Dar Global optimistic for future amid profit decline in 2024
Dar Global PLC on Thursday said it remains on track for its targets as it reported a fall in revenue and profit for 2024.
The London-based luxury real estate developer which collaborates with the Trump Organization said pretax profit dived 83% to $14.1 million in 2024 from $81.3 million in 2023.
The firm said profit fell as ‘project construction cycles bridge across financial reporting periods as is typical for our industry.’
Revenue fell 33% to $240.3 million from $360.6 million. Costs of revenue decreased 29% to $152.9 million from $214.1 million.
Chief Executive Officer Ziad El Chaar said: ‘I am proud to highlight our significant progress in shaping global luxury real estate. 2024 has been a year of important achievements with the group now working on 17 active projects with a gross development value of $7.5 billion, reinforcing our leadership in the high-end market. We have strengthened our presence, expanded into key regions, deepened global partnerships, and delivered on our commitments. From completing landmark projects to entering new territories, these bold steps underscore our dedication to excellence, innovation, and sustained growth.’
Looking ahead, the company expects ‘major revenue recognition milestones’ during 2025.
Dar Global said: ‘We remain on track to achieve our market guidance of $700 million in aggregate revenue for 2024 and 2025 while maintaining similar margins. With a robust pipeline, solid financial position, and expanding global presence, we are well-positioned to capitalise on new opportunities and drive sustainable growth, delivering value for our stakeholders.’
The company unveiled ten landmark developments last year, including the $530 million Trump Jeddah Tower in Saudi Arabia, set to become one of the tallest buildings in the city, and The Astera in the UAE, a $238 million project.
Dar Global shares were flat at $5.48 each on Thursday afternoon in London.
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