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Dubai-based luxury real estate developer Dar Global PLC pivoted to a H1 2024 net loss of $12.8 million from a net profit of $20.8 million in the year-ago period, but said profitability was set to improve in H2.
Revenue for the period was at $44.5 million versus $108.4 million in the prior-year period. The London-listed luxury builder gave revenue guidance for the full-year in the range of $210 million and $250 million.
Ziad El Chaar, Chief Executive, said: "Overall, as expected, revenue and profitability for the first half of this year were subdued as some of our early stage developments approach revenue recognition milestones. As these milestones are met we expect the second half of 2024 and full year 2025 to be positively impacted as a result.”
He reiterated the target of at least $700 million of revenue in aggregate across FY 2024 and FY 2025.
(Writing by Brinda Darasha; editing by Seban Scaria)
