TIDMDAR
RNS Number : 4319X
Dar Global PLC
26 April 2023
Dar Global PLC
LEI: 213800XRFXQ1KEWACW80
26 April 2023
Dar Global PLC ("Dar Global" or "the Group")
Trading Statement for Q1-2023 and financial information for the
year ended 31 December 2022
As set out in the Prospectus published by the Group on 23
February 2023, Dar Global PLC, the luxury international real estate
developer, is pleased to announce a trading update on the Group's
financial position and performance including certain key unaudited
financial information in relation to the full-year ended 31
December 2022. This update also includes a profit and loss
statement for the three months to 31 March 2023 and the balance
sheet as at 31 March 2023. The Group is expecting to release its
half-year financial results covering the period ending 30 June 2023
no later than 30 September 2023.
The Group was admitted to the Main Market of the London Stock
Exchange on 28 February 2023. It focuses predominantly on
developing real estate projects comprising of second homes for
internationally mobile customers, in some of the most desirable
locations across the Middle East and Europe, with plans to also
develop hospitality assets.
Ziad El Chaar, CEO, commented:
"Dar Global has delivered excellent financial and operational
performance since our successful listing, with growth across all
key metrics.
"Our expansion in the luxury second homes market across the
Middle East and Europe has generated strong interest from buyers
seeking the best in luxury investment opportunities and exceptional
properties that cater to their internationally mobile lifestyles.
Unlike other customer groups, the investment decisions of the Ultra
High Net Worth Individuals (UHNWI) who we typically serve are
unaffected by the current global economic uncertainty, which helps
ensure a consistent performance for Dar Global throughout the
cycle.
"Since listing, we have unveiled several exciting new
developments and partnerships which continue to set Dar Global's
business apart. These include the launch of AIDA in Oman, Dar
Global's first integrated master plan and DG1, our first own-brand
luxury living concept in Dubai's Business Bay district.
"During the year, we are planning to further expand our luxury
brand portfolio offering with prestigious projects in the Spanish
regions of Benahavis and Finca Cortesin, which will be developed in
collaboration with world renowned luxury brands. Additionally, we
are making our debut in hospitality with the renowned 'Made in
Italy' brand, Dolce & Gabbana, to create a signature
hospitality experience in the Maldives.
"These projects position Dar Global as a highly differentiated
leader in luxury property development, well-prepared to navigate
the wider macro-economic uncertainties and deliver sustainable
growth for our shareholders. We are pleased with our progress to
date on all our projects, sales continue to perform in line with
our expectations and we are confident about our prospects given the
markets we have chosen to be active in. "
Highlights:
-- Improved earnings in Q1 2023 as the Group progresses towards
the delivery of its first residential project - the Urban Oasis
Tower by Missoni in Dubai, UAE;
-- Strong liquidity with cash and cash equivalents of c. US$171
million (includes escrow retentions) as at 31 March 2023;
-- Portfolio GDV of US$4,810 million as at 31 March 2023 across
11 active projects in the UAE, Qatar, Oman, UK, Spain, and Bosnia
(31 December 2022: 10 active projects with GDV of US$4,652
million);
-- Contracted sales as at 31 March 2023 amounting to a total
sales value of c. US$589 million (c. 12% of the total GDV) in
relation to 948 units;
-- New development launches during Q1 2023 included AIDA, Dar
Global's development in Oman to build c. 4,000 homes on a new golf
course development and DG1, Dar Global's first own-brand luxury
living concept comprising 221 apartments, located in the heart of
Dubai's Business Bay district;
-- New brand partnerships - Dolce & Gabbana / Maldives: The
Group unveiled its partnership with the world-renowned luxury
brand, Dolce & Gabbana in its debut in the hospitality
industry. This partnership marks the launch of a bespoke
hospitality project that seamlessly merges the unrivalled style and
sophistication of Dolce & Gabbana with Dar Global's
unparalleled attention to detail and world-class standards in the
Maldives.
