Dar Global

DAR · Main Market · Real Estate · mcap £1,034m · $7.15 (≈540p)

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 24 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £972.6m
Owner’s net cash: £479.9m
Net cash / market cap: 49%
EV ex leases: £491.7m
Revenue: £480.7m
Free cash flow after leases: £41.7m
FCF yield: 4.3%
Price / tangible book: 2.10×
Net income (owners): £90.7m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 24 Sep 26 · read the results ↗

Source ↗

	2026 (Unaudited)	2025 (Unaudited)
Revenue	258,040,316	155,395,452
Cost of revenue	(170,312,852)	(107,957,635)
Gross profit	87,727,464	47,437,817
Other income	3,426,355	11,771,206
Selling and marketing expenses	(26,046,827)	(12,098,105)
General and administrative expenses	(22,137,226)	(23,233,399)
Finance costs	(20,118,472)	(12,433,932)
Finance income	10,128,118	5,921,878
Profit before tax	32,979,412	17,365,465
Income tax expense	(2,556,912)	(5,153,418)
Profit for the period	30,422,500	12,212,047
Other comprehensive income
Items that are or may be classified subsequently to profit or loss
(Decrease) / increase in foreign currency translation reserve	(1,512,357)	4,820,128
Total comprehensive income for the period	28,910,143	17,032,175
Profit / (loss) attributable to
Owners of the Company	31,755,334	12,212,047
Non-controlling Interests	(1,332,834)	-
Total profit / (loss) attributable to	30,422,500	12,212,047
Total comprehensive income / (loss) attributable to: ========= =========
Owners of the Company	30,242,977	17,032,175
Non-controlling Interests	(1,332,834)	-
	28,910,143	17,032,175
Earnings per share attributable to owners of the Company
- basic and diluted earnings per share (USD)	0.18	0.07

Source ↗

	June 30, 2026 (Unaudited)	December 31, 2025 (Unaudited)
(In United States dollar)
ASSETS
Cash and cash equivalents	802,315,838	668,046,169
Trade and unbilled receivables	367,990,983	351,751,094
Advances, deposits and other receivables	229,110,636	185,395,654
Development properties	785,160,854	783,111,658
Escrow retentions	45,611,181	33,520,147
Due from related parties	5,552,476	6,476,773
Property and equipment	26,429,590	25,037,543
Right-of-use assets	9,283,378	3,846,885
Deferred tax assets	8,452,455	5,430,464
TOTAL ASSETS	2,279,907,391	2,062,616,387
LIABILITIES AND EQUITY
LIABILITIES
Trade and other payables	100,722,550	125,608,822
Advances from customers	515,596,318	459,486,898
Retention payable	25,936,170	19,326,375
Development property liabilities	396,239,087	412,141,755
Bank borrowings	166,249,802	169,069,969
Due to related parties	451,130,828	287,093,049
Employees’ end of service benefits	1,557,055	1,750,057
Lease liabilities	9,060,467	3,634,491
Deferred tax liabilities	126,200	126,200
TOTAL LIABILITIES	1,666,618,477	1,478,237,616
EQUITY
Share capital	1,800,216	1,800,216
Share premium	88,781,078	88,781,078
Retained earnings	519,622,088	487,866,754
Foreign currency translation reserve	3,144,260	4,656,617
Statutory reserve	1,229,110	1,229,110
Equity attributable to owners of the Company	614,576,752	584,333,775
Non-controlling interest	(1,287,838)	44,996
TOTAL EQUITY	613,288,914	584,378,771

