Dubai, UAE — Emaar the Economic City Co. (Emaar EC) posted a net loss of SAR171 million ($45.59 million) for the first quarter of 2023, which is higher than the loss of SAR166 million a year earlier.
The company, however, narrowed its losses when compared to the loss of SAR530 million in the last quarter of 202.
Argaam reported that the company’s gross operating loss increased by SAR 3.3 million from SAR32.2 million in Q1 2022 to SAR 35.5 million the first quarter of this year mainly due to reduction in school revenue by SAR5.2 million due to transfer of school operation to a third-party operator.
Emaar EC also saw higher general and administrative expenses, impairment loss and financial charges as well as lower share of results of equity accounted investees and other income, Argaam reported.
Total shareholders’ equity, excluding minority interest, fell to SAR 6.48 billion as of March 31, 2023, from SAR 7.61 billion a year earlier.