Emaar Economic City has announced its headline figures for 4Q2015. Net income came in at SAR158 million, up from SAR69 million in 4Q2014 and SAR8.1 million in 3Q2015. Operating income was SAR151 million, up from SAR76 million and SAR9.1 million, respectively. Gross profit came in at SAR177 million (-17% Y-o-Y, +107% Q-o-Q). This brings 2015 net income to SAR303 million (-20% Y-o-Y), operating profit at SAR318 million (-25% Y-o-Y), and gross profit at SAR567 million (-22% Y-o-Y). Management attributed the rise in quarterly net profit Y-o-Y to: i) drop in selling and marketing expenses; ii) reversal of provisions taken in 2013, and iii) rise in other income, whilst the margin squeeze came on the back of relatively higher sales of low-margin affordable and middle-income housing units, which has also pressured the corresponding 2015 figures. (Tadawul)