Binghatti Holding Ltd, a leading UAE real estate developer announced record financial results for the nine months ended 30 September 2025, underlining the company’s strong sales and execution across a diversified project base.
Revenue nearly tripled year-on-year to AED 8.96 billion, compared with AED 3.77 billion in the same period last year, driven by strong sales momentum, accelerated project handovers, and the continued success of its optimally diversified portfolio. Balanced exposure across market segments, particularly the strong performance of premium mainstream and mainstream offerings, underscore the resilience and depth of its business model.
The company’s vertically integrated business model enabled record top-line performance and improved operational efficiency across the Group.
Gross profit rose 143% to AED 3.95 billion, supported by an optimal project mix, higher average selling prices, and consistent cost discipline. EBITDA climbed 139% to AED 3.28 billion, demonstrating the scalability and margin resilience of Binghatti’s model.
Net profit increased 145% year-on-year to AED 2.66 billion, reflecting robust operating leverage, efficient execution, and effective cost control.
The nine-month’s strong showing was fueled by ahead of schedule handovers, strong sales from 11 newly launched projects, and high absorption rates across Binghatti’s core developments.
During the three months ended 30 September 2025, revenue reached AED 2.64 billion, up 67% year-on-year, while net profit rose 101% to AED 839 million, compared with AED 417 million in 3Q 2024.
These results firmly establish Binghatti as one of the most profitable and fastest growing private real estate developers in the region, demonstrating its ability to achieve one of the fastest cash conversion cycles in the industry. This efficiency, supported by its agile product mix and speed of delivery, continues to drive sustained financial and operational excellence.
Operational Leadership and Record Sales
As of the first nine months of 2025, Binghatti recorded approximately 12,000-unit sales, cementing its position as Dubai’s top-selling real estate developer by units sold.
The company launched 11 new projects in the nine months ending 30 September 2025 with a combined Gross Development Value (GDV) of approximately AED 11 billion, comprising more than 7,000 residential units and close to 6.0 million sq. ft. of sellable area.
The company’s revenue backlog stood at ca. AED 14 billion as of 30 September 2025, supported by sustained sales and continued demand from both domestic and international buyers.
Non-resident investors accounted for ca. 60% of total sales, highlighting Dubai’s growing appeal as a global investment hub and lifestyle destination.
Expanding Development Footprint and Strategic Pipeline Growth
Binghatti’s operational expansion continues at record pace. As of 30 September 2025, the company had 27 projects under development, up from 21 at the end of 2024, a 29% increase year-to-date. This encompasses over 20,000 residential units and a total sellable area of over 17.0 million sq. ft., with an aggregate GDV of ca. AED 44 billion.
The company’s project pipeline remains robust, with 11 projects in advanced planning, totaling more than 18,000 units, over 12.0 million sq. ft., and a GDV of ca. AED 30 billion. These upcoming projects span Palm Jumeirah, Nad Al Sheba, Al Jaddaf, Arjan, and Wadi Al Safa, reflecting Binghatti’s balanced mix of mainstream, premium mainstream, luxury, and uber luxury developments strategically distributed across Dubai.
In addition, 11 projects were launched during the first nine months of 2025, collectively comprising more than 7,000 units, over 6.0 million sq. ft. of sellable area, and a GDV of approximately more than AED 11 billion highlighting Binghatti’s ability to respond to market demand with speed and precision.
This scale of execution underscores the Company’s exceptional capacity to deliver across a diverse range of residential segments while maintaining design excellence, construction speed, and consistent quality across its entire portfolio.
Financial Strength and Credit Profile
Binghatti’s financial position remains robust. Total assets grew 73% year-to-date to AED 22.0 billion, driven by project expansion and strong cash generation, while total equity rose 84% to AED 5.8 billion. Cash and cash equivalents more than doubled to AED 7.7 billion, reflecting prudent liquidity management, and total debt increased to AED 7.0 billion, maintaining a healthy debt-to-equity ratio of 1.2x.
The Group continues to operate with strong margins; gross margin of 44%, EBITDA margin of 37%, and net margin of 30%, positioning Binghatti amongst the most efficient and profitable developers in the region.
Binghatti has further strengthened its funding base through two successful sukuk issuances this year, which were over five times oversubscribed, underscoring its growing profile in regional and international capital market. More recently, Binghatti continued to burnish its green credentials by launching a dual-listed USD 500 million Green Sukuk, with proceeds dedicated to financing sustainable developments under its Green Financing Framework. Together, these issuances have diversified Binghatti’s investor base, enhanced liquidity, and reinforced its reputation as a credible corporate issuer.
Both Moody’s and Fitch Ratings have reaffirmed the company’s stable outlook, citing its disciplined financial management, strong liquidity, and ability to self-finance growth through internally generated cash flows.
