Riyadh – Mubasher: Emaar The Economic City suffered net losses after Zakat and tax worth SAR 627 million in the first nine months (9M) of 2022, higher by 15.04% than SAR 545 million in 9M-21.

Revenues declined by 12.02% to SAR 227 million during the January-September 2022 period, compared to SAR 258 million in 9M-21, according to the interim financial results.

The loss per share plummeted to SAR 0.55 in 9M-22 from SAR 0.64 in the year-ago period.

Emaar The Economic City reported accumulated losses worth SAR 4.07 billion as of 30 September 2022, accounting for 35.94% of the SAR 11.33 billion capital.

In the third quarter (Q3) of 2022, the net losses after Zakat and tax increased by 26.59% year-on-year (YoY) to SAR 219 million from SAR 173 million.

Meanwhile, the revenues shrank by 27.91% YoY to SAR 62 million in Q3-22 from SAR 86 million.

On a quarterly basis, the net losses after Zakat and tax in Q3-22 retreated by 11.34% from SAR 247 million, while the revenues jumped by 20.51% from SAR 78 million in Q2-22.

In the first half (H1) of 2022, the Saudi company incurred net losses after Zakat and tax worth SAR 408 million, an annual surge of 9.68% from SAR 372 million.