Emaar The Economic City sustains 106% YoY higher loss in Q1-24; accumulated losses near $1.41bln

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Riyadh – 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.