Expenses	549M	793M	460M	406M	553M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	3.35B	5.69B	11.36B	18.42B	23.57B
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	3.35B	5.69B	11.36B	18.42B	23.57B
Accounts Receivable, Total	5.32B	5.74B	5.78B	5.55B	8.08B
Other Receivables	3.38B	1.73B	1.52B	2.56B	2.75B
Notes Receivable	975M	980M	913M	701M	804M
Total Receivables	9.67B	8.45B	8.21B	8.81B	11.63B
Inventory	14.47B	11.18B	10.85B	12.47B	16.52B
Prepaid Expenses	7.18M	3.86M	5.21M	3.86M	4.54M
Other Current Assets, Total	1.28B	1.21B	1.43B	1.91B	3.34B
Total Current Assets	28.78B	26.53B	31.86B	41.62B	55.07B
Gross Property Plant And Equipment	112M	115M	118M	127M	132M
Accumulated Depreciation	-75.73M	-88.13M	-97.76M	-110M	-119M
Net Property Plant And Equipment	36.4M	26.93M	20.16M	16.52M	13.66M
Long-term Investments	516M	751M	926M	762M	964M
Accounts Receivable Long-Term	4.38B	8.85B	9.67B	6.47B	3.38B
Total Assets	33.71B	36.16B	42.47B	48.87B	59.42B
Liabilities
Accounts Payable, Total	928M	799M	647M	728M	656M
Accrued Expenses, Total	2.04B	273M	618M	130M	378M
Short-term Borrowings	2.63B	2.67B	2.63B	1.91B	-
Current Portion of Long-Term Debt	-	2.98B	-	-	-
Current Portion of Leases	-	-	-	-	-
Current Income Taxes Payable	-	-	-	-	486M
Other Current Liabilities	454M	453M	600M	2.54B	2.14B
Total Current Liabilities	6.05B	7.17B	4.49B	5.3B	3.66B
Long-Term Debt	3.67B	199M	850M	3.67M	3.67M
Pension & Other Post Retirement Benefits	22.3M	21.04M	23.61M	24.32M	26.98M
Other Non Current Liabilities	10.46B	12.36B	17.04B	17.07B	24.11B
Total Liabilities	20.21B	19.75B	22.4B	22.4B	27.81B
Common Stock, Total	4B	4B	4B	4B	4B
Additional Paid In Capital	-	-	-	-	-
Retained Earnings	7.25B	10.49B	14.3B	18.84B	24.39B
Total Common Equity	11.25B	14.49B	18.3B	22.84B	28.39B
Minority Interest	2.25B	1.92B	1.77B	3.63B	3.23B
Total Equity	13.5B	16.42B	20.07B	26.47B	31.62B
Total Liabilities And Equity	33.71B	36.16B	42.47B	48.87B	59.42B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	4B	4B	4B	4B	4B
ECS Total Common Shares Outstanding	4B	4B	4B	4B	4B
Book Value / Share	2.81	3.62	4.57	5.71	7.1
Tangible Book Value	11.25B	14.49B	18.3B	22.84B	28.39B
Tangible Book Value Per Share	2.81	3.62	4.57	5.71	7.1
Total Debt	6.3B	5.84B	3.48B	1.91B	3.67M
Net Debt	2.95B	155M	-7.89B	-16.51B	-23.57B
Minority Interest, Total (Incl. Fin. Div)	2.25B	1.92B	1.77B	3.63B	3.23B
Equity Method Investments, Total	516M	751M	926M	762M	964M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	58.36M	58.36M	58.36M	58.36M	58.96M
Machinery, Total	40.46M	40.7M	41.05M	47.19M	51.1M
Accumulated Allowance for Doubtful Accounts (Supple)	48.5M	48.5M	20.98M	20.98M	20.98M
Order Backlog	-	-	41.34B	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	1.66B	3.24B	3.81B	6.63B	7.63B
Depreciation & Amortization - CF	18.88M	12.4M	9.63M	12.52M	8.46M
Depreciation & Amortization, Total	18.88M	12.4M	9.63M	12.52M	8.46M
(Income) Loss On Equity Investments - (CF)	-97.87M	-235M	-174M	-124M	-194M
