Binghatti Nine-Month Net Profit Rises 65% to $1.2 Billion

Binghatti Holding earned $1.2 billion (AED4.4 billion) in net profit in the first nine months of 2026, 65% more than the $723 million (AED2.7 billion) it posted a year earlier. The Dubai developer has already beaten the $980 million (AED3.6 billion) it made across the whole of 2025.

Revenue rose 66% to $4.1 billion (AED14.9 billion) from $2.4 billion (AED9 billion). Third-quarter revenue more than doubled, helped by heavier construction activity and more project deliveries.

Sales rose 11% to $3.9 billion (AED14.2 billion) from $3.5 billion (AED12.8 billion). In the third quarter alone, sales grew 7% to $1.3 billion (AED4.6 billion).

Gross profit increased 62% to $1.7 billion (AED6.4 billion). EBITDA rose 74% to $1.6 billion (AED5.7 billion), outpacing revenue, while gross profit grew slightly slower than the top line.

Binghatti handles design, contracting and delivery in-house rather than farming them out. Chairman Muhammad BinGhatti said that control is what let the company surpass a full year of profit in nine months.

Five projects were completed on schedule: Binghatti Apex, Binghatti Ghost, Binghatti Ivory, Binghatti Haven and Binghatti Grove. About 2,600 units were handed over in the period. Eight more projects, with roughly 6,400 units between them, are on track for completion by the end of 2026.

Contracted revenue backlog stood at $4.5 billion (AED16.4 billion), which the company expects to recognize over one to three years. Development backlog was $9 billion (AED33 billion). Customers owed $1.3 billion (AED4.7 billion) in trade receivables and contract assets, most of it collectible on handover.

Twelve projects were launched in the first nine months. They include the company's first villa community, Tilal Binghatti, and its first master community, Mercedes-Benz Places | Binghatti City.

CEO and managing director Katralnada BinGhatti said sales growth of 11% to AED14.2 billion showed demand for well-located homes at the right price remained strong. More than half of Binghatti's units sit in communities that Dubai's new metro lines will connect. The Blue Line opens in 2029 and the Gold Line in 2032, and the two run through districts holding 55% of the developer's completed and under-development units, among them Jumeirah Village Circle, Business Bay, Nad Al Sheba and Dubai Silicon Oasis.

That link to rail is the part of the story the income statement cannot show. Units are being sold now against a station that opens years from now, which puts a premium on where a building sits rather than only on what it contains.

Cash grew faster than profit. Corporate cash reached $748 million (AED2.7 billion) at end-September, about five times the level at the start of 2026 and seven times the figure at end-June. Bank balances totaled $3.4 billion (AED12.4 billion), up 40% year to date, of which $3 billion (AED10.9 billion) was cash and cash equivalents, against $926 million (AED3.4 billion) at end-2025.

Cash and bank balances, including escrow, exceeded total borrowings of $3.3 billion (AED12.2 billion). Total assets rose 46% year to date to $9.7 billion (AED35.5 billion). Total equity climbed 65% to $3 billion (AED11.2 billion) from $1.9 billion (AED6.8 billion) at the end of 2025.

Binghatti issued a $500 million sukuk in February 2026 and plans to repay it in full at maturity in February 2027 out of internally generated cash. Corporate cash at end-September was about 1.5 times the amount due.

Operating cash before working capital was $1.5 billion (AED5.4 billion). The company put $1.3 billion (AED4.9 billion) back into land acquisition and construction, leaving net operating cash flow close to breakeven. Buying land and building ahead of handover is what absorbs the rest.

Binghatti ranks 18th on a 2026 Top 100 Arab Family Businesses list, and its chairman ranks eighth on a 2026 Most Impactful Real Estate Leaders list. Established in 2008, the company has more than 100 projects valued at over $27.2 billion (AED100 billion) and nearly 60 completed developments, and it builds branded residences with Bugatti, Mercedes-Benz and Jacob & Co.