PIF-backed Emaar EC’s losses widen by 10% tracking revenue drop

RIYADH: Saudi Arabia's Emaar the Economic City saw its losses deepen by 10 percent, tracking a revenue drop during the first half of 2022.

Due to higher provisions, the Pubic Investment Fund-backed developer reported a net loss of SR408 million ($109 million), compared to SR372 million in the same period last year, according to a bourse filing.

This happened as revenue declined 4 percent during the six-month period to SR165 million, from SR172 million a year ago.

Emaar EC said that its accumulated losses amounted to SR3.87 billion or nearly 34 percent of capital by June end.