Riyadh – Mubasher: Emaar The Economic City incurred net losses amounting to SAR 1.15 billion in the first nine months (9M) of 2024, an annual leap of 2,253% from SAR 49 million.
The revenues stood at SAR 241 million in January-September 2024, lower by 73.97% than SAR 926 million in 9M-23, according to the interim financial statements.
Meanwhile, the loss per share hiked to SAR 1.02 in 9M-24 from SAR 0.04 a year earlier.
Income Results for Q3-24
During the third quarter (Q3) of 2024, the Saudi group turned to net losses valued at SAR 459 million, compared to net profits worth SAR 27 million in Q3-23.
The company’s revenues witnessed a 73.31% plunge to SAR 91 million in Q3-24, compared to SAR 341 million during the same period in 2023.
Quarter-on-quarter (QoQ), the Q3-24 net losses widened by 34.21% from SAR 342 million in Q2-24, whereas the revenues climbed by 19.73% from SAR 76 million.
Accumulated Losses
As of 30 September 2024, the group's accumulated losses were SAR 6.10 billion, equivalent to 53.83% of the share capital.
Last month, Emaar The Economic City submitted an application file to the Capital Market Authority (CMA) to cut its capital to SAR 5.70 billion from SAR 11.33 billion.
The capital reduction aligned with the company’s transformative business strategy to enhance financial operations and offset accumulated losses.
