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 expectations1.
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:
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
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.