DUBAI, UAE, March 1, 2024 /PRNewswire/ -- 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 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."
Entering 2024 with a strong balance sheet showcasing a cash position of USD 238.5 million, comprising free cash of USD 80.2 million and restricted cash balances of USD 158.3 million, Dar Global's total liquidity, stood at USD 216.3 million(including undrawn debt facilities).
