Dubai-based marketplaces operator Dubizzle Group has reported an adjusted EBITDA margin of 46% for H1 2025, up from 31% in the year-earlier period, but it continues to incur net losses, according to its website. The announcement comes as the company moves toward an IPO next month.
Dubizzle noted that Adjusted EBITDA “adjusts for the effects of any non-routine, non-operational one-of items. These include impairment losses on financial assets, fundraising costs, foreign exchange losses, restructuring-related costs and rebranding costs. It also excludes the effects of cash-settled share-based payments.”
The company wrote in a LinkedIn post that this performance was “a testament to our strong fundamentals, resilient UAE business and continued focus on sustainable growth… Our platforms, [marketplace horizontal] Dubizzle and Bayut.com, continue to lead the UAE’s real estate and autos classifieds markets, driving value for millions of users and partners every day.”
Group revenue rose by 26.6% year on year (y-o-y) to $133 million in the first half of 2025, reflecting both organic growth in the UAE and expansion in Saudi Arabia, the company said. Dubizzle reported full-year revenue of $222 million in 2024, up by 0.5% from $221 million in 2023 and 12.3% from $198 million in 2022.
The UAE accounted for 89% of adjusted revenue in H1 2025. During this period, this market delivered $105 million in adjusted revenue, $48 million in adjusted EBITDA and $43 million in adjusted net profit.
“Adjusted revenue corresponds to revenue from contracts with customers adjusted for the cost of motor vehicle inventories,” the company said.
Dubizzle Group remains loss-making, but its net loss has narrowed significantly in recent years — from $127 million in 2022 to $62.3 million in 2024. In H1 2025, it recorded a net loss of just $8.9 million.
The company noted that “These historical losses were primarily due to non-routine, non-operational items, which mainly include share-based payment expense… impairment losses on financial assets related to businesses disposed… and deferred tax arising upon enactment of UAE corporate tax law on goodwill and intangible assets.”
“Excluding these non-routine, non-operational costs, the Group has been profitable on a Group adjusted net profit basis in 2023, 2024 H1 and 2025,” it added.
“Being an asset-light company, growth now trickles down into solid EBITDA,” said CEO Imran Ali Khan.
While the UAE remains its backbone, Dubizzle is scaling quickly in Saudi Arabia, a market Khan described as “growing fantastically.”
The company noted that “Substantial operational resources have already been deployed in KSA, including fully operational offices in Riyadh and Jeddah, a team of over 600 employees as of June 2025 and the implementation of the Group’s scalable technology stack. This includes more than 10 apps and market intelligence platforms, geospatial mapping, neighbourhood-level penetration strategies, agency census data and localised product and pricing models, all supported by over a decade of technology R&D.”
The company said its marketplaces had an average of 18 million monthly active users in H1 2025, with an average of 54 million monthly sessions during this period.
Subscription to Dubizzle Group’s IPO will open on Oct. 23 — also the date on which its price range will be announced — with the company set to list on the Dubai Financial Market on Nov. 6. The final offer price will be announced on Oct. 30. The group intends to offer 30.3% of its share capital, equivalent to 1.2 billion shares.
The company’s largest shareholder, Prosus N.V. — which holds its stake through subsidiary OLX B.V. — has committed to invest $100 million as part of the offering.
Dubizzle Group rival Property Finder raised $250 million in debt financing earlier this month.
Update Oct. 23: The section of the Dubizzle website and the Dubizzle LinkedIn post referred to in this brief have since been taken down. This followed the company’s announcement that it had decided to indefinitely delay its IPO.
