Binghatti Holding reported that it has reached the highest-ever sales for a fiscal year of AED 11.6 billion ($3.16 billion), a 161 percent increase in 2024, driven by increased demand for luxury properties and the successful introduction of new projects.
In 2024, total sales increased by nearly 200 percent to AED 6.3 billion ($1.72 billion), while net profit attributable to shareholders increased by 152% to a record AED 1.83 billion ($500 million), up from AED 730 million ($198.8 million) in 2024.
In 2024, the corporation dramatically extended its property portfolio, resulting in an 182% increase in revenue backlog to roughly AED 10 billion ($2.72 billion) by December 31, 2024. That figure was AED 3.4 billion ($930 million) in 2023.
The growth was driven by the introduction of 16 new projects, totaling 11,750 new units to the market. Meanwhile, 3,700 units from ten projects were successfully delivered to clients, demonstrating the company’s outstanding execution skills.
Muhammad Binghatti, Chairman of Binghatti Holding, commented: “The year 2024 has been a transformative year for the company, and our exceptional financial results reflect the strengthening of our position in Dubai’s luxury real estate market.
“Our record performance also demonstrates the growing demand for premium properties and our ability to deliver world-class developments in collaboration with global luxury brands. With a strong revenue backlog, robust project pipeline, and a strategic landbank, we are exceptionally well-positioned to drive sustainable growth that creates long-term value for our stakeholders.”
Binghatti’s high-end and branded real estate collaborations with known luxury brands such as Mercedes-Benz, Bugatti, and Jacob & Co. remained popular in the market. Throughout the year, its clientele included celebrities such as Brazilian footballer Neymar Junior and opera singer Andrea Bocelli.
Having purchased more than 13 million square feet of prime development land in Dubai, the company anticipated that its growth would continue, with an estimated future total development value exceeding AED 26 billion ($7.08 billion).
Katralnada A Binghatti, the CEO of Binghatti Holding, added: “The company’s record sales in 2024 of AED 11.6 billion is a testament to the relationships our teams have built and the trust our clients place in us. Our commitment to innovation and quality continues to define our success in one of the world’s most competitive real estate markets.
“Our growing landbank of prime development land underscores our ambition to shape the future of luxury urban living in Dubai. We remain committed to setting new industry benchmarks, driving profitability, and delivering unparalleled value.”
More than 70 projects totaling more than AED 40 billion are in the portfolio of Binghatti Developers.
