Emaar, the Economic City announced that its losses increased to 171 million riyals by the end of the first quarter of 2023, compared to losses of 166 million riyals achieved during the same period in 2022.
The company said in a statement via Tadawul Saudi Arabia, that the reason for the increase in losses during the current quarter compared to the same quarter of the previous year is due to the increase in operating loss by (3.3) million riyals, from a total loss of (32.2) million riyals (first quarter 2022) to (35.5). Million riyals (first quarter 2023) This is due to a decrease in the school’s revenues by 5.2 million riyals due to the transfer of the school’s management to an external operator.
She indicated an increase in general and administrative expenses by 8.8 million riyals, mainly due to an increase in consulting fees and other expenses and an increase in impairment losses by 2.8 million riyals during the current quarter, in addition to an increase in financial fees by 45.7 million riyals and a decrease in the share of the investor’s corporate results. In it, using the equity method, an amount of 13 million riyals.
This came despite a total profit of SAR 21 million during the first quarter of 2023, which represents a decrease in loss by SAR 57 million (157%) compared to a total loss of SAR 36.4 million for the same quarter.