Emaar The Economic City sustains 106% YoY higher loss in Q1-24; accumulated losses near SAR 5.3bn

Emaar The Economic City sustains 106% YoY higher loss in Q1-24; accumulated losses near SAR 5.3bn

Riyadh – Mubasher: Emaar The Economic City incurred a net loss of SAR 352 million in the first quarter (Q1) of 2024, up 105.84 year-on-year (YoY) from SAR 171 million. Revenues plunged 52.22% YoY to SAR 75 million in Q1-24 from SAR 157 million, according to the interim financial results. The loss per share reached SAR 0.31 in the three-month period that ended on 31 March 2024, compared to SAR 0.15 in the corresponding period a year earlier. The accumulated losses reached SAR 5.29 billion at the end of March 2024, accounting for 46.69% of the company’s capital. Quarter-on-quarter (QoQ), the company’s net loss soared 72.54% in Q1-24 from SAR 204 million in Q4-23, while the revenues dropped by 28.57% from SAR 105 million. It is worth noting that Emaar The Economic City logged a 78.13% YoY decrease in net loss during 2023 to SAR 253 million from SAR 1.15 billion.

Emaar The Economic City sustains 106% YoY higher loss in Q1-24; accumulated losses near SAR 5.3bn