Dar Global PLC (LON:DAR)
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Sep 18, 2026, 12:07 PM GMT
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Transcript

Aug 19, 2026

Summary

2024 saw robust growth with $240 million in revenue, $30 million EBITDA, and GDV rising to $7.5 billion. Strong liquidity and unsold inventory support guidance of $700 million revenue and $170 million EBITDA for 2024–2025.

Speaker 1

Thank you for attending the Dar Global December 31st, 2024 results. As we approach the end of our four years in operations, we are delighted from the performance so far, 2024 was a marquee year for us. We introduced new projects, we've acquired new projects, we've partnershiped with new brands, we've had a spectacular year. Let's show you the details of that year. From the start of the year, we started by successfully handing over one of our first projects, this is something very important for a developer who has been four years in operation. We handed over our tower, Urban Oasis, which we've done with interiors by Missoni in Dubai. We've also secured an additional liquidity through a loan of $275 million. We have launched so far a total GDV of $3.6 billion, which is approximately 50% of all the GDV that we have.

We've already not sold and contracted 50% of that GDV, which is approximately $1.6 billion. We've launched in 2024, five projects in four locations. We've announced new co-branding collaborations with Aston Martin and the famous jeweler, Mouawad, we've added more to our partnership with The Trump Organization. We have started construction in all of the cities in which we have launched projects around the globe. We are leaving the year with a strong liquidity position of $206 million. The total GDV we have is $7.5 billion across 17 projects. In addition to the lands that we had in 2024, we acquired an additional land for a Trump Hotel and Residences in Dubai. We've acquired and closed on the land that will be the first Dolce & Gabbana hotel in the Maldives with some residences attached to that hotel.

We acquired our first villa community in Dubai, which is in Jumeirah Golf Estates. Financial highlights, we've had a revenue of $240 million with a net EBITDA of $30 million. We finished with a NAV of $478 million, which is out of a GDV of $7.5 billion, spanning 17 projects. Last, in 2023, our GDV was $5.9 billion, which grew to $7.5 billion in 2024. We're finishing with a cash position of $424 million, of which $206 million is the liquidity for further investments and adding to our projects. If we look at the map, we are in nine global cities for our sales offices, we have projects in 11 cities.

We continue to work on the original strategy of the company, focusing on launching projects in international destinations around the globe, targeting the global investment, the global investor, the mobile investor that buys in more than one city and lives in more than one city. With the results that we're having for the last four years, this is a testament that this strategy works and building a real estate developer with that function is also successful. We target the affluent customer in all of those international destinations. We target them with co-branded projects, we target a big number of nationalities, thereby diversifying our sales target. From branding partners, we've already launched projects with 10 branding partners, we have so many more in the pipeline. They're all helping us to gain quicker awareness, quicker sales, and definitely improving our margin.

You can see from this slide how we have progressed in 2024, month-by-month. To take you into the operational review, we have launched approximately 50% of our GDV, which is $3.4 billion, and we have sold 2,250 units from that GDV, which amount to approximately $1.6 billion. We are finishing the year with a NAV of $478 million. To look at our key projects, this is the first project that we have delivered, Urban Oasis by Missoni. Those 467 units have been delivered, and people who bought from us are enjoying living in that beautiful tower. W Residences in Dubai, in Dubai Downtown is also in full swing of construction. Da Vinci Tower by Pagani on the Dubai Canal, we are expecting to hand over in 2025, and we started aggressively construction on DG1 last year.

We have launched in the new entertainment destination in the Gulf, Ras Al Khaimah, a project in collaboration with Aston Martin called The Astera, and the success of that project was phenomenal. We are still working on the project that we have in Doha, Les Vagues, which is directly on the Marina first line, with very big demand coming to that project, and we expect to launch all the units of that project by 2025. We've launched our first project in Saudi, in Jeddah, the Trump Tower Jeddah, directly on the sea, first line. Phenomenal success for that project. One of the main reasons we went to Saudi Arabia is because now Saudi Arabia is welcoming international investors, because today, if you buy in Saudi for SAR 4 million, you can get a permanent residency in Saudi.

Along with all the initiatives that Saudi is doing to invigorate the economy, open up the economy, and bring in expatriate and foreign investors into the market, we are the first ones to take advantage of those initiatives. We've continued by launching another project. This time it's a villa project in Riyadh, also with a very big success locally and internationally. We definitely continue to launch more projects in our anchor project in Oman, AIDA, which is approximately 5 million square meters . We launched the Trump International Hotel, Muscat. We launched the Trump Residences, Muscat. We launched the Marriott Residences, in addition to many other projects within AIDA. In London, we have two anchor projects. We have already delivered the first one, which is in 149 Old Park Lane, and we're still working on the project within the Albert Hall Mansions.

In Spain, we started construction on both of our projects, Tierra Viva, which is villas that we are doing with interiors by Lamborghini, and Marea, which we are doing with interiors by Missoni. We launched both projects, and demand is strong for both projects. We started construction on both projects. We are still committed to our outlook of achieving $700 million revenue combined between 2024 and 2025, and achieving a combined annual EBITDA similar to the EBITDA of 2023. We still have close to $1.6 billion of unsold inventory from our GDV that we have launched, and we still have around $3 billion of inventory in our GDV. The total inventory that we have is $4 billion that will help us to continuously achieve our targets and our guidance. Just to take you into some project spotlight.

This was the Trump Tower Jeddah, directly on the Jeddah Corniche, facing the Red Sea, first line, 47 floors of residences, that includes also the Trump private club, and this will be an icon in the city of Jeddah. We leave you to look at the financial review, and I will remind you of our guidance for 2024 and 2025. We're still committed for $700 million of revenue, which will give us approximately $170 million of EBITDA, which is the original guidance that we have. Most of this will come from the recognition of the projects that we have already sold in 2024 and before, because the construction is progressing on all of these projects. We're still committed to aggressive growth. We have liquidity of $206 million by end of 2024 that we're going to utilize for additional growth and to acquire additional GDV. Thank you.