Binghatti Reports $389m Q1 Profit as Revenue Jumps 52%

DUBAI, UAE – Binghatti Holding Limited reported record financial results for the first quarter of 2026, with net profit rising sharply to AED1.43 billion ($389 million) and revenue climbing 52 percent year-on-year, supported by strong sales activity, project launches and continued momentum across Dubai’s residential property market.

According to WAM, the Dubai-based developer recorded revenue of AED4.39 billion ($1.2 billion) for the three-month period ended 31 March 2026, while EBITDA increased 83 percent year-on-year to AED1.83 billion ($498 million), reflecting operational efficiency and expanding margins.

The results further reinforce the continued strength of Dubai’s off-plan market and growing investor appetite for branded and large-scale residential developments across the emirate.

Strong sales momentum and project launches

During the first quarter, Binghatti achieved total sales of approximately AED5.88 billion ($1.6 billion) through the sale of more than 4,000 residential units.

The company also launched five new projects during the period with a combined development value of approximately AED8.58 billion ($2.34 billion), comprising 4,696 units.

The launches form part of Binghatti’s ongoing expansion strategy as the developer continues scaling its portfolio amid sustained demand from both local and international investors.

Dubai’s residential market has continued attracting strong off-plan activity throughout 2026, supported by population growth, infrastructure expansion and continued international capital inflows into the emirate’s property sector.

Development backlog provides future visibility

Binghatti’s development backlog stood at approximately AED52 billion ($14.2 billion) at the end of the quarter, highlighting the scale of the company’s future pipeline.

The company reported a sales backlog of AED16 billion ($4.36 billion) and a revenue backlog of AED18 billion ($4.9 billion), providing significant visibility for future earnings and delivery activity.

The sizeable backlog also reflects continued buyer confidence in Dubai’s residential development sector despite broader global economic uncertainty.

Binghatti’s total assets reached AED32.87 billion ($8.95 billion) during the quarter, while the Group’s cash position increased to AED9.9 billion ($2.7 billion).

The strengthened liquidity position supports the company’s ability to continue expanding its project pipeline while maintaining financial flexibility across future development activity.

The company’s results also follow continued institutional interest in UAE real estate developers and growing international investor participation in Dubai’s residential market.

Muhammad BinGhatti, Chairman of Binghatti Holding, said: “Binghatti’s continued record performance reflects the strength of our vertically integrated business model and our ability to translate Dubai’s resilient real estate fundamentals into sustainable growth and profitability. Dubai continues to reinforce its position as a global investment destination through proactive governance, strategic planning, and strong investor confidence.”

The developer has increasingly positioned itself within Dubai’s premium and branded residences segment, where demand has remained particularly strong over recent years.

Sukuk issuance strengthens capital structure

Shehzad Janab, Chief Financial Officer, added that the company’s successful $500 million Sukuk issuance further strengthened Binghatti’s capital structure while expanding its global investor base.

The issuance reflects continued investor appetite for exposure to Dubai’s real estate sector and broader confidence in the emirate’s long-term growth trajectory.

Binghatti remains among the UAE’s most active residential developers, with a growing pipeline spanning residential, branded and mixed-use developments across several strategic locations in Dubai.

The latest results underline the continued resilience of Dubai’s property market, where developers continue benefiting from strong transaction activity, infrastructure investment and sustained international demand.