Source ↗

	2026 (Unaudited)	2025 (Unaudited)
Cash flows from operating activities
Profit for the period	30,422,500	12,212,047
Adjustments for
Depreciation on property and equipment	1,631,524	1,478,496
Depreciation on right-of-use assets	1,607,601	1,370,662
Provision for employees’ end of service benefits	288,241	273,943
Finance costs	20,118,472	12,433,932
Finance income	(10,128,118)	(5,921,878)
Unrealised foreign exchange	1,899,522	-
Income tax expenses	2,556,912	5,153,418
Write off related to property, plant and equipment	47,641	-
Operating profit before working capital changes	48,444,295	27,000,620
Working capital changes
Trade and unbilled receivables	(16,239,889)	(32,047,618)
Advances, deposits and other receivables	(43,833,400)	(39,224,994)
Development properties	(19,768,652)	(73,692,880)
Trade and other payables	(19,883,184)	2,771,072
Advances from customers	56,109,420	304,248,803
Retention payable	6,609,795	4,806,341
Due from related parties	920,000	(5,868,914)
Due to related parties	-	8,766,931
Employees' end of service benefits paid	(481,243)	(167,804)
Income tax paid	(7,560,002)	-
Net cash generated from operating activities	4,317,140	196,591,557
Cash flows from investing activities
Acquisition of property and equipment	(3,089,502)	(3,630,984)
Escrow retentions	(12,091,034)	(10,685,550)
Interest received	10,128,118	5,921,878
Net cash used in investing activities	(5,052,418)	(8,394,656)
Cash flows from financing activities
Proceeds from bank borrowings	44,213,600	456,627
Repayment of bank borrowings	(47,558,959)	(21,454,504)
Interest expense on borrowings	(5,502,388)	(6,517,773)
Payment of structuring fees for bank borrowings	-	(507,859)
Funds received from related parties	17,850,893	-
Interest paid to related party	(9,270,932)	-
Proceeds from related party borrowing	150,805,717	36,258,390
Repayment of related party borrowing	(9,000,000)	(208,839)
Payment of lease liabilities	(1,864,726)	(754,258)
Interest expense on lease liabilities	(196,845)	(173,933)
Net cash generated from financing activities	139,476,360	7,097,851
Net increase in cash and cash equivalents	138,741,082	195,294,752
Effect of translation of foreign currency	(4,471,413)	4,276,711
Cash and cash equivalents at 1 January	668,046,169	413,625,405

Source ↗

	2025	2024
(In United States dollar)
Revenue	538,617,634	240,330,393
Cost of revenue	(348,915,514)	(152,946,653)
Gross profit	189,702,120	87,383,740
Other income	24,123,626	2,328,272
Selling and marketing expenses	(33,912,002)	(27,345,974)
General and administrative expenses	(59,367,502)	(37,691,519)
Finance costs	(24,910,352)	(22,979,983)
Finance income	17,119,047	11,690,273
Share of profit from joint venture	-	704,640
Gain from disposal of joint venture	-	20,038
Profit before tax	112,754,937	14,109,487
Income tax (expenses)/credit	(11,969,874)	803,690
Profit for the year	100,785,063	14,913,177
Other comprehensive income
Items that are or may be classified subsequently to profit or loss
Increase/(decrease) in foreign currency translation reserve	5,093,819	(1,871,239)
Total comprehensive income for the year	105,878,882	13,041,938
Profits/(loss) attributable to
Owners of the company	100,786,467	14,913,177
Non-controlling Interests	(1,404)	-
Total profits/(loss) attributable to	100,785,063	14,913,177
Total comprehensive income attributable to
Owners of the company	105,880,286	13,041,938
Non-controlling Interests	(1,404)	-
	105,878,882	13,041,938
Earnings per share attributable to owner of the Company
- basic and diluted earnings per share (USD)	0.56	0.08

