Riyadh – Mubasher: Emaar The Economic City reported net losses after Zakat and tax worth SAR 173 million in the third quarter (Q3) of 2021, lower by 7.48% year-on-year (YoY) than SAR 187 million.
Revenues plunged by 35% to SAR 86 million in Q3-21 from SAR 133 million in Q3-20, according to the initial financial results on Wednesday.
On a quarterly basis, the net losses in Q3-21 were 2.8% lower than SAR 178 million in Q2-21, and the revenues decreased by 2% from SAR 88 million.
During the first nine months of 2021, Emaar The Economic City posted 19% YoY lower net losses at SAR 545 million from SAR 674 million.
The loss per share went down to SAR 0.64 at the end of September 2021 from SAR 0.79 in the same period last year.
Revenues plummeted by 46% YoY to SAR 258 million in January-September 2021 from SAR 481 million.
At the end of September this year, the accumulated losses totalled SAR 3.18 billion, representing 28.1% of the SAR 11.31 billion capital.
