Riyadh – Mubasher: Emaar The Economic City recorded 81.77% lower net losses after Zakat and tax at SAR 76 million in the first half (H1) of 2023, versus SAR 417 million in H1-22.
The revenues hiked by 254.54% to SAR 585 million during January-June 2023 from SAR 165 million a year earlier, according to the interim financial results.
Loss per share reached SAR 0.07 in H1-23, compared to SAR 0.37 in H1-22.
Financial Results for Q2-23
The firm swung to net profits amounting to SAR 95 million in the second quarter (Q2) of 2023, compared to net losses of SAR 251 million in Q2-22.
Emaar The Economic City generated revenues worth SAR 428 million in the three-month period that ended on 30 June 2023, an annual leap of 448.72% from SAR 78 million.
On a quarterly basis, the company also turned profitable in Q2-23 against net losses valued at SAR 171 million in Q1-23. Meanwhile, the revenues enlarged by 172.61% from SAR 157 million.
Accumulated Losses
The accumulated losses reached SAR 4.75 billion as of 30 June 2023, accounting for 41.96% of the SAR 11.33 billion capital.