Source ↗

	2025	2024
(In United States dollar)
ASSETS
Cash and cash equivalents	668,046,169	413,625,405
Trade and unbilled receivables	351,751,094	277,338,806
Advances, deposits and other receivables	185,395,654	119,774,587
Development properties	783,111,658	586,415,420
Escrow retentions	33,520,147	10,774,653
Due from related parties	6,476,773	1,600,015
Property and equipment	25,037,543	21,897,663
Right-of-use assets	3,846,885	4,133,177
Deferred tax assets	5,430,464	5,860,228
TOTAL ASSETS	2,062,616,387	1,441,419,954
LIABILITIES AND EQUITY
LIABILITIES
Trade and other payables	125,608,822	85,015,114
Advances from customers	459,486,898	180,027,547
Retention payable	19,326,375	9,630,047
Development property liabilities	412,141,755	254,747,426
Bank borrowings	169,069,969	205,493,025
Due to related parties	287,093,049	222,567,717
Employees' end of service benefits	1,750,057	1,117,792
Lease liabilities	3,634,491	4,114,862
Deferred tax liabilities	126,200	252,935
TOTAL LIABILITIES	1,478,237,616	962,966,465
EQUITY
Share capital	1,800,216	1,800,216
Share premium	88,781,078	88,781,078
Retained earnings	487,866,754	387,488,728
Foreign currency translation reserve	4,656,617	(437,202)
Statutory reserve	1,229,110	820,669
Equity attributable to owners of the Company	584,333,775	478,453,489
Non-controlling interest	44,996	-
TOTAL EQUITY	584,378,771	478,453,489

Source ↗

	2025	2024
Cash flows from operating activities
Profit for the year	100,785,063	14,913,177
Adjustments for
Depreciation on property and equipment	3,020,698	2,022,188
Depreciation on right-of-use assets	2,777,394	2,508,060
Provision for employees' end of service benefits	1,024,062	653,073
Unrealised foreign exchange	(4,994,703)	-
Finance costs	24,910,352	22,979,983
Other income from partial forgiveness of liability	(10,987,066)	-
Finance income	(17,119,047)	(11,690,273)
Share of profit from joint venture	-	(704,640)
Gain from disposal of joint venture	-	(20,038)
Income tax expense/(credit)	11,969,874	(803,690)
Operating profit before working capital changes	111,386,627	29,857,840
Working capital changes
Trade and unbilled receivables	(74,412,288)	(55,471,342)
Advances, deposits and other receivables	(65,283,477)	(54,577,821)
Development properties and development property liabilities	(24,746,143)	(167,585,674)
Trade and other payables	30,771,509	55,904,872
Advances from customers	279,459,351	84,862,015
Retention payable	9,696,328	2,541,630
Due (from)/to related parties	(4,876,758)	1,556,244
Cash generated from/(used in) operating activities	261,995,149	(102,912,236)
Income tax paid	(1,493,043)	-
Employee benefits paid	(391,798)	(224,830)
Net cash from/(used in) operating activities	260,110,308	(103,137,066)
Cash flows from investing activities
Acquisition of property and equipment	(5,786,079)	(18,149,090)
Escrow retentions	(22,745,494)	(787,176)
Funds transferred to related parties	(6,109,364)	(125,628)
Proceeds from disposal of property and equipment	1,219	60,382
Proceeds from disposal of investment in joint venture	-	6,288,099
Net cash acquired on acquisition	-	9,355,259
Interest income	13,717,616	11,259,006
Repayment to joint venture	-	2,150,987
Net cash (used in)/generated from investing activities	(20,922,102)	10,051,839
Cash flows from financing activities
Proceeds from bank borrowings	5,602,989	147,882,072
Repayment of bank borrowings	(44,040,113)	(67,092,067)
Interest expense on borrowings	(12,381,329)	(15,817,177)
Payment of structuring fees for bank borrowings	(507,859)	(660,784)
Proceeds from related party borrowings	69,369,659	226,576,921
Repayment of related party borrowings	(152,359)	(7,798,634)
Payment of lease liabilities	(2,967,700)	(2,931,863)
Interest expense on lease liabilities	(324,226)	(314,936)
Proceeds from non-controlling interests	46,400	-
Net cash generated from financing activities	14,645,462	279,843,532
Net increase in cash and cash balances	253,833,668	186,758,305
Effect of translation of foreign currency	587,096	(1,624,934)
Cash and cash equivalents, beginning of the year	413,625,405	228,492,034
Cash and cash equivalents at the end of the year	668,046,169	413,625,405
Cash and cash equivalents: --------------- ---------------
Cash in hand	230,286	81,076
Cash at banks	667,815,883	413,544,329

