Dubai: Binghatti Holding Ltd. recorded its best financial performance to date with a 145% year-over-year increase in net profit to Dh2.66 billion for the first nine months of 2025.
The developer’s outcomes demonstrate the stability of Dubai’s real estate market, as well as quicker sales and early project handovers.
Compared to Dh3.77 billion during the same period last year, revenue nearly tripled to Dh8.96 billion. EBITDA increased 139% to Dh3.28 billion, while gross profit increased 143% to Dh3.95 billion. The company’s margins remained solid at 30% net, 37% EBITDA, and 44% gross.
Binghatti’s sales for the third quarter alone was Dh2.64 billion, up 67% year over year, and its net profit was Dh839 million, up 101% from the third quarter of 2024.
Growth in operations
In the first nine months, the company sold almost 12,000 units, making it the best-selling off-plan developer in Dubai. It started 11 projects totaling more than 7,000 units and 6 million square feet of sellable space, with a gross development value (GDV) of more than Dh11 billion.
27 projects totaling more than 20,000 units and 17 million square feet, with an estimated GDV of Dh44 billion, were under development in Binghatti as of September 30. This is a 29% growth since the end of 2024. About 18,000 units and Dh30 billion in GDV will be added by 11 further projects that are currently in the development phases.
Strong sales to domestic and foreign customers helped the company reach its revenue backlog of nearly Dh14 billion, with non-resident investors making up almost 60% of total revenues.
The state of finances
Cash and cash equivalents more than doubled to Dh7.7 billion, while total assets increased 73% year-to-date to Dh22 billion. To Dh5.8 billion, total equity increased 84%. The ratio of the company’s debt to equity was 1.2x.
Two sukuk issuances that were more than five times oversubscribed helped Binghatti bolster its finance base. To encourage sustainable growth, it issued a $500 million dual listed Green Sukuk in September under its Green Financing Framework.
Binghatti’s stable outlook was reiterated by Moody’s and Fitch, who noted the company’s excellent liquidity and careful capital management.
The “defining” phase of growth
CEO Katrana BinGhatti called the time frame “a defining phase of growth,” attributing its success to Binghatti’s integrated business model and Dubai’s solid foundation.
“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.
