Dammam – Amlak
Profits at Emaar Economic City, the developer of King Abdullah Economic City in Rabigh, fell to 31.6 million riyals (0.04 riyals per share) at the end of the first quarter of 2013, compared to profits of 45.2 million riyals achieved during the same period in 2012.
The company attributed the decline in net profit during the current quarter compared to the corresponding (first) quarter of the previous year (2012), to a decline in land sales, as the company is currently preparing and developing several new projects that will be launched during the coming quarters of 2013
It also attributed the increase in net profit during the current quarter compared to the previous quarter (the fourth) of 2012 to profits realized through the transfer of land to an affiliate as part of an additional capital contribution.