Emaar The Economic City announces its Annual Financial results for the period ending on 2023-12-31

Emaar The Economic City announces its Annual Financial results for the period ending on 2023-12-31

|Element List||Current Year||Previous Year||%Change|

|Sales/Revenue||1,031||363||184.02|

|Gross Profit (Loss)||432||-232||-|

|Operational Profit (Loss)||243||-795||-|

|Net profit (Loss)||-253||-1,157||-78.13|

|Total Comprehensive Income||-249||-1,122||-77.81|

|Total Share Holders Equity (After Deducting the Minority Equity)||6,406||6,655||-3.74|

|Profit (Loss) per Share||-0.22||-1.02|

|All figures are in (Millions) Saudi Arabia, Riyals|

|Element List||Amount||Percentage of the capital (%)|

|Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value||-||-|

|Accumulated Losses||-4,939||43.58|

|All figures are in (Millions) Saudi Arabia, Riyals|

|Element List||Explanation|

|The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year||Increase in revenue by 184% during the current year compared to prior year was mainly driven by new sale of industrial & commercial land as well as residential properties. Additionally, the company recognized revenues from progress on existing projects and re-assessments of project life cycle cost estimates also contributed to increase in revenue during the year.|

|The reason of the increase (decrease) in the net profit during the current year compared to the last year is|| Net loss for the year ended 31 December 2023 is SAR (253M) which has significantly decreased compared to the net loss of SAR (1,157M) for the previous year. Key factors contributing to decrease in net loss during the current year are summarized below:

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1.Emaar The Economic City’s group (the “Group”) reported a gross profit of