Riyadh – Mubasher: Emaar The Economic City incurred net losses after Zakat and tax valued at SAR 171 million in the first quarter (Q1) of 2023, an annual increase of 3.01% from SAR 166 million.
The Saudi firm posted an 80.46% leap in revenue to SAR 157 million during January-March 2023, versus SAR 87 million in the year-ago period.
Loss per share remained unchanged in Q1-23 at SAR 0.15 when compared with Q1-22, according to the interim income statements.
On a quarterly basis, the Q1-23 net losses after Zakat and tax shrank by 67.80% from SAR 531 million in Q4-22, while the revenues jumped by 15.44% from SAR 136 million.
Accumulated Losses
Emaar The Economic City reported accumulated losses amounting to SAR 4.86 billion as of 31 March 2023, accounting for 42.91% of the SAR 11.33 billion capital.
Last year, the Tadawul-listed firm registered net losses after Zakat and tax worth SAR 1.15 billion, higher by 38.23% than SAR 837 million in 2021.
