Riyadh — Mubasher: Emaar The Economic City incurred a net loss of SAR 444 million in the first nine months (9M) of 2026, which marked a 26.50% increase from the SAR 351 million loss recorded in 9M-25.
The company’s financial performance was pressured by a 37% decline in total revenues, which fell to SAR 429 million during January-September 2026 from SAR 681 million in the year-ago period.
The developer attributed the revenue drop to a SAR 242 million plunge in income from projects recognized under the percentage-of-completion method and a SAR 92 million decline from point-in-time projects.
Operating losses for the nine-month 2026 period widened to SAR 166 million compared to SAR 52 million in 9M-25.
Meanwhile, there was a SAR 54 million increase in legal provisions.
Despite these challenges, finance costs decreased by SAR 206 million following debt restructuring and the conversion of a shareholder loan into equity.
Accumulated losses stood at SAR 502 million, representing 5.69% of capital.
Auditors highlighted a material uncertainty regarding the group's ability to continue as a going concern, noting that current liabilities exceeded current assets by SAR 755 million.
For the third quarter (Q3) alone, net losses reached SAR 241 million, widening by 78.52% from SAR 135 million a year earlier, as quarterly revenue plunged 59.50% to SAR 145 million.
