Binghatti profit up 65% to Dh4.4b, tops full-year 2025
Revenue jumps 66% to Dh14.9b as developer delivers 2,600 units; eight more due by year-end
Dubai developer Binghatti Holding reported a 65% rise in net profit to Dh4.4 billion for the nine months to September 30. The result already exceeds its full-year 2025 profit of Dh3.6 billion, the company announced on November 12.
Revenue climbed 66% to Dh14.9 billion as construction advanced across the portfolio. Third-quarter revenue more than doubled. Sales grew 11% to Dh14.2 billion, with Q3 sales up 7% to Dh4.6 billion. Total equity rose to Dh11.2 billion from Dh6.8 billion at the end of 2025. Gross profit increased 62% to Dh6.4 billion, while EBITDA gained 74% to Dh5.7 billion.
Projects and pipeline
Binghatti confirmed that it had completed five projects on schedule this year: Apex, Ghost, Ivory, Haven and Grove. Together they handed over about 2,600 units. The company also confirmed that another 8 projects are on track for completion by year-end.
The developer launched 12 projects in the period. It also debuted its first villa community, Tilal Binghatti, and its first master community, Mercedes-Benz Places | Binghatti City. Sellable square footage jumped from 2.4 million to 14.6 million between December 2025 and September 2026.
Chairman Muhammad BinGhatti ties the results to the group’s in-house model. “We build what we sell,” he says. Design, contracting and delivery all sit within Binghatti, which he argues let the developer pass last year’s profit within nine months.
Cash and balance sheet
Corporate cash reached Dh2.7 billion, which marks roughly a fivefold rise since the start of the year and a sevenfold increase on the previous quarter. Bank balances totals Dh12.4 billion, up 40% year to date. Cash and bank balances, including escrow, exceed total borrowings of Dh12.2 billion.
Total assets rose 46% to Dh35.5 billion. Gross debt to equity stands at 1.1 times. EBITDA covers net finance costs 7.4 times, and the group meets all financial covenants. Binghatti issued a $500 million sukuk in February. It will repay the full amount at maturity in February 2027 from internal cash. Corporate cash at September 30 equals about 1.5 times the sum due.
Operations generated Dh5.4 billion before working capital. The group reinvested Dh4.9 billion in land and construction. Net operating cash flow therefore is nearing breakeven. Customers owe a further Dh4.7 billion, which the company expects to collect largely on handover.
Business outlook for 2027
CEO and Managing Director Katralnada BinGhatti reads the 11% sales growth as proof that demand for well-located homes at the right price holds firm. “With Dh16.4 billion of contracted revenue still to be recognized and a development backlog of DH33 billion, we go into 2027 with clear visibility on the years ahead.”
Binghatti expects population growth, long-term residency trends and economic diversification to keep supporting Dubai’s housing market. The Dubai Metro Blue Line, opening in 2029, and the Gold Line, opening in 2032, will serve communities that hold 55% of the developer’s completed and planned units. Those include Jumeirah Village Circle, Business Bay, Nad Al Sheba and Dubai Silicon Oasis.
The company also points to the expansion of Al Maktoum International Airport and the launch of Etihad Rail passenger services as further boosts to connectivity.
