LASDAX'S FINANCIAL RESULTS - C.Y 2024
January 24, 2025
LASDAX published its annual financial report for the calendar year ending December 2024 on January 24, 2025.
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Despite the challenging global economic climate, LASDAX managed to maintain a robust performance. Its standalone revenue reached AED 93.33 million (USD 25.41 million), with a standalone PAT* (Profit After Tax) of AED 50.43 million (USD 13.73 million). In comparison to the previous calendar year (C.Y) 2023, our revenues have seen a notable increase of 31.5%, and our Profit After Tax (PAT) has surged by 51.2%.
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*LASDAX received a preferential 0% corporate tax rate at its inception in November 2021, which remained valid until November 22, 2024. Following this, the company was taxed at a rate of 9% for the remainder of 2024.
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A comprehensive audited report prepared by PwC has been submitted to The Securities and Commodities Authority (SCA) in Dubai and The U.S. Securities and Exchange Commission (SEC) in Washington. For privacy reasons, we have opted not to upload the audited report on our website. However, if you wish to review our financial report, kindly reach out to our CEO (ceo@lasdax.com), stating your reason for requesting access. Upon receipt of your request, we will be delighted to share the report with you.
OUTLOOK FOR 2025
FINANCIAL FORECAST
Looking ahead to 2025, we expect U.S. markets to slightly underperform compared to other global markets, particularly in undervalued regions. This outlook is driven by the significant valuation premium of U.S. markets relative to the rest of the world. Additionally, if the new administration’s policies prioritize fiscal deficit reduction, potentially leading to slower economic growth in the U.S., undervalued global markets could emerge as stronger performers. Historically, U.S. markets have comprised around 70% of our equity portfolio. However, as opportunities emerge, we will look to reallocate part of our investments towards markets in Europe, India, Japan & LATAM.
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Additionally, we do not expect 2025 to be a profitable year for us, unlike all our previous years, due to increased investments in our expansion initiatives. We expect our revenues to either remain stable or show a slight increase despite the prevailing global stock market uncertainty. However, 2025 will be our most financially challenging year to date, and we anticipate a loss in the range of USD 7–9 million. During this period, we plan to allocate between USD 18–21 million towards expansion, with the goal of achieving this without incurring any debt.
EXPANSION ACTIVITIES
India: Our expansion efforts in India initially faced a few challenges, which led us to reassess and pivot our strategy. We have since finalized both the roadmap and the process, and have a clear direction moving forward. Execution is expected to commence either towards the end of Q2 2026 or in early Q3 2026. The timeline reflects our focus on a major project in Thailand as well as our deliberate choice to operate without debt, ensuring that growth remains fully self-funded and sustainable.
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Thailand: Our project in Thailand has been finalized with a clear strategic direction and marks our entry into an entirely new sector. We have already registered the business and obtained all the required licenses to commence operations. Although the political climate in the country initially caused some delays, we are now firmly on track. Operations are scheduled to begin in Q2 2026, a shift from our earlier projection of late 2025. This adjustment reflects the significant rise in costs and our commitment to securing sufficient funds to support such a large-scale initiative without relying on debt.
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