Riyadh – Mubasher: Emaar The Economic City posted a 92.44% drop in net losses after Zakat and tax to SAR 49 million during the first nine months (9M) of 2023, compared to SAR 648 million in 9M-22.
The listed firm generated revenues worth SAR 926 million as of 30 September 2023, higher by 307.93% than SAR 227 million a year earlier, according to the initial financial results.
Loss per share amounted to SAR 0.04 in 9M-23, down year-on-year (YoY) from SAR 0.57.
Financials for Q3-23
In the third quarter (Q3) of 2023, Emaar The Economic City turned profitable at SAR 27 million, versus net losses after Zakat and tax valued at SAR 231 million a year earlier.
The revenues hit SAR 341 million in July-September 2023, marking a 450% YoY leap from SAR 62 million.
On a quarterly basis, the Q3-23 net profits shrank by 71.58% from SAR 95 million in Q2-23, while the revenues plummeted by 20.33% from SAR 428 million.
Accumulated Losses
The company registered accumulated losses amounting to SAR 4.73 billion as of 30 September 2023, representing 41.75% of the SAR 11.33 billion capital.