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	640M	1.13B	408M	1.35B	1.78B
Change In Accounts Receivable	-1.08B	-4.84B	-600M	3.59B	731M
Change In Inventories	300M	3.29B	322M	-1.62B	-4.05B
Change In Accounts Payable	-272M	707M	-423M	-3.34B	-95.06M
Change in Unearned Revenues	-693M	1.73B	5.16B	3.09B	6.49B
Change in Other Net Operating Assets	-41.81M	-845M	103M	181M	-1.36B
Cash from Operations	428M	4.2B	8.62B	9.77B	10.95B
Capital Expenditure	-650K	-241K	-349K	-6.14M	-3.91M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-598K
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	-7.83M	52.6M	232M	1.18B	989M
Cash from Investing	-8.48M	52.36M	232M	1.17B	984M
Short Term Debt Issued, Total	-	-	-	5.26B	8.45B
Long-Term Debt Issued, Total	407M	600M	4.56B	850M	-
Total Debt Issued	407M	600M	4.56B	6.11B	8.45B
Short Term Debt Repaid, Total	-170M	-	-	-5.93B	-10.36B
Long-Term Debt Repaid, Total	-205M	-1.1B	-6.88B	-1.7B	-
Total Debt Repaid	-375M	-1.1B	-6.88B	-7.63B	-10.36B
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-	-	-2.08B	-2.08B
Common & Preferred Stock Dividends Paid	-	-	-	-2.08B	-2.08B
Other Financing Activities, Total	-1.07B	-1.46B	-809M	-230M	-2.8B
Cash from Financing	-1.04B	-1.95B	-3.13B	-3.84B	-6.79B
Net Change in Cash	-621M	2.3B	5.72B	7.1B	5.15B
Supplemental Items
Cash Interest Paid	163M	140M	200M	226M	336M
Levered Free Cash Flow	2.55B	5.19B	3.06B	3.25B	-2.52B
Unlevered Free Cash Flow	2.64B	5.25B	3.17B	3.35B	-2.37B
Change In Net Working Capital	-1.27B	-2.68B	-688M	1.17B	8.03B
Net Debt Issued / Repaid	32M	-496M	-2.32B	-1.52B	-1.91B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	4.04	7.3	6.29	9.89	10.44
Return on Total Capital	7.03	12.13	10.79	17.39	18.85
Return On Equity %	15.9	28.3	23.38	36.46	33.35
Return on Common Equity	15.9	25.2	23.23	32.23	29.8
Margin Analysis
Gross Profit Margin %	34.36	36.24	44.03	69.48	55.07
SG&A Margin	11.89	10	5.16	8.77	7.78
EBITDA Margin %	22.41	26.22	34.33	60.69	47.29
EBITA Margin %	22.27	26.16	34.26	60.6	47.25
EBIT Margin %	22.27	26.16	34.26	60.6	47.25
Income From Continuing Operations Margin %	21.06	27.13	36.96	71.17	50.59
Net Income Margin %	16.98	20.79	33	55.61	39.87
Net Avail. For Common Margin %	16.98	20.79	33	55.61	39.87
Normalized Net Income Margin	9.08	10.62	19.14	28.92	22.48
Levered Free Cash Flow Margin	26.17	33.25	26.52	27.23	-13.18
Unlevered Free Cash Flow Margin	27.1	33.63	27.46	28.11	-12.39
Asset Turnover
Asset Turnover	0.29	0.45	0.29	0.26	0.35
Fixed Assets Turnover	214.38	492.69	490.19	650.02	1.27K
Receivables Turnover (Average Receivables)	1.78	2.82	2	2.11	2.81
Inventory Turnover (Average Inventory)	0.44	0.78	0.59	0.31	0.59
Short Term Liquidity
Current Ratio	4.75	3.7	7.09	7.85	15.04
Quick Ratio	1.99	1.84	4.15	5	9.39
Operating Cash Flow to Current Liabilities	0.07	0.59	1.92	1.84	2.99
Days Sales Outstanding (Average Receivables)	205.95	129.37	182.14	173.37	130.25
