Emaar Economic City has reported its financial headlines for 2016. Revenue came in at SAR1.14bn (+11% Y-o-Y); gross profit was SAR467mn (-17.6% Y-o-Y), operating loss was SAR45mn (2015: SAR318mn in operating profit), while net income was SAR94mn (-67.0% Y-o-Y). This implies SAR444.8mn (+15.0%) in revenue for 4Q16 and operating income of SAR112mn (-25.8% Y-o-Y, 3Q16: SAR67mn in losses). 4Q16 gross profit was SAR293mn (+65.5% Y-o-Y, 3Q16: SAR1.2bn). Net income came in at SAR128mn (-19.0% Y-o-Y, 3Q16: SAR82mn in net loss). Management attributed the weakness in profitability in Q4 and 2016 to higher infrastructure costs for the residential and commercial land as well as higher SG&A expenses. (Tadawul)