Highlights Q1 2023 FY 2022
(US$M) (US$M)
Unaudited Unaudited
------------ ------------
Revenue 35.1 80.0
------------------------------------------ ------------ ------------
Operating Profit 16.3 28.7
------------------------------------------ ------------ ------------
Operating Profit Margin 46.3% 35.9%
------------------------------------------ ------------ ------------
Profit before Exceptional Items 3.9 (0.1)
------------------------------------------ ------------ ------------
Exceptional Items [1] 1.0 (13.7)
------------------------------------------ ------------ ------------
Profit after Exceptional Items 4.9 (13.8)
------------------------------------------ ------------ ------------
Finance Cost and Depreciation 1.1 6.6
------------------------------------------ ------------ ------------
EBITDA before exceptional items 5.0 6.5
------------------------------------------ ------------ ------------
Net Asset Value 382.7 281.4
------------------------------------------ ------------ ------------
Highlights - Balance Sheet Q1 2023 FY 2022
(US$M) (US$M)
Unaudited Unaudited
------------------------------------------ ------------ ------------
Assets
----------------------------------------------------------------------
Cash and cash equivalents [2] 171.0 118.5
------------------------------------------ ------------ ------------
Advances, deposits and other receivables 158.7 121.7
------------------------------------------ ------------ ------------
Development properties 296.6 259.7
------------------------------------------ ------------ ------------
Liabilities
----------------------------------------------------------------------
Accounts payables and provisions 33.1 30.7
------------------------------------------ ------------ ------------
Advances from customers 123.5 94.5
------------------------------------------ ------------ ------------
Bank borrowings 63.8 69.7
------------------------------------------ ------------ ------------
Other liabilities 35.9 34.7
------------------------------------------ ------------ ------------
Equity
----------------------------------------------------------------------
Total Equity 382.7 281.4
------------------------------------------ ------------ ------------
Operational Review for Q1 2023
The Group is pleased to provide an update to the operational
performance of Dar Global across new acquisitions, development
projects and contracted sales for Q1 2023.
Development Properties
In Q1 2023, the Group's development properties increased by c.
US$56 million (including land acquisition of c. US$46 million and
project spend of US$10 million) while US$19 million was transferred
to cost of sales relating to revenue recognised for the Urban Oasis
Project, bringing the net increase to US$37 million.
UAE - Three active projects and one new launch
Urban Oasis - The Urban Oasis tower is a 34-storey residential
development located on the Dubai Canal and will contain bespoke
apartments with interiors designed in collaboration Missoni, the
Italian fashion designer. Construction is 88% completed with
expected project completion in Q4 2023. As at 31 March 2023, 419
units out of 465 had been sold.
Pagani Tower - The refurbishment stage of the Da Vinci Tower
project, in partnership with Italian supercar brand Pagani is
expected to be fully completed by Q2 2024. The show apartment was
completed in September 2022 and a contract for the fit-out is
expected to be awarded in May 2023 to a premium global contractor.
As at 31 March 2023, 29 units out of 85 had been sold.
W Residences - The W Residences project was launched in early
2022. The Group has begun the main works on the project and has
awarded the construction contract to China State Construction
Engineering Corporation Middle East (CSCEC ME), the world's largest
transnational multidisciplinary conglomerate in civil, industrial
engineering and real estate development. The project is expected to
be fully completed in Q2 2026. As at 31 March 2023, 376 units out
of 385 had been sold.
DG1 - The Group unveiled DG1 as its first 'own-brand' property
in March 2023. This 20-storey tower will comprise 221 units,
including one, two, and three-bedroom apartments and Dar Global has
partnered with Gensler Architects on the design of the property.
DG1's iconic design offers stunning views of the Dubai Canal and
Burj Khalifa from every angle. DG1 represents Dar Global's vision
of luxury living, combining sophisticated design, luxurious
finishes, and remarkable craftsmanship. The launch of Dar Global's
signature brand with DG1 is set to create a new benchmark in
Dubai's luxury living space, making it a highly desirable
property.
Qatar - One active project comprising of five residential
buildings
Les Vagues - The Les Vagues project features 303 opulent
sea-front residences of one, two and three-bedroom apartments.
Construction is expected to commence in Q 4 2023 and the project is
expected to be completed by December 2027. The main contractor for
this project is in the process of being appointed. As at 31 March
2023, 31 units out of 303 had been sold.
Oman - A master plan comprising of a Trump branded golf course,
a club house, residential units and hotels
AIDA - The AIDA project is expected to be phased over 10 years,
with a plan to launch one phase per year. AIDA is set to redefine
luxury living with its breath-taking views, immersive experiences,
and spectacular outdoor landscapes. The project is being developed
sustainably, preserving the area's topography and unique
environmental features, which adds to its appeal.
The first phase of the project w as launched in the second half
of March 2023 and generated significant interest from customers
worldwide . Infrastructure works are expected to commence in Q2
2023 and the project is expected to be fully completed in December
2034. This project will be developed in partnership with the OMRAN
GROUP (Oman Tourism Development Company) and the Trump
Organisation.
United Kingdom - a single floor residential unit located in Old
Park Lane, London
Old Park Lane - Situated on the corner of Old Park Lane and
Piccadilly and overlooking Green Park, 149 Old Park Lane is a
sophisticated landmark buildi ng with an important role in London's
architectural heritage. Refurbishment works are in progress and are
expected to complete by Q1 2024.
Spain - Dar Global has acquired land parcels across the south of
Spain, primarily in the Costa De Sol region
Benahavis - Benahavis is a Spanish town and municipality in the
province of Malaga, which is located seven kilometres from the
coast and is in close proximity to the city of Marbella. Permits
have been secured allowing a launch in June 2023. The Group aims to
build a premium villa community on this property with a
collaboration agreement signed with a premium Italian luxury brand
. Construction is expected to commence in Q3 2023.