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	480.7	408.8	188.1
Gross profit	172.6	144.0	68.4
Adjusted EBITDA	109.8	96.1	23.5
Depreciation (owned assets)	2.4	2.3	1.6
Depreciation (right-of-use)	2.2	2.1	2.0
Operating profit to net income
Finance costs	(24.3)	(18.9)	(18.0)
Profit before tax	96.7	85.6	11.0
Tax	(7.0)	(9.1)	0.6
Net income (owners)	90.7	76.5	11.7
Per share
EPS basic	50.1p	41.6p	6.4p
EPS diluted	50.1p	41.6p	6.4p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	191.9	+60%	288.9	119.9
Gross profit	65.2	+78%	107.4	36.6
Adjusted EBITDA	34.4	+66%	75.4	20.7
Depreciation (owned assets)	1.2	+6%	1.2	1.1
Depreciation (right-of-use)	1.2	+13%	1.1	1.1
Operating profit to net income
Finance costs	(15.0)	+56%	(9.3)	(9.6)
Profit before tax	24.5	+83%	72.2	13.4
Tax	(1.9)	−52%	(5.1)	(4.0)
Net income (owners)	23.6	+151%	67.1	9.4
Per share
EPS basic	13.6p	–	36.5p	5.1p
EPS diluted	13.6p	–	36.5p	5.1p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	48.9	197.4	(80.7)
Tax paid	(6.8)	(1.1)	0.0
Investing activities
Capex (PP&E)	(3.9)	(4.4)	(14.2)
Financing activities
Lease principal paid	(3.1)	(2.3)	(2.3)
Lease interest paid	(0.3)	(0.2)	(0.2)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	3.2	−98%	45.7	151.7
Interest paid	(4.1)	−19%	–	(5.0)
Tax paid	(5.6)	n/m	(1.1)	0.0
Investing activities
Capex (PP&E)	(2.3)	−18%	(1.6)	(2.8)
Financing activities
Lease principal paid	(1.4)	+138%	(1.7)	(0.6)
Lease interest paid	(0.1)	+9%	(0.1)	(0.1)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	19.9	18.6	17.4
Current assets
Inventories	592.4	581.5	–
Trade receivables	277.6	261.2	–
Cash	605.3	496.1	329.6
Total assets	1,720.2	1,531.6	1,148.6
Current liabilities
Trade payables	76.0	93.3	67.7
Borrowings, current	125.4	125.5	–
Non-current liabilities
Borrowings, non-current	–	–	163.8
Lease liabilities, non-current	6.8	2.7	3.3
Total liabilities	1,257.4	1,097.7	767.4
Equity
Non-controlling interests	(1.0)	0.0	0.0
Total equity	462.7	433.9	381.3
Net cash and other figures
Net asset value	462.7	433.9	381.3
Undrawn facilities	–	169.4	–

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	19.9	18.6	17.4
Current assets
Inventories	592.4	581.5	–
Trade receivables	277.6	261.2	–
Cash	605.3	496.1	329.6
Total assets	1,720.2	1,531.6	1,148.6
Current liabilities
Trade payables	76.0	93.3	67.7
Borrowings, current	125.4	125.5	–
Non-current liabilities
Borrowings, non-current	–	–	163.8
Lease liabilities, non-current	6.8	2.7	3.3
Total liabilities	1,257.4	1,097.7	767.4
Equity
Non-controlling interests	(1.0)	0.0	0.0
Total equity	462.7	433.9	381.3
Net cash and other figures
Net asset value	462.7	433.9	381.3
Undrawn facilities	–	169.4	–

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