Riyadh – Mubasher: The net losses of Emaar The Economic City hiked by 813.15% year-on-year (YoY) to SAR 694 million in the first half (H1) of 2024 from SAR 76 million.

The revenues amounted to SAR 150 million in H1-24, down 74.35% from SAR 585 million in H1-23, according to the interim financial results.

Loss per share hit SAR 0.61 in January-June 2024, higher than SAR 0.07 a year earlier.

Income Results for Q2-24

The group turned to net losses valued at SAR 342 million in the second quarter (Q2) of 2024, against net profits worth SAR 95 million in Q2-23.

During the three-month period that ended on 30 June 2024, the revenues shrank by 82.24% YoY to SAR 76 million from SAR 428 million.

Quarter-on-quarter (QoQ), the net losses reported in Q2-24 declined by 2.84% from SAR 352 million in Q1-24, while the revenues grew by 1.33% from SAR 75 million.

Accumulated Losses

Emaar The Economic City incurred accumulated losses amounting to SAR 5.63 billion as of 30 June 2024, accounting for 49.69% of the share capital.