Dar Global (DAR) H2 2024 earnings summary

Executive summary

• 2024 marked a milestone year with first project handovers in Dubai and London, cumulative sales surpassing USD 1.6 billion, and the launch of five new projects in four locations, reflecting strong operational momentum.

• Expanded global footprint to 17 projects across 11 cities, with a GDV of USD 7.5 billion and sales offices in nine global cities.

• Secured up to USD 275 million in growth capital and maintained strong liquidity of USD 206 million.

• Announced new partnerships with Aston Martin and Mouawad, and extended collaboration with the Trump Organization.

Financial highlights

• Revenue for 2024 reached USD 240 million, with EBITDA of USD 30 million and a gross profit margin of 36%.

• Net asset value stood at USD 478 million at year-end, supported by total comprehensive income of USD 13 million.

• Cash reserves at year-end were USD 424 million, with total liquidity of USD 206 million for investments.

• GDV grew from USD 5.9 billion in 2023 to USD 7.5 billion in 2024 across 17 projects.

• 2,250 units sold to customers from 100 nationalities, reflecting strong global demand.

Outlook and guidance

• Committed to achieving USD 700 million in combined revenue for 2024 and 2025, maintaining similar EBITDA margins as FY23.

• Targeting approximately USD 170 million in EBITDA over the same period, in line with original guidance.

• Available inventory valued at USD 1.7 billion and unlaunched GDV of USD 4 billion support future sales momentum.

• Unsold inventory of USD 1.6 billion from launched GDV and USD 3 billion in additional GDV inventory supports future targets.

• Plans to deploy liquidity to expand across strategic markets and accelerate construction progress in the GCC.