Days Outstanding Inventory (Average Inventory)	834.48	470.54	622.46	1.17K	616.68
Average Days Payable Outstanding	51.12	47.34	43.04	47.75	20.01
Cash Conversion Cycle (Average Days)	989.31	552.57	761.56	1.3K	726.92
Long Term Solvency
Total Debt/Equity	46.64	35.6	17.32	7.23	0.01
Total Debt / Total Capital	31.81	26.25	14.76	6.74	0.01
LT Debt/Equity	27.18	1.21	4.23	0.01	0.01
Long-Term Debt / Total Capital	18.54	0.9	3.61	0.01	0.01
Total Liabilities / Total Assets	59.95	54.61	52.74	45.83	46.79
EBIT / Interest Expense	14.97	43.4	22.78	43.23	37.09
EBITDA / Interest Expense	15.1	43.53	22.83	43.3	37.12
(EBITDA - Capex) / Interest Expense	15.1	43.53	22.83	43.27	37.11
Total Debt / EBITDA	2.87	1.43	0.88	0.26	0
Net Debt / EBITDA	1.34	0.04	-1.99	-2.28	-2.6
Total Debt / (EBITDA - Capex)	2.87	1.43	0.88	0.26	0
Net Debt / (EBITDA - Capex)	1.34	0.04	-1.99	-2.28	-2.6
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-23.44	59.88	-26.03	3.3	60.61
Gross Profit, 1 Yr. Growth %	-32.69	68.63	-10.12	62.99	27.31
EBITDA, 1 Yr. Growth %	-39.46	87.05	-3.16	82.62	25.16
EBITA, 1 Yr. Growth %	-39.54	87.76	-3.11	82.7	25.23
EBIT, 1 Yr. Growth %	-39.54	87.76	-3.11	82.7	25.23
Earnings From Cont. Operations, 1 Yr. Growth %	-41.8	105.91	0.77	98.92	14.17
Net Income, 1 Yr. Growth %	-38.62	95.76	17.38	74.07	15.15
Normalized Net Income, 1 Yr. Growth %	-35.56	86.93	33.29	56.08	24.87
Diluted EPS Before Extra, 1 Yr. Growth %	-38.62	95.76	17.38	74.07	15.15
Accounts Receivable, 1 Yr. Growth %	-6.13	7.99	0.6	-3.94	45.61
Inventory, 1 Yr. Growth %	-1.83	-22.74	-2.94	14.89	32.51
Net Property, Plant and Equip., 1 Yr. Growth %	-33.37	-26.02	-25.16	-18.02	-17.3
Total Assets, 1 Yr. Growth %	0.68	7.28	17.45	15.05	21.6
Tangible Book Value, 1 Yr. Growth %	17.21	28.8	26.25	24.83	24.29
Common Equity, 1 Yr. Growth %	17.21	28.8	26.25	24.83	24.29
Cash From Operations, 1 Yr. Growth %	-118.11	879.91	105.28	13.33	12.15
Capital Expenditures, 1 Yr. Growth %	-94.19	-62.92	44.81	1.66K	-36.37
Levered Free Cash Flow, 1 Yr. Growth %	-245.28	103.05	-41.02	6.08	-177.06
Unlevered Free Cash Flow, 1 Yr. Growth %	-266.38	98.39	-39.61	5.74	-170.78
Dividend Per Share, 1 Yr. Growth %	-	-	-	0	30.71
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-20.48	10.64	8.75	-12.59	28.8
Gross Profit, 2 Yr. CAGR %	-28.68	6.54	23.11	21.04	44.05
EBITDA, 2 Yr. CAGR %	-36.71	6.42	34.59	32.98	51.18
EBITA, 2 Yr. CAGR %	-36.81	6.55	34.88	33.05	51.26
EBIT, 2 Yr. CAGR %	-36.81	6.55	34.88	33.05	51.26
Earnings From Cont. Operations, 2 Yr. CAGR %	-39.6	9.47	44.05	41.58	50.7
Net Income, 2 Yr. CAGR %	-34.82	9.62	51.59	42.94	41.58
Normalized Net Income, 2 Yr. CAGR %	-29.59	9.76	57.85	44.23	39.6
Diluted EPS Before Extra, 2 Yr. CAGR %	-34.82	9.62	51.59	42.94	41.58
Accounts Receivable, 2 Yr. CAGR %	6.71	0.68	4.23	-1.7	18.27
Inventory, 2 Yr. CAGR %	8.16	-12.91	-13.4	5.6	23.39
Net Property, Plant and Equip., 2 Yr. CAGR %	-21.02	-29.79	-25.59	-21.67	-17.66
