Binghatti reports record Dh2.66 billion profit for first nine months of 2025

Dubai: Binghatti Holding Ltd reported a 145% year-on-year increase in net profit to Dh2.66 billion for the first nine months of 2025, marking its strongest financial performance to date.

The developer’s results reflect accelerated sales, early project handovers, and the resilience of Dubai’s property market.

Revenue nearly tripled to Dh8.96 billion, up from Dh3.77 billion in the same period last year. Gross profit rose 143% to Dh3.95 billion, while EBITDA climbed 139% to Dh3.28 billion. The company maintained healthy margins — 44% gross, 37% EBITDA, and 30% net.

During the third quarter alone, Binghatti recorded Dh2.64 billion in revenue, a 67% year-on-year increase, and a net profit of Dh839 million, up 101% from Q3 2024.

The company sold around 12,000 units in the first nine months, making it Dubai’s top-selling off-plan developer by units sold. It launched 11 projects with a total gross development value (GDV) exceeding Dh11 billion, representing over 7,000 units and 6 million square feet of sellable area.

As of September 30, Binghatti had 27 projects under development — a 29% increase since the end of 2024 — covering more than 20,000 units and 17 million square feet, with an estimated GDV of Dh44 billion. An additional 11 projects in planning stages will add about 18,000 units and Dh30 billion in GDV.

The company’s revenue backlog stood at approximately Dh14 billion, supported by strong sales to both local and international buyers, with non-resident investors accounting for about 60% of total sales.

Total assets grew 73% year-to-date to Dh22 billion, while cash and cash equivalents more than doubled to Dh7.7 billion. Total equity rose 84% to Dh5.8 billion. The company’s debt-to-equity ratio stood at 1.2x.

Binghatti strengthened its funding base through two sukuk issuances that were more than five times oversubscribed. In September, it issued a dual-listed $500 million Green Sukuk under its Green Financing Framework to support sustainable developments.

Moody’s and Fitch reaffirmed Binghatti’s stable outlook, citing strong liquidity and disciplined capital management.

CEO Katrana BinGhatti described the period as “a defining phase of growth,” crediting Dubai’s strong fundamentals and Binghatti’s integrated business model for its performance.

“We are shaping communities, driving design innovation, and contributing to Dubai’s global reputation as a model for urban development and investment,” she said.

CFO Shehzad Janab highlighted the firm’s margin discipline and capital strength. “With cash balances exceeding AED 7.7 billion and total assets up 73%, Binghatti enters its next growth phase with exceptional liquidity and low leverage,” he said.

The company expects sustained growth supported by Dubai’s Economic Agenda D33, the Real Estate Strategy 2033, and the 2040 Urban Master Plan. Rising homeownership and steady inflows of international capital are driving end-user demand, signaling a shift toward a more sustainable property cycle.