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Dar Global reports H1 2024 loss as revenue drops 60%

By Pramod Kumar
Dar Global CEO Ziad El Chaar at the London Stock Exchange. The company will develop Trump Towers in Jeddah and Dubai Dar Global
Dar Global CEO Ziad El Chaar at the London Stock Exchange. The company will develop Trump Towers in Jeddah and Dubai

Developer Dar Global, a Saudi-listed Dar Al Arkan subsidiary, recorded a loss in the first half of 2024 after revenues fell nearly 60 percent year on year.

The company, also listed on the London Stock Exchange, reported losses of nearly $13 million between January and June, compared to a profit of $21 million a year ago.

Revenue declined to $44.5 million during the period from $108.4 million a year earlier.

“Revenue and profitability for the first half of this year were subdued as some of our early-stage developments approach revenue recognition milestones,” CEO Ziad El Chaar said without giving details.

He expected the second half of 2024 and 2025 to be more positive as it met upcoming milestones.

The developer said that demand for newly launched and existing products has remained strong with cumulative sales reaching $1.3 billion in the first six months of 2024 from $800 million a year ago.

El Chaar reiterated that the developer will reach at least $700 million of revenue in aggregate across 2024 and 2025 while maintaining a similar sales rate achieved last year. 

“Our current revenue expectation for 2024 is between $210 million and $250 million,” he said.

The developer’s net asset value declined to $452 million as of June 30, 2024, from $465 million as of December 31, 2023.

Total available liquidity, including undrawn debt facilities, stood at $170 million as of June 2024, which will support growth and expand the company’s current portfolio of assets.

Dar Global plans to invest up to $275 million in new projects across several countries as part of its strategic growth plans.

In July, Dar Global announced plans to build Trump Towers in Jeddah, Saudi Arabia and Dubai.

Last month, the company appointed Rothschild & Co to explore further growth opportunities in the London and Saudi Arabia markets.

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