Emaar The Economic City’s losses shrink 17.5% in Q1-22 interim results

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Riyadh – Emaar The Economic City has incurred net losses after Zakat and tax worth SAR 160 million in the first quarter (Q1) of 2022, down 17.52% from SAR 194 million in Q1-21.

In the first three months (3M) of 2022, the company generated SAR 87 million in revenue, an annual growth of 3.57% from SAR 84 million, according to the initial financial results on Wednesday.

Meanwhile, the loss per share settled at SAR 0.14 in the January-March 2022 period, lower than SAR 0.23 during the same period a year earlier.

On a quarterly basis, the revenues in Q1-22 fell by 23.68% from SAR 114 million in Q4-21, while the net losses dropped by 43.46% from SAR 283 million.

The Saudi listed firm pointed out that the accumulated losses reached SAR 3.62 billion, which represents 31.99% of the SAR 11.33 billion capital, at the end of Q1-22.

In 2021, Emaar The Economic City suffered net losses after Zakat and tax of SAR 827 million, an annual decline of 33.73% from SAR 1.24 billion.