Manilva (Tabano ) - In September 2022, Dar Global acquired six
plots of land in the municipality of Manilva in the province of
Malaga on the border with the province of Cadiz in southern Spain.
The plots are located approximately 45 minutes from Marbella by car
and are close to several polo clubs and one of the best beach areas
of Costa del Sol. The total land area of the Tabano project is
4,650,092 square meters.
The Tabano project is currently in the early permitting stage
and is expected to be completed in December 2029. AECOM consultants
have been appointed for the development of the concept master plan
and associated infrastructure plan.
Finca Cortesin - This project is located in one of the most
sought-after enclaves of the Andalusian coast, not far from the
Finca Cortesin resort which has an 18-hole championship golf course
rated among Spain's best golf courses. Marbella is just a short
drive away. The design phase is currently underway in collaboration
with an Italian fashion designer.
Bosnia
Sidra - Sidra is a relatively small development project of the
Group in Bosnia that accounts for 0.8% of the total estimated cost
of all of the Group's projects. The site is situated in Ravne,
Vares, 38 km outside Sarajevo, the capital of Bosnia. The Project
has been awarded to M/s Cestohnik as the main contractor for
carrying out infrastructure works, which are currently underway and
the project is expected to complete in Q4 2024. As at 31 March
2023, 89 units out of 476 had been sold.
All financial statements are presented in United States Dollars
(US$) which is the Group's functional and presentation
currency.
UNAUDITED FINANCIAL INFORMATION
This section includes certain additional unaudited financial
information for the Group as at and for the three-month period
ended 31 March 2023.
Unaudited combined statement of financial position
as at March 31, 2023
(In United States Dollar)
March 31, 2023
-------------------------------------------------------------- ---------------------------------------------------
Assets.......................................................
.....
Cash and bank balances................................. 164,682,018
Advances, deposits and other receivables..... 158,726,161
Development properties............................... 296,559,845
Escrow retentions......................................... 6,345,086
Other assets.................................................. 13,119,972
Property and equipment............................... 3,945,893
---------------------------------------------------
Total
assets.................................................... 643,378,975
===================================================
Liabilities and Equities
Liabilities..................................................
....
Accounts payables and provisions.................. 33,067,553
Advances from Customers............................. 123,498,696
Retention Payable......................................... 4,443,869
Other Liabilities............................................ 35,868,086
Loans and borrowings.................................... 63,809,155
---------------------------------------------------
Total
liabilities............................................... 260,687,359
===================================================
Equity.......................................................
.....
Share capital................................................. 1,800,215
Capital Contribution...................................... 376,951,364
Retained Earning/(Accumulated losses)......... 3,940,037
---------------------------------------------------
Total
equity................................................... 382,691,616
---------------------------------------------------
Total equity and liabilities............................. 643,378,975
===================================================
Unaudited combined statement of profit or loss for the
three months ended March 31, 2023
(In United States Dollar)
March 31, 2023
--------------------------------------------------------- --------------------------------------------------------
Revenue.................................................
....... 35,133,098
Cost of
revenue............................................. (18,860,264)
--------------------------------------------------------
Gross
Profit..................................................
. 16,272,834
Other
income................................................ -
Selling and distribution expenses.................. (4,322,461)
Administrative expenses............................... (7,131,635)
Finance
costs................................................. (878,701)
--------------------------------------------------------
Profit/Loss before tax................................... 3,940,037
Income tax (expenses) / credit......................
--------------------------------------------------------
Profit/Loss for the period............................. 3,940,037
========================================================
Attributable to:
Owners of the company................................ 3,940,037
Non-Controlling Interests.............................. -
--------------------------------------------------------
3,940,037
========================================================
Appointment of Corporate Broker and Financial Adviser
Following its recent listing on the Main Market of the London
Stock Exchange, Dar Global PLC has appointed Liberum Capital
Limited as its sole corporate broker and financial adviser.
For further information, please contact:
Dar Global
Abhilash Paul, Director Investor Relations apaul@darglobal.co.uk
ir@darglobal.co.uk
Powerscourt +44 (0) 20 7250 1446
Justin Griffiths / Nick Dibden / Louisa darglobal@powerscourt-group.com
Henry
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
and the Costa del Sol region in Southern Spain.
Dar Global was originally established to house and develop the
international (non-Kingdom of Saudi Arabia based) 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 15,000
residential units with total assets of c. US$8.5 billion.
The Group also plans 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 Southern Spain,
Dubai, Maldives, Athens, Marrakesh 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
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.
[1] Includes expenses related to Dar Global's public listing on
the LSE
[2] Includes escrow retentions of US$6.3 million
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