Emaar The Economic City turns to loss in 12M

Emaar’s net profit dropped 72.1% to SAR 58 million in the fourth quarter of 2018

  
A Saudi trader works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

A Saudi trader works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

REUTERS/Fahad Shadeed

Riyadh: Emaar The Economic City has turned to losses during the fiscal year 2018, recording SAR 138 million.

The company’s revenue went up 29.9% year-on-year to SAR 1.01 billion last year, compared to SAR 1.44 billion a year earlier, according to a bourse statement.

Emaar’s net profit dropped 72.1% to SAR 58 million in the fourth quarter of 2018 versus SAR 208 million in the year-ago period.

In November, the Saudi developer reported losses for the third quarter and nine-month period of 2018, recording SAR 150 million ($39.99 million) in net losses after deducting zakat and taxes.

The company’s stock inched down 0.07% to SAR 9.78 on Thursday on the Saudi Stock Exchange (Tadawul).

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