Riyadh – Mubasher: The net losses after zakat and tax of Emaar The Economic City hiked by 134.146% to SAR 1.248 billion in 2020 from SAR 533 million in 2019.

The increase in net losses is driven by lower revenues and gross profit in 2020 due to a slowdown in the real estate sector and the coronavirus (COVID-19) outbreak, the slowdown in development activity, and higher impairment losses, according to a bourse filing on Wednesday.

The company's revenues decreased by 42.238% to SAR 547 million last year, compared to SAR 947 million in 2019.

The loss per share settled at SAR 1.47 in 2020, against SAR 0.63 in the earlier year.

Meanwhile, the company logged accumulated losses of SAR 2.668 billion, representing 31.3% of the capital.

It is noteworthy to mention that during the first nine months of 2020, the company's net losses jumped by around 116% to SAR 674 million from SAR 312 million in the year-ago period.