PIF-backed Emaar EC trims losses by 33.7% despite revenue drop

RIYADH: Saudi Arabia’s Emaar the Economic City managed to narrow losses in 2021 even as revenue dropped 31 percent during the year.

On the back of lower impairment loss and expenses, losses of the PIF-backed firm fell by 33.7 percent to SR827 million ($220 million), according to a bourse filing.

This came as the company slightly recovered from losses amounting to SR1.25 billion a year earlier.

Emaar EC said the decline in losses was mainly attributable to a decrease in gross loss of 65 percent, down from SR319 million to SR110 million on the year.