Dubizzle reports 46% EBITDA margins ahead of November IPO

Dubai: Dubizzle Group, a leading classifieds marketplace due to go public next month, reported adjusted EBITDA margins of 46 per cent in the first half of 2025—up from 31 per cent a year earlier—signalling the strength of its core UAE business.

The UAE generated $105 million in adjusted revenue during H1 2025, representing 89 per cent of group revenue.

That market delivered $48 million in adjusted EBITDA and $43 million in net profit, reflecting margins that rival global classifieds leaders. CEO Imran Ali Khan sees this trajectory as confirmation of the company's model.

"Our UAE business continues to generate exceptional profitability, with nearly 50 per cent profit margins and 85 per cent cash flow conversion. Being an asset-light company, growth now trickles down into solid EBITDA," he said.

What's driving this performance?

Through flagship platforms Dubizzle and Bayut, the company dominates UAE real estate and autos classifieds—categories generating strong recurring revenue from agencies and dealerships through 12-month subscription packages.

Khan emphasized the business model's resilience, noting that classifieds platforms globally have weathered property cycles. "There were a lot of properties available, still available in the market, which are being put on the platform," he explained, highlighting how the secondary real estate market remains a growth opportunity as off-plan units hit resale.

The company isn't resting on UAE success. It is investing aggressively in Saudi Arabia, where Khan said the real estate business is "growing fantastically" with millions of monthly users and thousands of agencies on Bayut.sa. With 85 per cent cash flow conversion in the UAE, the business generates sufficient cash to fund Saudi expansion while remaining group-level cash flow positive.