PIF-backed master developer Emaar EC's losses widen by 15% in first 9 months to $167m

Tue, 2022-11-08 12:22

RIYADH: Saudi master developer Emaar Economic City’s losses for the first nine months of 2022 deepened by 15 percent to SR627 million ($167 million) from SR545 million during the same period last year, according to a bourse filing. 

The Public Investment Fund-backed developer reported the losses due to high provisions and revenue tanking 12 percent to SR227 million between January and September from SR258 million in the year-ago period. 

In response to the results, the group’s shares declined 1.83 percent to reach SR9.11 at the start of Tuesday’s trading session. 

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