Dar Global’s FY25: Saudi push doubles GDV to US$19 billion and profits surge
Dar Global’s audited full-year numbers land with a bang. The luxury developer has more than doubled its project pipeline to US$19 billion, smashed its two-year revenue goal, and strengthened its London listing status. The engine behind it all is a decisive move into Saudi Arabia paired with solid execution across the Gulf and Europe.
Here is what stood out, why it matters, and what to watch next.
Headline takeaways investors should know
- GDV – the total expected sales value of the portfolio – jumped to US$19 billion from US$7.5 billion, largely from large-scale projects in Saudi Arabia.
- Revenue rose 124% to US$538.6 million with EBITDA up 321% to US$126.6 million and profit up 577% to US$100.8 million.
- Contracted sales climbed to 3,824 units worth about US$3.2 billion, up from 2,407 units and US$1.7 billion.
- Cash balances total US$701.5 million, of which c.US$83.4 million is free cash and US$618.0 million is escrowed for projects.
- Undrawn debt facilities of US$228.2 million contributed to total available liquidity of c.US$311.7 million at year end.
- Bank borrowings fell to US$169.1 million. Net assets rose to US$584.4 million.
- Litmus Facility expanded by US$165 million to US$440 million to support acquisitions and expansion.
- Regulatory step up: first GCC-based company admitted to the Equity Shares (Commercial Companies) category on the LSE.
Numbers at a glance
| Metric | FY25 | FY24 |
|---|---|---|
| Revenue | US$538.6 million | US$240.3 million |
| Gross profit | US$189.7 million | US$87.4 million |
| Gross margin | 35% | 36% |
| EBITDA | US$126.6 million | US$30.1 million |
| EBITDA margin | 24% | 13% |
| Profit for the period | US$100.8 million | US$14.9 million |
| Portfolio GDV | US$19 billion | US$7.5 billion |
| Contracted sales | 3,824 units, ~US$3.2 billion | 2,407 units, ~US$1.7 billion |
| Cash balances | US$701.5 million | US$424.4 million |
| Net assets | US$584.4 million | US$478.5 million |
| Bank borrowings | US$169.1 million | US$205.5 million |
Note: EBITDA is a management measure of operating performance before interest, tax, depreciation and amortisation.
Saudi Arabia becomes the growth anchor
2025 was the year Dar Global planted a firm flag in Saudi Arabia. Development rights for an integrated Riyadh scheme valued at about US$2.8 billion were secured, anchored by a US$300 million land acquisition. In Jeddah, the company announced a landmark mixed-use joint development agreement of around US$1.95 billion and bought a prime plot for Trump Plaza, building on Trump Tower Jeddah.
Early 2026 launches underline the shift from pipeline to execution: Rayana in Wadi Safar, Amaya in central Jeddah, and Trump Plaza Jeddah are all underway. With the Saudi property market opening to foreign non-resident investors in January 2026, Dar Global has lined itself up for first-mover advantage in branded luxury space.
Execution momentum across the portfolio
The business is not just signing MOUs and buying land. Main construction contracts were awarded for Trump Tower Jeddah, The Astera in Ras Al Khaimah, Marea by Missoni in Spain (Blocks C and D), Great Escape Apartments, and AIDA Phase 1 in Oman. In Dubai, DaVinci Tower by Pagani is complete with handovers in progress, and D-Villas at Jumeirah Golf Estates is underway. This matters because revenue is recognised as construction milestones are met in the UAE, Oman, Qatar and KSA, so execution pace feeds straight through to the P&L.
Balance sheet quality and liquidity
Cash is healthy, but investors should note the split. Of the US$701.5 million on hand, c.US$83.4 million is freely available and US$618.0 million sits in project escrow, ring-fenced to complete developments. Advances from customers rose to US$459.5 million, reflecting strong off-plan collections that de-risk funding for builds.
Debt is sensible for a growth phase. Bank borrowings dropped to US$169.1 million and Dar Global has US$228.2 million of undrawn facilities. Development property liabilities increased to US$412.1 million, which is expected given the land and profit-share structures used to scale in Saudi Arabia and Qatar.
Capital markets and new revenue angles
The LSE reclassification to the Equity Shares (Commercial Companies) category is an important step for visibility and index eligibility. Beyond development, management flagged two interesting future streams: a proposed entry into DIFC-based financial services via an independently governed subsidiary, and tokenisation initiatives, including Trump International Hotel Maldives, to broaden investor access to hospitality assets. The DIFC platform acquisition consideration is estimated at US$10.0 million and is pending regulatory approvals.
The good, the not so good
- Positive – Scale and profitability: GDV to US$19 billion, EBITDA margin up to 24%, and profit margin at 19% show operating leverage kicking in.
- Positive – Sales traction: contracted sales value almost doubled to c.US$3.2 billion, increasing future revenue visibility.
- Positive – Capital flexibility: Litmus Facility lifted to US$440 million and undrawn facilities of US$228.2 million support continued expansion.
- Watch-out – Cash usability: most cash is escrowed for projects, so free cash is c.US$83.4 million at year end.
- Watch-out – Cost discipline: management notes that changes in total budgeted costs move recognised revenue. A 5% cost increase would meaningfully trim revenue recognition on eligible projects.
- Watch-out – Geopolitics: the Board highlights heightened Gulf tensions since late February 2026. The capital-light model offers levers, but sentiment and timelines could still be affected.
Why this matters for the equity story
Dar Global is executing a brand-led, capital-light model across multiple jurisdictions. The Saudi build-out is transformative and timed with new foreign ownership rules. Strong contracted sales and high escrow balances suggest buyers are committed and projects are funded. Margins have stepped up as projects reach revenue milestones, and borrowings are trending down even as the pipeline expands.
The flip side is delivery risk. Development property liabilities are higher, partnership structures are complex, and macro volatility can nudge construction schedules and recognition profiles. That said, the company has put real cash, signed contracts and visible site progress behind its growth narrative.
What to watch in 2026
- Saudi project milestones – sales velocity and construction progress at Rayana, Amaya, Trump Tower and Trump Plaza Jeddah.
- Oman and UAE execution – AIDA Phase 1 handovers and The Astera build progress, plus Dubai schemes DG1 and W Residences.
- Liquidity mix – evolution of free cash versus escrow, and any incremental funding draw on the expanded facilities.
- DIFC platform – completion of the proposed acquisition and first revenues from financial services.
- Sales backlog conversion – advances from customers at US$459.5 million should translate into steady revenue recognition.
Josh’s take
This is a strong set of results. Doubling GDV to US$19 billion while lifting EBITDA and profit margins is not window dressing – it is the product of land assembly in Saudi Arabia, disciplined project phasing, and healthy off-plan demand. The restricted nature of most cash is a normal feature of Gulf project escrows, but it does cap immediate flexibility. Geopolitics is the wild card, yet the balance sheet, undrawn lines and customer advances give Dar Global room to navigate.
Net-net, FY25 shows a fast-scaling luxury developer hitting its stride just as Saudi opens to international buyers. Delivery through 2026 will be the proof point, but the trajectory is clearly positive.
