The net losses after Zakat and tax of Emaar The Economic City increased by 9.68% to SAR 408 million during the first half (H1) of 2022, compared to SAR 372 million in H1-21.

The Saudi listed firm registered revenues worth SAR 165 million in the first six months (6M) of 2022, down 4.07% year-on-year (YoY) from SAR 172 million, according to the initial financial results.

Furthermore, the loss per share settled at SAR 0.36 in H1-22, lower than SAR 0.44 in H1-21.

Meanwhile, the accumulated losses amounted to SAR 3.87 billion as of H1-22, accounting for 34.18% of the SAR 11.33 billion capital.

During the second quarter (Q2) of 2022, Emaar The Economic City witnessed a 38.76% YoY hike in net loss after Zakat and tax to SAR 247 million, compared to SAR 178 million.

The Q2-22 revenues fell by 11.36% to SAR 78 million from SAR 88 million in Q2-21

In January-March 2022, the company’s net losses after Zakat and tax plummeted by 17.52% to SAR 160 million, versus SAR 194 million during the same period a year earlier.