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RIYADH: Saudi Arabia’s Emaar the Economic City has managed to narrow down its losses in the first quarter of 2022, after an increase in sales to SR87 million ($23.2 million).
On the back of lower impairment loss, Zakat and financial charges, the PIF-backed firm saw its losses fall by 17 percent to SR160 million in the first quarter from SR194 million a year earlier, a bourse filing showed.
Emaar EC said the decline in losses was mainly attributable to a decrease in a gross loss of 62 percent, down from SR17 million to SR10.6 million on the year.
The company added that accumulated losses amounted to SR3.6 million or nearly 32 percent of capital by the end of the first quarter of 2022.