Dar Global (DAR) H2 2024 earnings summary

Executive summary

• 2024 marked a milestone year with new project launches, acquisitions, and brand partnerships, reflecting strong operational momentum.

• Achieved cumulative sales of USD 1.6 billion by December 2024, with inaugural project handovers in Dubai and London.

• Expanded portfolio to 17 projects across 11 cities, with a GDV of USD 7.5 billion.

• Secured up to USD 275 million in growth capital and maintained a strong liquidity pool 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 a gross profit margin of 36% and EBITDA of USD 30 million.

• Net profit for the period was USD 14.9 million, down from USD 83.3 million in 2023.

• Net asset value increased to USD 478 million, supported by total comprehensive income of USD 13 million.

• Cash reserves stood at USD 424 million, including escrow balances.

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

Outlook and guidance

• Reaffirmed aggregate revenue forecast of USD 700 million for 2024 and 2025, with similar EBITDA margins as FY23.

• Targeting approximately USD 170 million in EBITDA, driven by project recognition and ongoing construction.

• Available inventory valued at USD 1.7 billion and unlaunched GDV of USD 4 billion position the company for sustained sales momentum.

• Plans to grow sales in 2025, focus on margin and cost consolidation, and deploy liquidity for expansion in strategic markets.

• Inventory of USD 4 billion supports future revenue and growth targets.