Dar Al Arkan unit aims for $700m revenue in two years

Dar Al Arkan unit aims for $700m revenue in two years

Dar Global, the international real estate arm of Saudi-listed Dar Al Arkan, is targeting $700 million in combined revenues for 2024 and 2025 amid expansion beyond the GCC region. Following its London Stock Exchange listing, the company’s growth strategy in new markets and geographies has seen its portfolio’s gross domestic value rise to $6 billion […]Dar Global, the international real estate arm of Saudi-listed Dar Al Arkan, is targeting $700 million in combined revenues for 2024 and 2025 amid expansion beyond the GCC region.

Following its London Stock Exchange listing, the company’s growth strategy in new markets and geographies has seen its portfolio’s gross domestic value rise to $6 billion across 12 projects.

Revenue jumped 351 percent year on year to $360 million in 2023. Profit before tax stood at $81 million last year, compared to a loss of $5.2 million in 2022. Gross profit stood at $146 million. Ebitda’s margin was 41 percent.

Sales reached 1,498 units worth $1 billion, as net asset value grew to $465 million in 2023 from $ 281 million in 2022.

The developer holds cash of $238 million, comprising free cash of $80 million and restricted cash balances (escrow and escrow retention) of $158 million. Total liquidity reached