Emaar EC narrows losses to SAR 544.8 mln in 9M 2021

Emaar the Economic City (Emaar EC) narrowed its net loss after Zakat and tax to SAR 544.8 million in the first nine months of 2021, from a loss of SAR 673.8 million in the prior-year period.

The company attributed the decline in losses to lower general, administration and marketing cost, lower financing charges, and recording no impairment loss during the period as opposed to an impairment loss recorded during the comparative period.

The company also cited higher group’s share of results of investee, Port Development Co. (PDC), and lower depreciation, zakat and other items among reasons for the decline in losses.

The company reported a net loss after Zakat and tax of SAR 172.8 million for Q3 2021, compared to SAR 187.3 million in the same quarter last year.

On a sequential basis, the company also narrowed its losses from a profit of SAR 178 million in Q2 2021 on higher operating assets’ revenue and change in mix of real estate sales during Q3 2021.

Accumulated losses stood at SAR 3.185 billion as of Sept. 30, 2021, representing 28.1% of the company’s SAR 11.314 billion capital.

Shareholders’ equity increased to SAR 8.141 billion as of Sept. 30 from SAR 6.411 billion in the same period last year.

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