Dar Global (DAR) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 performance with revenue surging 249% year-over-year to $155.4 million, significant growth in the global real estate portfolio, and robust sales velocity across luxury projects in the Middle East and Europe.

• Expanded international footprint with 17 active projects and a portfolio GDV of $12.5 billion, reflecting successful launches and ongoing construction in key markets, especially Saudi Arabia.

• Secured FCA approval for ESCC listing on the London Stock Exchange, becoming the first GCC-based company to achieve this milestone.

• Strategic entry into Saudi Arabia and new financial services arm in Dubai underpin future growth.

• Contracted sales nearly doubled to 3,509 units, generating $2.95 billion in sales value as of June 2025.

Financial highlights

• Revenue for H1 2025 reached $155.4 million, with a gross margin of 31% and EBITDA margin of 17%.

• Gross profit rose to $47.4 million, EBITDA reached $26.8 million, and net profit was $12.2 million, reversing a prior year loss.

• Net Asset Value (NAV) stood at $495.5 million, with cash balances of $634.7 million and available liquidity of $179 million.

• Contracted sales totaled 3,509 units, generating $2.95 billion in sales value.

• On track to achieve $700 million revenue guidance across FY24 and FY25.

Outlook and guidance

• Remain on track to achieve at least $700 million in revenue across FY24 and FY25, supported by strong sales and liquidity.

• H2 2025 expected to see higher revenue recognition as new projects reach milestones.

• Expansion into asset management and new geographies, including Greece and Saudi Arabia, to unlock further growth.

• Anticipates maintaining sales rates and EBITDA margins similar to 2023.

• Robust project pipeline and strong demand expected to drive continued growth.