Emaar The Economic City posted a net loss of SR241 million for the third quarter of 2026, up 78.5% from a loss of SR135 million in the same quarter last year.
The developer of King Abdullah Economic City on the Red Sea coast said in a filing to the Saudi Exchange on Sunday that revenue fell 59% to SR145 million from SR358 million.
Revenue from earlier development projects, booked as work progressed, fell by SR147 million because those projects were handed over in 2025. Revenue from projects recognized at a single point in time fell by SR92 million.
Sales of residential and industrial units added SR26 million, partly offsetting the decline.
Legal provisions rose by SR54 million in the quarter. Finance costs fell by SR53 million after part of a shareholder loan was converted into capital in 2025, and general and administrative expenses fell by SR25 million.
The company also reversed SR11 million of expected credit loss provisions, citing better collection of older receivables.
Against the second quarter, when the loss was SR22 million, the net loss widened by SR219 million. Revenue rose 14% from SR127 million.
For the first nine months, the net loss widened 26.5% to SR444 million from SR351 million. Revenue fell 37% to SR429 million from SR681 million.
The year-earlier period included a one-off gain of SR243 million from writing off long-term finance costs after the company restructured its bank debt at lower interest rates, the company said.
Accumulated losses stood at SR502 million, or 5.69% of capital. Shareholders’ equity rose 80.3% to SR8.84 billion.
The shares were down 4.89% at SR7.97 at about 12:10 p.m. Riyadh time on Sunday, according to data from Mubasher.
