Dar Global, the luxury international real estate developer, today announced its audited full-year financial results for the year ending 31 December 2023, having generated record revenues of USD 360.6 million and posting a significant increase in gross profit to USD 146.4 million at a healthy margin of 41%.

Dar Global’s revenue grew 351% year-on-year compared to 2022. Profit before tax stood at USD 81.2 million compared to a loss of USD 5.2 million in 2022.

The Company’s ambitious growth strategy in new markets and geographies following the London Stock Exchange listing has seen the Gross Domestic Value (GDV) of its portfolio rise to USD 5.9 billion across 12 active projects.

Maintaining strong momentum in customer demand for both newly launched and existing projects, the Company’s 2023 results report a rise in contracted sales to 1,498 units, amounting to a total sales value of c. USD 1,025 million. Meanwhile, Dar Global also saw an increase in its net asset value to USD 465.4 million compared to USD 281.4 million as of 31 December 2022.

Ziad El Chaar, Chief Executive Officer, Dar Global, commented: “It has been an outstanding year for Dar Global following our successful listing on the London Stock Exchange in February 2023. We have delivered strong revenue growth and a significant increase in profits and we continue to deliver against our ambitious strategy.

“We have created a unique offering focused on the development of luxury second homes in some of the most desirable locations in the world for affluent, internationally mobile, global citizens. This strategy sets us apart from other developers and enjoys high and sustained demand from a customer base far less exposed to the economic cycle.

“Looking forward, our exciting pipeline of developments and strong capital position means Dar Global is well placed to selectively enter new markets where we see compelling opportunities such as in Saudi Arabia. This positions us to achieve our strategic objectives in the coming years with renewed confidence.”

Dar Global entered 2024 with a strong balance sheet showing a cash position of USD 238.5 million, comprising free cash of USD 80.2 million and restricted cash balances (escrow and escrow retention) of USD 158.3 million. The company’s total liquidity stood at USD 216.3 million (including undrawn debt facilities), providing ample flexibility to capitalise on project opportunities in the year ahead.

Despite prevailing macroeconomic headwinds, Dar Global maintained its growth trajectory and sales momentum across all active projects as it targeted affluent customers focusing on second homes in prime locations. With four active projects in the UAE, Dar Global is on track to complete and hand over the inaugural Urban Oasis Tower in Dubai in Q1 this year. This will be followed later in the year by the Da Vinci Tower by Pagani.

The Company’s other two projects in Dubai include W Residences, the 49-floor development situated in Downtown Dubai, and DG1, Dar Global’s first own-brand project.

Dar Global’s diversified project portfolio includes the AIDA masterplan in Oman, developed under a joint development agreement with the OMRAN Group (Oman Tourism Development Company), and Les Vagues, its first residential project in Qatar with interiors by Elie Saab which is scheduled for completion in Q1 2027.

The Tierra Viva project, developed in partnership with Automobili Lamborghini, marks Dar Global’s first European project in the ultra-luxury market of Marbella, Spain. The Company’s other Spanish projects include Marea with interiors by Missoni, and the Tabano project, which is currently in the early permitting stage.

In London, Dar Global is due to complete its exclusive unit at 149 Old Park Lane in Q1 this year while 8mins-to-Central and Oh So Close are scheduled for completion in June 2024.

In the year ahead, Dar Global aims to consolidate its presence in the GCC region while actively pursuing expansion opportunities beyond. Based on anticipated progress across the existing portfolio of projects and current market conditions, Dar Global is targeting at least USD 700 million of revenue in aggregate across the next two financial years (FY 2024 and FY 2025). In addition, the Company is targeting a similar sales rate and EBITDA margin to what was delivered in FY 2023.