Dar Global revenue soars as Saudi development pipeline grows
Dar Global PLC on Thursday reported a sharp rise in first-half profit and revenue, while portfolio gross development value more than doubled, as the luxury real estate developer continued to expand across its growth markets.
The Riyadh, Saudi Arabia-headquartered luxury real estate developer, investor and asset manager said pretax profit for the half year ended June 30 was USD33.0 million, up 90% from USD17.4 million a year earlier.
Revenue was USD258.0 million, up 66% from USD155.4 million, while earnings before interest, tax, depreciation and amortisation rose 73% to USD46.3 million from USD26.8 million. Dar Global said the increase was primarily driven by revenue recognition from The Astera by Aston Martin and Neptune by Mouawad projects.
Net asset value was USD613.3 million at June 30, up 19% from USD495.5 million a year earlier.
Portfolio GDV was USD23 billion as of June 30, more than doubling from USD12.5 billion a year earlier. Dar Global said this was primarily driven by continued expansion across its new growth markets. Its key markets include Saudi Arabia, where it launched Rayana, Amaya and Trump Plaza in Jeddah.
In January, Dar Global launched the Rayana gated community in Riyadh with The Trump Organization, followed by the USD383.6 million Trump Plaza mixed-use development in Jeddah. In June, it launched the USD142 million Padel Living Residences project in Jeddah and awarded a SAR338 million infrastructure contract for Rayana. Dar Global also secured a USD250 million syndicated term loan facility in April and, in August, appointed a contractor for the podium of its Trump International Hotel & Tower in Dubai.
Chief Executive Ziad El Chaar commented: "We have delivered a resilient performance through uncertain times in the region, supported by our diversified, capital-light business model and the quality of our international portfolio.
"Looking ahead, we remain focused on growing our gross development value across both existing and new growth markets, while maintaining a disciplined focus on execution and delivery. With a strong balance sheet, disciplined capital management and a healthy project pipeline, Dar Global is well positioned to continue creating long-term value for its stakeholders."
Dar Global shares last traded at USD7.95 in London on Tuesday.
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