Binghatti nine-month profit jumps 65% to AED 4.4 billion

The latest:

Net profit at Dubai developer Binghatti Holding reached AED 4.4 billion (US$ 1.2 billion) in the nine months to 30 September 2026, a 65% annual rise that already clears the group’s entire 2025 profit of AED 3.6 billion. Revenue climbed 66% to AED 14.9 billion as construction advanced across the portfolio. Sales grew more slowly, up 11%.

Details:

• The headline numbers: Binghatti reported net profit of AED 4.4 billion (US$ 1.2 billion) for the first nine months of 2026, against full-year 2025 profit of AED 3.6 billion. Revenue rose 66% year-on-year to AED 14.9 billion (US$ 4.1 billion), which the group attributed to construction progress across its portfolio rather than to new selling activity alone.
• The sales gap: Sales rose 11% to AED 14.2 billion (US$ 3.9 billion), far slower than the 66% revenue increase. The divergence reflects revenue recognised from previously contracted units as building advanced, meaning the profit surge rests more on delivery than on fresh demand captured during the period.
• Balance sheet: Total equity rose to AED 11.2 billion (US$ 3.0 billion) from AED 6.8 billion at the end of 2025, an increase of roughly AED 4.4 billion over nine months. The group did not break down how much of that build-up came from retained earnings versus other sources.
• The backlog: Binghatti said AED 16.4 billion (US$ 4.5 billion) of contracted revenue backlog is expected to be recognised over the next one to three years. Chairman and Chief Executive Muhammad BinGhatti separately cited a development backlog of AED 33 billion, and said the company enters 2027 with clear visibility on the years ahead.
• Deliveries: Five projects were completed on schedule during the period, among them Binghatti Apex, Binghatti Ghost, Binghatti Ivory and Binghatti Haven. The group did not publish unit counts or handover values for the completed developments.
• Product expansion: BinGhatti said the group launched its first villa community, Tilal Binghatti, and its first master community, Mercedes-Benz Places | Binghatti City, broadening a portfolio previously concentrated in apartment towers. No launch values, unit numbers or completion dates were given for either project.
• The metro bet: More than half of Binghatti’s units sit in communities that Dubai’s new metro lines will connect, according to the chairman, who framed location and pricing as the drivers of continued demand. He said sales growth indicated that “demand for well-located homes at the right price remains strong.”
• What is missing: The announcement covered profit, revenue, sales, equity and backlog, but disclosed no debt levels, no margins by project and no 2026 full-year guidance. No dividend decision accompanied the nine-month results.

Background:

Binghatti is among the Dubai developers that scaled rapidly through the emirate’s post-2021 property upcycle, building a brand around branded residential towers tied to luxury labels. Its 2025 full-year net profit stood at AED 3.6 billion.

Between the lines:

The gap between 66% revenue growth and 11% sales growth is the number worth watching: this year’s profit is largely the accounting arrival of units sold earlier, not a measure of current demand. The AED 16.4 billion backlog sustains that conversion for one to three more years. Beyond that, earnings depend on whether launches like Tilal Binghatti replenish the pipeline at the same pace.

What’s next

Full-year 2026 results will show whether sales growth stays in single or low double digits while revenue recognition peaks. Watch handover timing on the remaining backlog and sales rates at Tilal Binghatti and Mercedes-Benz Places | Binghatti City.