REG - Dar Global PLC - Trading Update

Dar GlobalAnnouncement

26/01/2024 07:00

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RNS Number : 9803A  Dar Global PLC  26 January 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED FOR THE PURPOSES OF
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU NO. 596/2014), AS IT FORMS PART
OF THE UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, AS AMENDED.

 

 

26 January 2024

 

 

 

Dar Global PLC ("Dar Global" or the "Group")

 

Trading Update

 

Dar Global, the luxury international real estate developer, is pleased to
announce a trading update for the year ended 31 December 2023.

The Group continues to make good progress across all areas of its business.
Over the course of the second half of 2023, the Group has seen continued
positive momentum across a number of areas including unit sales, customer
collections and also progress in construction, particularly on active projects
in the United Arab Emirates, where we will imminently complete our first
project - Urban Oasis Tower, and where revenue has been recognised during the
period to December 2023 which is earlier than previously anticipated.

As a result of this, the Group now expects its financial performance for 2023
to be materially ahead of current market expectations(1). Full year revenue is
now expected to be between US$ 340 million and US$ 360 million and full year
EBITDA expected to be between US$ 80 million and US$ 85 million subject to
finalisation of the Annual Audit.

 

Dar Global expects to publish its full year results to 31 December 2023 in
March 2024.

 

 

-ENDS-

 

 

For further information, please contact:

 Dar Global
 Abhilash Paul, Head of Investor Relations      +44 (0) 20 8156 5573

                                                apaul@darglobal.co.uk (mailto:apaul@darglobal.co.uk)

                                                ir@darglobal.co.uk (mailto:ir@darglobal.co.uk)

 Powerscourt                                    +44 (0) 20 7250 1446
 Justin Griffiths / Nick Dibden / Louisa Henry  darglobal@powerscourt-group.com (mailto:darglobal@powerscourt-group.com)

 

 

Notes:

 

(1)  Current analyst consensus for full year 2023 revenue is US$250 million
and EBITDA is US$62 million.

 

 

About Dar Global

 

Dar Global PLC is a highly differentiated international real estate business.
It focuses predominantly on developing real estate projects comprising second
homes for internationally mobile customers, in some of the most desirable
locations across the Middle East and Europe, including downtown Dubai, Muscat
in Oman, London and the Costa del Sol region in the South of Spain.

 

Dar Global was originally established to house and develop the international
assets of Dar Al Arkan Real Estate Development PJSC ("DAARE"), a leading real
estate developer in the Kingdom of Saudi Arabia. Listed on the Saudi Stock
Exchange since 2007, Dar Al Arkan has delivered over 15,300 residential units
with total assets of c. US$8.3 billion.

 

The Company intends to expand its focus to hospitality assets. The aim is to
acquire or build hotels and sell them after a period of three to five years of
operation once the hotels or resorts' revenue streams stabilise. Target
markets include Spain, Dubai, Maldives, Athens and London.

 

Dar Global was admitted to the Main Market of the London Stock Exchange on 28
February 2023.

 

Please visit www.DarGlobal.co.uk (http://www.DarGlobal.co.uk)

 

 

Forward-looking statements

 

This trading update may contain certain forward-looking statements about the
future outlook for the Group. By their nature, forward-looking statements
involve risk and uncertainty because they relate to future events and
circumstances. Actual outcomes and results may differ materially from those
expressed or implied by such forward-looking statements. Any forward-looking
statements made by or on behalf of Dar Global PLC speak only as of the date
they are made and no representation or warranty is given in relation to them,
including as to their completeness or accuracy or the basis on which they were
prepared. Except as required by its legal or statutory obligations, the Group
does not undertake to update forward-looking statements to reflect any changes
in its expectations with regard thereto or any changes in events, conditions
or circumstances on which any such statement is based. Information contained
in this document relating to the Group or its share price, or the yield on its
shares, should not be relied upon as an indicator of future performance.

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