Riyadh – Mubasher: Emaar The Economic City logged almost 25% lower net losses after Zakat and tax worth SAR 372 million in the first half (H1) of 2021, compared to SAR 486 million in H1-20.

The loss per share declined to SAR 0.44 in H1-21 from SAR 0.57 in H1-20, according to a bourse filing on Thursday.

Revenues plunged by 50.5% to SAR 172 million from SAR 348 million in H1-20.  

At the end of June 2021, the accumulated losses totalled SAR 3.02 billion, representing 35.61% of the SAR 8.5 billion capital.

As for the second quarter (Q2) of 2021, Emaar The Economic City reported 13% lower net losses at SAR 178 million from SAR 205 million in Q2-20.

The revenues decreased by 38.4% to SAR 88 million in Q2-21 from SAR 143 million in Q2-20.

On a quarterly basis, the net losses fell by 8% in Q2-21 from SAR 194 million in Q1-21, while the revenues increased by 4.7% from SAR 84 million.