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 India, Japan, LATAM & MENA.
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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. This year, we plan to allocate between USD 12–14 million towards these activities, with the goal of achieving this without incurring any debt.
EXPANSION ACTIVITIES
India: Our expansion efforts in India encountered a few challenges, leading us to reassess our strategy. As a result, we had to scrap certain plans and pivot towards a new initiative that aligns with local market dynamics. This marks the beginning of a new stream of business for us. Our four-member team in Delhi NCR is actively working on the roadmap, and we aim to finalize the process by May 2025.
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Thailand: Our project in Thailand is the most significant undertaking to date and will represent a major shift from our current business operations. While we have successfully registered the business and obtained the required licenses, we plan to begin operations in the latter half of 2025. This timeline is primarily due to the need for sufficient funds to support such a large-scale operation, as we do not intend to take on any debt.
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