26th Jan 2024 09:28
(Alliance News) - Dar Global PLC on Friday said it expects its 2023 results to top market expectations, as it enjoyed "continued positive momentum across a number of areas".
The luxury international real estate developer expects its 2023 revenue to land between USD340 million and USD360 million. Earnings before interest, tax, depreciation and amortisation of between USD80 million and USD85 million are also anticipated.
Both would be "materially ahead" of current analyst forecasts, Dar Global said, which put full-year revenue at USD250 million and the Ebitda at USD62 million.
The company, which floated on Main Market in February of last year, said that it continues to make "good progress across all areas of its business".
The company's Urban Oasis Tower in the United Arab Emirates will be completed "imminently", and revenue from the residential project has already been recognised in the period to December 2023.
Dar Global expects to publish its full year results for the year ended December 31 in March.
Shares in Dar Global were up 2.5% at USD3.70 each in London on Friday morning, up 11% from its USD3.33 initial public offering price.
By Hugh Cameron, Alliance News reporter
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