Binghatti nine-month net profit rises 65% to $1.2bn

Dubai, UAE - Binghatti Holding Limited made a net profit of $1.2 billion (AED 4.4 billion) in the nine months to 30 September 2026, up 65% year-on-year, while revenue grew 66% to $4.1 billion (AED 14.9 billion).

That nine-month profit is already higher than the $980 million (AED 3.6 billion) the Dubai developer earned across all of 2025. The company linked the jump in revenue to construction progress across its portfolio.

Sales over the period reached $3.9 billion (AED 14.2 billion), an 11% increase. Third-quarter sales alone grew 7% to $1.25 billion (AED 4.6 billion), and revenue for the quarter more than doubled.

By the end of September, total equity had reached $3.0 billion (AED 11.2 billion), compared with $1.85 billion (AED 6.8 billion) when 2025 closed.

Gross profit grew 62% to $1,747 million (AED 6,416 million), from $1,076 million (AED 3,952 million) a year earlier. EBITDA climbed 74% to $1,558 million (AED 5,721 million), against $893 million (AED 3,279 million).

Binghatti defines EBITDA as earnings before interest, tax, depreciation and amortisation. It cautioned that the measure may not match similarly named figures used by other companies, and said its investor relations team can provide a reconciliation to net profit on request.

In unrounded terms, net profit came to $1,196 million (AED 4,393 million), up from $723 million (AED 2,656 million). Revenue was $4,054 million (AED 14,889 million), against $2,440 million (AED 8,960 million), and sales totalled $3,875 million (AED 14,230 million), compared with $3,486 million (AED 12,802 million).

Five developments were finished on schedule during the nine months: Binghatti Apex, Binghatti Ghost, Binghatti Ivory, Binghatti Haven and Binghatti Grove. About 2,600 units were handed over, and the company launched 12 projects in the same period.

Looking ahead, Binghatti put its contracted revenue backlog at $4.5 billion (AED 16.4 billion), which it expects to book over the next one to three years. The development backlog stands at $9 billion (AED 33 billion).

Buyers owe a further $1.28 billion (AED 4.7 billion) in trade receivables and contract assets, most of which the company said can be collected on handover. Eight project completions are expected before the end of the year.

Sellable floor area grew from 2.4 million sq ft in December 2025 to 14.6 million sq ft in September 2026, which Binghatti said secures its future development pipeline.

Corporate cash stood at $748 million (AED 2.7 billion) on 30 September. That is roughly seven times the figure at the end of the previous quarter and about five times the level at the start of the year.

Bank balances added up to $3.4 billion (AED 12.4 billion), 40% more than in December. Of that total, $3.0 billion (AED 10.9 billion) counts as cash and cash equivalents, up from $926 million (AED 3.4 billion) at the end of 2025.

Inclusive of escrow, cash and bank balances are larger than the group’s total borrowings of $3.3 billion (AED 12.2 billion). Total assets rose 46% since January to $9.7 billion (AED 35.5 billion).

Gross debt stood at 1.1 times equity, and EBITDA covered net finance costs 7.4 times. Binghatti said it remained within all of its financial covenants.

The developer widened its funding base in February 2026 with a $500 million sukuk. It priced that issue on 10 February at a profit rate of 8.375%, with the order book more than 4.4 times oversubscribed.

A $500 million sukuk falling due in February 2027 will be repaid in full at maturity from cash the business generates itself, the company said. Its corporate cash at 30 September equalled about 1.5 times that amount.

Operating cash before working capital came to $1.5 billion (AED 5.4 billion). The company put $1.3 billion (AED 4.9 billion) of it into land purchases and construction to fund its next round of deliveries, so net operating cash flow was close to breakeven, at negative $27 million (AED 0.1 billion).

Muhammad BinGhatti, Chairman of Binghatti, said: “We build what we sell. Design, contracting and delivery all sit inside Binghatti, so the construction schedule is ours to manage, not a third party’s.

“This year we completed Binghatti Apex, Binghatti Ghost, Binghatti Ivory, Binghatti Haven and Binghatti Grove, and eight further projects are on track for completion by year-end 2026. That same control is what allowed us to pass last year’s full-year profit within nine months. What we deliver is the clearest measure of who we are, and this year has been no exception.”

Katralnada BinGhatti, Chief Executive Officer and Managing Director of Binghatti, said: “Our sales grew 11% this year to AED 14.2 billion, indicating that demand for well-located homes at the right price remains strong.

“We have broadened what we offer, launching our first villa community, Tilal Binghatti, and our first master community, Mercedes-Benz Places | Binghatti City, and we continue to build where people want to live: more than half of our units sit in communities that Dubai’s new metro lines will connect.

“With AED 16.4 billion of contracted revenue still to be recognized and a development backlog of AED 33 billion, we go into 2027 with clear visibility on the years ahead.”

Shehzad Janab, Chief Financial Officer of Binghatti, said: “Binghatti’s nine-month results demonstrate strong growth in Tangible Net Worth, with debt increasing at a measured and manageable pace.

“This reflects our continued focus on strengthening the Group’s capital base, maintaining balance-sheet resilience and pursuing growth through disciplined financial and capital-structure management.”

In its outlook, Binghatti said population growth, long-term residency trends, economic diversification and government support continue to underpin Dubai’s housing market, where demand increasingly comes from residents and end users. The company said it believes homes with the right product, price point and location will keep selling strongly.

According to the developer, 55% of its completed and under-development units are in communities on the routes of the Dubai Metro Blue Line, due to open in 2029, and the Gold Line, due in 2032. They include Jumeirah Village Circle, Business Bay, Nad Al Sheba and Dubai Silicon Oasis.

It also cited the expansion of Al Maktoum International Airport and the start of Etihad Rail passenger services, including a planned high-speed link to Abu Dhabi, as strengthening connections across Dubai and the wider UAE.

Binghatti said its pipeline, delivery record and land bank leave it well placed to benefit from those trends, while it keeps a disciplined approach to capital allocation, balance sheet management and growth.

Set up in 2008, the developer carries out design, development, construction and delivery in-house across the residential value chain. Its portfolio runs to more than 100 projects worth over $27.2 billion (AED 100 billion), including nearly 60 completed developments.

Those projects span affordable, mid-market, premium and ultra-luxury homes, among them branded residences with Bugatti, Mercedes-Benz and Jacob & Co. Earlier this year, Binghatti reported a first-quarter net profit of $389 million (AED 1.43 billion).

The company expects collections from completed buildings to speed up cash conversion, with eight more projects totalling about 6,400 units on track for completion by the end of 2026.