Dubai – Mubasher: The net losses of DXB Entertainments increased to AED 2.657 billion in 2020, compared to AED 854.554 million during the previous year.

The company's revenues plunged by 71% to AED 144.389 million last year, when compared to AED 491.198 million in 2019, according to the company's consolidated financial results for the period ended on 31 December 2020.

The company achieved AED 161 million in earnings before interest, tax, depreciation, and amortisation (EBITDA) loss in 2020, up 8% from AED 149 million in 2019. 

The basic and diluted loss per share settled at AED 0.332 in 2020, versus AED 0.107 during the earlier year.

During the fourth quarter (Q4) of 2020, the company's net loss jumped to AED 1.597 billion from AED 138 million in the same period of the previous year.

Meanwhile, the company has incurred accumulated losses of AED 7.8 billion, representing 98% of the capital.

The Acting CEO and CFO of DXB Entertainments, Remi Ishak, said: "The closure of the destination for a period of approximately six months had a significant impact on our operational and financial performance. We implemented our contingency plans and realised further cost savings during the year which partially mitigated the decline in revenues."