Emaar EC incurs losses of SAR 302M in 9M 2025, SAR 135M in Q3

Emaar The Economic City (Emaar EC) narrowed its net loss to SAR 302 million for the first nine months of 2025, from SAR 1.15 billion in the same period last year.

The improved performance was mainly driven by a 183% year-on-year (YoY) revenue leap. This came thanks to elevated project income due to increased residential land sales and the recognition of additional development revenue from ongoing real estate projects.

The company also reported higher operating revenue, benefiting from new lease contracts in the Industrial Valley, stronger hospitality revenue, and wider student enrollment in an education sector-focused subsidiary.

Operating expenses also contracted by SAR 37 million for 9M 2025, owing to lower legal and professional fees and reduced spending on city activation activities.

Furthermore, the nine-month financing costs declined by SAR 60 million, following the successful restructuring of long-term bank debt at significantly lower interest rates.

During the same period, Emaar EC also cited a SAR 24 million decrease in the provision for expected credit losses and realized gains of SAR 243 million from the extinguishment of a loan after the aforementioned debt restructuring.

Zakat expenses, in addition, dropped by SAR 83 million in 9M 2025, as the same period last year included a one-off charge of SAR 66 million related to previous years’ open assessments.

In Q3 2025, Emaar EC trimmed net losses to SAR 135 million, from SAR 459 million in Q3 2024.

Sequentially, however, the Saudi-listed company expanded losses from SAR 44 million in Q2 2025.

Shareholders' equity, no minority interest, amounted to SAR 4.95 billion by the end of 9M 2025, down from SAR 5.24 billion in the same period last year.

Accumulated losses reached SAR 292 million as of Sept. 30, 2025, accounting for 5.58% of capital.

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