Total Assets, 2 Yr. CAGR %	5	3.93	12.25	16.24	18.28
Tangible Book Value, 2 Yr. CAGR %	19.01	22.87	27.52	25.54	24.56
Common Equity, 2 Yr. CAGR %	19.01	22.87	27.52	25.54	24.56
Cash From Operations, 2 Yr. CAGR %	-51.46	33.2	348.5	52.53	12.74
Capital Expenditures, 2 Yr. CAGR %	-69.33	-85.32	-26.72	404.83	234.63
Levered Free Cash Flow, 2 Yr. CAGR %	-3.01	71.79	9.44	-20.9	-9.18
Unlevered Free Cash Flow, 2 Yr. CAGR %	0.54	81.68	9.46	-20.09	-13.49
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	14.33
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	3.26	0.36	-3.26	6.9	7.06
Gross Profit, 3 Yr. CAGR %	-3.24	-4.99	0.67	35.18	23.09
EBITDA, 3 Yr. CAGR %	-11.26	-9.17	3.12	49	30.32
EBITA, 3 Yr. CAGR %	-11.31	-9.16	3.23	49.24	30.39
EBIT, 3 Yr. CAGR %	-11.31	-9.16	3.23	49.24	30.39
Earnings From Cont. Operations, 3 Yr. CAGR %	-14.73	-9.1	6.49	60.41	31.78
Net Income, 3 Yr. CAGR %	-15.46	-5.96	12.15	58.74	33
Normalized Net Income, 3 Yr. CAGR %	-16.07	-2.5	17.1	57.26	37.47
Diluted EPS Before Extra, 3 Yr. CAGR %	-49.89	-5.96	12.15	58.74	33
Accounts Receivable, 3 Yr. CAGR %	53.46	7.13	0.65	1.43	12.06
Inventory, 3 Yr. CAGR %	15.63	-3.31	-9.71	-4.84	13.9
Net Property, Plant and Equip., 3 Yr. CAGR %	-18.47	-22.72	-28.28	-23.15	-20.24
Total Assets, 3 Yr. CAGR %	11.75	5.75	8.25	13.18	18
Tangible Book Value, 3 Yr. CAGR %	30.32	22.19	23.99	26.62	25.12
Common Equity, 3 Yr. CAGR %	30.32	22.19	23.99	26.62	25.12
Cash From Operations, 3 Yr. CAGR %	-18.34	32.16	53.86	183.55	37.67
Capital Expenditures, 3 Yr. CAGR %	127.78	-67.33	-68.52	111.41	153.11
Levered Free Cash Flow, 3 Yr. CAGR %	-3.85	24.09	20.29	8.31	-21.35
Unlevered Free Cash Flow, 3 Yr. CAGR %	-2.46	26.1	25.85	8.21	-23.25
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	13.19	17.73	5.42	-5.03	8.48
Gross Profit, 5 Yr. CAGR %	7.52	15.05	6.55	4.67	16.18
EBITDA, 5 Yr. CAGR %	4.16	12.25	4.83	5.79	20.18
EBITA, 5 Yr. CAGR %	4.03	12.31	4.89	5.82	20.27
EBIT, 5 Yr. CAGR %	4.03	12.31	4.89	5.82	20.27
Earnings From Cont. Operations, 5 Yr. CAGR %	0.94	11.54	5.17	8.53	22.36
Net Income, 5 Yr. CAGR %	-0.99	8.96	6.79	11.19	23.1
Normalized Net Income, 5 Yr. CAGR %	-2.5	6.79	8.06	14.03	25.63
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-21.98	11.19	23.1
Accounts Receivable, 5 Yr. CAGR %	40.06	31.72	31.46	3.51	7.36
Inventory, 5 Yr. CAGR %	26.41	13.17	3	0.16	2.31
Net Property, Plant and Equip., 5 Yr. CAGR %	-15.71	-19.89	-21.4	-22.3	-24.21
Total Assets, 5 Yr. CAGR %	16.08	13.6	11.95	9.83	12.16
Tangible Book Value, 5 Yr. CAGR %	21.27	16.5	29.19	23.52	24.22
Common Equity, 5 Yr. CAGR %	21.27	16.5	29.19	23.52	24.22
Cash From Operations, 5 Yr. CAGR %	-27.91	167.64	61.4	39.96	35.86
Capital Expenditures, 5 Yr. CAGR %	57.07	-49.59	44.71	-2.33	-18.97
Levered Free Cash Flow, 5 Yr. CAGR %	25.82	28.85	1.27	3.64	7.5
Unlevered Free Cash Flow, 5 Yr. CAGR %	26.39	29.29	2.14	5.07	8.33
Dividend Per Share, 5 Yr. CAGR %	-	-	-	0.01	-